The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below.Debits14,600345,00014,50054,000640,000Account TitleCreditsCashAccounts receivablePrepaid rentInventoryOffice equipmentAccumulated depreciationAccounts payableNotes payable (due in six months)Salaries payableInterest payableCommon stockRetained earningsSales revenue266,00078,00072,0007,8002,400400, 000165,000780,000Cost of goods soldSalaries expenseRent expenseDepreciation expenseInterest expenseAdvertising expense468,000117,00043, 50064,0004,8005,8001,771, 200 1,771, 200TotalsRequired: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.Re LAReg 1aRe 2Prepare an incoe statement for the year anded December 31, 2021.BLUEBOY CHEESE CORPORATIONIncome SatementFor the Year Ended December 31, 221 Prepare a classified balance sheet as of December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.)BLUEBOY CHEESE CORPORATONBalance SheetAt December 31, 2021AssetsLiabilities and Sharehoiders Equity

The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account Title Debits Credits 14,600 345,000 14,500 54,000 640,000 Cash Accounts receivable Prepaid rent Inventory Office equipment Accumulated depreciation Accounts payable Notes payable (due in six months) Salaries payable Interest payable Common stock Retained earnings Sales revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense 266,000 78,000 72,000 7,800 2,400 400,000 165,000 780, 000 468,000 117,000 43, 500 64,000 4,800 5,800 1,771,200 1,771, 200 Totals 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.

The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account Title Debits Credits 14,600 345,000 14,500 54,000 640,000 Cash Accounts receivable Prepaid rent Inventory Office equipment Accumulated depreciation Accounts payable Notes payable (due in six months) Salaries payable Interest payable Common stock Retained earnings Sales revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense 266,000 78,000 72,000 7,800 2,400 400,000 165,000 780, 000 468,000 117,000 43, 500 64,000 4,800 5,800 1,771,200 1,771, 200 Totals 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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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