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What is correct or incorrect for the work you have completed so The December 31, 2021, adjusted trial balance for the Blueboy
Prepare an income statement for the year ended December 31, 202 BLUEBOY CHEESE CORPORATION Income Statement For the Year Ende
BLUEBOY CHEESE CORPORATION Balance Sheet At December 31, 2021 Assets Current assets Cash $ Accounts receivable Prepaid rent I
Liabilities and Shareholders Equity Current liabilities $ $ Accounts payable Note payable Salaries payable Interest payable
Prepare the necessary closing entries at December 31, 2021. (If no entry is required fo journal entry required in the first
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Answer #1
Ans 1-a.
Blueboy Cheese Corporation
Income Statement for the Year ended
Dec 31,2021
Particulars Amt $ Amt $
Sales Revenue                                                         780,000
Cost of Goods Sold                                                         468,000
Gross Profit                                                         312,000
Operating Expenses
Salaries Expense                         117,000
Rent Expenses                           43,500
Depreciation Expenses                           64,000
Advertising Expenses                             5,800
Total Operating Expenses                                                         230,300
EBIT                                                           81,700
Interest Expense                                                             4,800
Net Income                                                           76,900
Ans 1-b.
Blueboy Cheese Corporation
Balance Sheet As on Dec31,2021.
Assets Amt $ Liabilities & Equity Amt $
Current Assets Current Liabilities
Cash                           14,600 Accounts Payable                     78,000
Accounts Receivable                         345,000 Salaries Payable                        7,800
Inventory                           54,000 Interest Payable                        2,400
Prepaid Rent                           14,500 Notes Payable                     72,000
Total Current Assets                         428,100 Total Current Liabilities                   160,200
Fixed Assets Equity
Office Equipment                         640,000 Common Stock                   400,000
Accumulated Depreciation                       (266,000) Retained Earning                   241,900
Net Fixed Assets                         374,000 Total Equity                   641,900
Total Assets                         802,100 Liabilities & Equity                   802,100
Ans 2.
Closing Entries
Account Dr $ Cr $
Sales Revenue                         780,000
Income Summary                                                         780,000
Cost of Goods Sold                                                         468,000
Salaries Expense                                                         117,000
Rent Expenses                                                           43,500
Depreciation Expenses                                                           64,000
Advertising Expenses                                                             5,800
Interest Expense                                                             4,800
Income Summary                         703,100
Income Summary                           76,900
Retained Earning                                                           76,900
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