Question

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.

I have completed most of the question, I need help completing the problem, Not sure what I am missing.

Answer 1

BLUE BOY CHEESE CORPORATION - Income Statement for the Year Ended December 31, 2021 Sales revenue Cost of Goods sold Gooss profit $ 690,0To $ 414,000 $276,000 Operating Expenses Advertising Expense Salaris expense Reut Expense Depreciation Expense $3800 $ 103,500 $28,500 $54,000 Total operating Expenses $189,800 Operating income (loss) $86 poo Other Expenser - Interest Expense Net Income (loss) $2800 $83,400

GO BLUE BOY CHEESE 6 RPORATION or Balance Sheet - At December 31, 202 & Akets Current Assets Cash Accounts receivable Prepaid chent Overytонч Total Cyprent Assets $ 49900 $ 995,000 A 9500 3 44.000 $397,700 $540,000 1($23.000) | $314,000 $711.700 Property and Equipment: Senior I office equipment 1 Legse Acccumlulated bequemahon T Total Assets t ? Lisbilities and streholder's equity Current liabilities Accounts Payable Notes layable Saberis paupable Interest payable $ 58,000 $48.000 $ 6,900 $ 1,400 $108,300 Tofal Current liabilities stock holdeis equity? Common stock Retained Earnings Total stockholders equity $400,000 $203,400 $603,400

Total Liabilities and stockholders equity. 4711,700 Journal Entry I credit 1 - Date T General Journal Debit Dec-31, 2021 Sales revenue All Dr &690,000 I To Income Summary Alc] $690.670 Dec. 31,2021 Income Summary All Do $606,600 To Cost of Goods sold All To Advertising Expense Alc To Salandes Expense Ale To Ruut Expense All To Depreciation Expense All To Interest Expense All $414,6TO $ 38,00 $103,500 $28,500 $54,000 022:312021 $83,400 Income Summary All or To Retained earnings Alc. 483,40d
I think u didn't post the journal entries that's why its showing answer is not complete otherwise your whole answer is correct. Post these entries and let me know if you have any query. If you like the answer plz rate. Thanks