The December 31, 2018, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account...
The December 31, 2018, adjusted trial balance for the Blueboy
Cheese Corporation is presented below.
Account TitleDebits Credits
Cash14,600
Accounts receivable345,000
Prepaid rent14,500
Inventory54,000
Office equipment640,000
Accumulated depreciation—office equipment 266,000
Accounts payable 78,000
Note payable (due in six months) 72,000
Salaries payable 7,800
Interest payable 2,400
Common stock 400,000
Retained earnings 165,000
Sales revenue 780,000
Cost of goods sold468,000
Salaries expense117,000
Rent expense43,500
Depreciation expense64,000
Interest expense4,800
Advertising expense5,800
Totals1,771,200 1,771,200
Required:
1-a. Prepare an income statement for the year ended December 31,
2018.
1-b. Prepare a classified balance sheet as of December 31,
2018.
2. Prepare the necessary closing entries at December 31, 2018.
Homework Answers
|
Income statement |
||
|
sales revenue |
780000 |
|
|
less cost of goods sold |
468000 |
|
|
gross profit |
312000 |
|
|
less expenses |
||
|
Salaries expense |
117,000 |
|
|
Rent expense |
43,500 |
|
|
Depreciation expense |
64000 |
|
|
Advertising expense |
5,800 |
|
|
operating profit |
81,700 |
|
|
Interest expense |
4800 |
|
|
Net income |
76,900 |
|
|
Balance sheet |
||
|
Current assets |
||
|
cash |
14600 |
|
|
A/R |
345000 |
|
|
prepaid rent |
14500 |
|
|
Inventory |
54000 |
|
|
total of current asset |
428100 |
|
|
office equipment net of accumulated depreciation |
374000 |
|
|
total of assets |
802100 |
|
|
Liabilities and shareholders equity |
||
|
Liabilities |
||
|
current liabilities |
||
|
A/P |
78000 |
|
|
notes payable |
72000 |
|
|
salaries payable |
7800 |
|
|
interest payable |
2400 |
|
|
total of liabilities |
160200 |
|
|
shareholders equity |
||
|
common stock |
400000 |
|
|
retained earning= 165000+76900 |
241900 |
641900 |
|
total of liabilities and shareholders equity |
802100 |
|
|
Closing entries |
||
|
sales revenue |
780000 |
|
|
income summary |
780000 |
|
|
income summary |
703100 |
|
|
cost of goods sold |
468000 |
|
|
Salaries expense |
117000 |
|
|
Rent expense |
43500 |
|
|
Depreciation expense |
64000 |
|
|
Advertising expense |
5800 |
|
|
Interest expense |
4800 |
|
|
income summary |
76900 |
|
|
retained earning |
76900 |
Add Answer to:
The December 31, 2018, adjusted trial balance for the Blueboy
Cheese Corporation is presented below.
Account...
The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account...
The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account Title Debits Credits Cash 14,600 Accounts receivable 345,000 Prepaid rent 14,500 Inventory 54,000 Office equipment 640,000 Accumulated depreciation 266,000 Accounts payable 78,000 Notes payable (due in six months) 72,000 Salaries payable 7,800 Interest payable 2,400 Common stock 400,000 Retained earnings 165,000 Sales revenue 780,000 Cost of goods sold 468,000 Salaries expense 117,000 Rent expense 43,500 Depreciation expense 64,000 Interest expense 4,800 Advertising expense 5,800...
The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Credits...
The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below.Account TitleDebitsCreditsCash14,600Accounts receivable345,000Prepaid rent14,500Inventory54,000Office equipment640,000Accumulated depreciation266,000Accounts payable78,000Notes payable (due in six months)72,000Salaries payable7,800Interest payable2,400Common stock400,000Retained earnings165,000Sales revenue780,000Cost of goods sold468,000Salaries expense117,000Rent expense43,500Depreciation expense64,000Interest expense4,800Advertising expense5,800Totals1,771,2001,771,200Required:1-a. Prepare an income statement for the year ended December 31, 2021.1-b. Prepare a classified balance sheet as of December 31, 2021.2. Prepare the necessary closing entries at December 31, 2021.
The December 31, 2018, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account...
The December 31, 2018, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account Title Debits Credits Cash 55,000 Accounts receivable 275,000 Prepaid rent 7,500 Inventory 40,000 Office equipment 500,000 Accumulated depreciation—office equipment 210,000 Accounts payable 50,000 Note payable (due in six months) 30,000 Salaries payable 6,500 Interest payable 1,000 Common stock 400,000 Retained earnings 95,000 Sales revenue 650,000 Cost of goods sold 390,000 Salaries expense 97,500 Rent expense 22,500 Depreciation expense 50,000 Interest expense 2,000 Advertising expense...
The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. ook...
