The December 31, 2024, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account Title 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 Totals Required: Debits Credits $ 54,600 285,000 8,500 42,000 520,000 $ 218,000 54,000 36,000 6,700 1,200 400,000 110,000 670,000 402,000 100,500 25,500 52,000 2,400 3,400 $ 1,495,900 $ 1,495,900 1-a. Prepare an income statement for the year ended December 31, 2024. 1-b. Prepare a classified balance sheet as of December 31, 2024. 2. Prepare the necessary closing entries on December 31, 2024.

The December 31, 2024, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account Title 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 Totals Required: Debits Credits $ 54,600 285,000 8,500 42,000 520,000 $ 218,000 54,000 36,000 6,700 1,200 400,000 110,000 670,000 402,000 100,500 25,500 52,000 2,400 3,400 $ 1,495,900 $ 1,495,900 1-a. Prepare an income statement for the year ended December 31, 2024. 1-b. Prepare a classified balance sheet as of December 31, 2024. 2. Prepare the necessary closing entries on December 31, 2024.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter9: Current Liabilities And Contingent Obligations

Section: Chapter Questions

Problem 1MC: The balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before...

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