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2 The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Credits points 10 points Debits 14,600 345,000 14,500 54,000 640,000 Account Title Cash Accounts receivable Prepaid rent Inventory office equipment Accumulated depreciation Accounts payable Notes payable (due in six months) Salaries payable Interest payable Retained earnings Sales revenue cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals 266,000 78,000 72,000 7,800 2,400 400,000 165,000 780,000 Common stock 468,000 117,000 43,500 64,000 4,800 5,800 1,771,200 1,771,200 Required: 1-a. Prepare an income statement for the year ended December 31, 2021. 1-b. Prepare a classified balance sheet as of December 31, 2021. 2. Prepare the necessary closing entries at December 31, 2021. 2. Prepare ine necessary closing entries al December 31, 2021. Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 2 Prepare an income statement for the year ended December 31, 2021. BLUEBOY CHEESE CORPORATION Income Statement For the Year Ended December 31, 2021 Sales revenue $ 780,000 Cost of goods sold (468,000) Gross profit 312,000 Operating expenses Salaries expense $ 117,000 Rent expense 43,500 Depreciation expense 64,000 Advertising expense 5,800 Total operating expenses Operating income 230,300 81,700 Interest expense Net income (4,800) 76,900 $ Req 1A Req 1B > Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 2 Prepare a classified balance sheet as of December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) BLUEBOY CHEESE CORPORATION Balance Sheet At December 31, 2021 Assets Current assets Inventory $ 54,000 Accounts receivable 345,000 Cash 14,600 Prepaid rent 14,500 428,100 374,000 $ 802,100 Total current assets Property and equipment Office equipment $ 640,000 Less: Accumulated depreciation (266,000) Total assets Liabilities and Shareholders' Equity Current liabilities Accounts payable Note payable Salaries payable Interest payable $ 78,000 72,000 7,800 2,400 Salaries payable Interest payable 7,800 2,400 160,200 Total current liabilities Shareholders' equity Common stock Retained earnings Total shareholders' equity Total liabilities and shareholders' equity $ 400,000 241,900 641,900 $ 802.100 Advertising expense Totals 5,800 1,771,200 1,771,200 Required: 1-a. Prepare an income statement for the year ended December 31, 2021. 1-b. Prepare a classified balance sheet as of December 31, 2021. 2. Prepare the necessary closing entries at December 31, 2021. Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 2 Prepare the necessary closing entries at December 31, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Date General Journal Debit Credit 1 1 780,000 December 31, 2021 Sales revenue Retained earnings 780,000 2 703, 100 December 31, 2021 Retained earnings Cost of goods sold Depreciation expense Salaries expense Rent expense Interest expense Advertising expense 468,000 64,000 117,000 43,500 4,800 5,800