Question

The December 31, 2021. adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Credit f3 5 Debit 11,988 149,000 5,900 29,50 398, see Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense interest Expense Total $ 134,080 11,90 10,980 4,988 39. eee 298,888 59,000 499.00 390.ee 19, see 39 4,90 $1,039,780 $1.59.780 Required: 1. Prepare an income statement for the year ended December 31, 2021 FIGHTINI BLUE HENS CORPORATION N Income Statement For the Year Ended December 31 2021 Service Revenue

Answer 1

1.

Income statement
Service revenue			490000
salaries expense	390000
Rent expense	19500
Depreciation Expense	39000
Interest Expense	4900
Total cost			453400
Net Income			36600

2.

Statement of Stokeholders' Equity
	Common Stock	Retained Earnings	Total Stockholders' Equity
Balance at Jan 1	290000	59000	349000
Addition during the year		36600	36600
Balance at Dec 31	290000	95600	385600

3.

Balance Sheet
Assets	Dollars	Liabilities	Dollars
Current Assets		Short term Liabilities
Cash	11900	Accounts Payable	11900
Accounts Receivable	149000	Interest Payable	10900
Prepaid Rent	5900	Salaries Payable	4900
Supplies	29500
Total Current asset	196300	Total Short term Liabilities	27700
Non Current Assets		Long term Liabilities
Equipment	390000	Notes payable	39000
Less: Accumulated Dep	-134000	Total Long term Liabilities	39000
		(2) Total Liabilities	66700
Total Non Current Assets	256000	Net worth (1-2)	385600
		Common Stock	290000
		Retained Earnings	95600
(1)Total Assets	452300	Total Liabilities and net worth	452300

(There are two separate questions, First Questions with Multiple subparts is completely answered)