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.
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter22: End-of-fiscal-period Work For A Corporation
Section: Chapter Questions
Problem 1AP
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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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