The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Accounts Debit $ 12,000 150,000 6,000 30,000 400,000 Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense Totals want spesia 400,000 20,000 40,000 5,000 $1,063,000 Assets Credit $ 135,000 12,000 11,000 5,000 40,000 300,000 60,000 500,000 Prepare a classified balance sheet as of December 31, 2021. (Amounts to be deducted should be Indicated by a minus sign.) $1,063,000 FIGHTIN' BLUE HENS CORPORATION Balance Sheet December 31, 2021 Curent liabilities Liabilities

Q: Classify the Costs for Financial Statements?

A: Cost: The amount paid to purchase the asset, install it, and put it into operations, is referred to…

Q: Distinguish between Income and Expenditure Account and Receiptand Payment Account.

A: Difference between income and expenditure account and receipt and payment account:

Q: Differentiate the Revenue Cycle and Expenditure cycle

A: The processes of the business are divided into different accounting cycles. The revenue cycle,…

Q: Define income statement.

A: Income statement generally known as profit and loss statement or statement of income and expenses…

Q: Definitions of Common Income and Expense Items

A: Common Income can have following definitions: Common income is the excess of revenue over costs for…

Q: Income statement

A: Financial statements are referred as the records of the business operations and financial…

Q: Define components of net income.

A: Net income: Net income is the excess amount of revenue after deducting all the expenses of a…

Q: Define net income.

A: Definition:   Earnings: The bottom line of an income statement which is the result of excess…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is