The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. ook Hint 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 Debits Credits 63,100 260,000 6,000 37,000 470,000 198,000 44,000 21,000 6,200 700 400,000 80,000 620,000 372,000 93,000 18,000...
What is correct or incorrect for the work you have completed so The December 31, 2021,...
What is correct or incorrect for the work you have completed so The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Credits Debits 14,600 345,000 14,500 54,000 640,000 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 266,000...
The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account...
The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account Title Debits Credits Cash 57,300 Accounts receivable 280,000 Prepaid rent 8,000 Inventory 41,000 Office equipment 510,000 Accumulated depreciation 214,000 Accounts payable 52,000 Notes payable (due in six months) 33,000 Salaries payable 6,600 Interest payable 1,100 Common stock 400,000 Retained earnings 105,000 Sales revenue 660,000 Cost of goods sold 396,000 Salaries expense 99,000 Rent expense 24,000 Depreciation expense 51,000 Interest expense 2,200 Advertising expense 3,200...
The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account...
The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account Title Debits Credits Cash 68,500 Accounts receivable 250,000 Prepaid rent 5,000 Inventory 35,000 Office equipment 450,000 Accumulated depreciation 190,000 Accounts payable 40,000 Notes payable (due in six months) 15,000 Salaries payable 6,000 Interest payable 500 Common stock 400,000 Retained earnings 70,000 Sales revenue 600,000 Cost of goods sold 360,000 Salaries expense 90,000 Rent expense 15,000 Depreciation expense 45,000 Interest expense 1,000 Advertising expense 2,000...
The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Credits...
The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Credits Debits 68,500 250,000 5,000 35,000 450,000 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 190,000 40,000 15,000 6,000 500 400,000 70,000 600,eee 360,000 90,000 15,000 45,000 1,000...
The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account...
The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account Title Cash Debits 57, 700 270, 000 7, 000 39, 000 490. 000 Credits Accounts receivable Prepaid rent Inventory Office equipnent Accumul at ed depreciation Accounts payable Notes payable (due in six months) Sal aries payable Interest payable 206, 000 48, 000 27, 000 6, 400 900 Common stock Ret ained eamings Sales revenue Cost of goods sold Sal aries expense Rent expense Depreciation...
The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented Credits Debits...
The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented Credits Debits 38,800 310,000 11,000 46,000 560,000 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 les dernier 234,000 64,000 48,000 7,100 1,600 400,000 130,000 710,000 426,000 106,500 33,000 56,000...
The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account Title Debits Credits Cash 14,600 Accounts receivable 345,000 Prepaid rent 14,500 Inventory 54,000 Office equipment 640,000 Accumulated depreciation 266,000 Accounts payable 78,000 Notes payable (due in six months) 72,000 Salaries payable 7,800 Interest payable 2,400 Common stock 400,000 Retained earnings 165,000 Sales revenue 780,000 Cost of goods sold 468,000 Salaries expense 117,000 Rent expense 43,500 Depreciation expense 64,000 Interest expense 4,800 Advertising expense 5,800...
The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below.Account TitleDebitsCreditsCash14,600Accounts receivable345,000Prepaid rent14,500Inventory54,000Office equipment640,000Accumulated depreciation266,000Accounts payable78,000Notes payable (due in six months)72,000Salaries payable7,800Interest payable2,400Common stock400,000Retained earnings165,000Sales revenue780,000Cost of goods sold468,000Salaries expense117,000Rent expense43,500Depreciation expense64,000Interest expense4,800Advertising expense5,800Totals1,771,2001,771,200Required:1-a. Prepare an income statement for the year ended December 31, 2021.1-b. Prepare a classified balance sheet as of December 31, 2021.2. Prepare the necessary closing entries at December 31, 2021.
The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. ook Hint 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 Debits Credits 63,100 260,000 6,000 37,000 470,000 198,000 44,000 21,000 6,200 700 400,000 80,000 620,000 372,000 93,000 18,000...
What is correct or incorrect for the work you have completed so The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Credits Debits 14,600 345,000 14,500 54,000 640,000 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 266,000...
The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Credits Debits 68,500 250,000 5,000 35,000 450,000 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 190,000 40,000 15,000 6,000 500 400,000 70,000 600,eee 360,000 90,000 15,000 45,000 1,000...
The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account Title Cash Debits 57, 700 270, 000 7, 000 39, 000 490. 000 Credits Accounts receivable Prepaid rent Inventory Office equipnent Accumul at ed depreciation Accounts payable Notes payable (due in six months) Sal aries payable Interest payable 206, 000 48, 000 27, 000 6, 400 900 Common stock Ret ained eamings Sales revenue Cost of goods sold Sal aries expense Rent expense Depreciation...
The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented Credits Debits 38,800 310,000 11,000 46,000 560,000 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 les dernier 234,000 64,000 48,000 7,100 1,600 400,000 130,000 710,000 426,000 106,500 33,000 56,000...
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