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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below.
Debits
14,600
345,000
14,500
54,000
640,000
Account Title
Credits
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
266,000
78,000
72,000
7,800
2,400
400, 000
165,000
780,000
Cost of goods sold
Salaries expense
Rent expense
Depreciation expense
Interest expense
Advertising expense
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.
Re LA
Reg 1a
Re 2
Prepare an incoe statement for the year anded December 31, 2021.
BLUEBOY CHEESE CORPORATION
Income Satement
For the Year Ended December 31, 221

Transcribed Image Text:Prepare a classified balance sheet as of December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.)
BLUEBOY CHEESE CORPORATON
Balance Sheet
At December 31, 2021
Assets
Liabilities and Sharehoiders Equity
Expert Solution
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Step 1 Introduction
The financial statements of the business includes the income statement and balance sheet. The financial statements of the business are prepared with the help of trial balance.
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