Question

The December 31, 2021. adjusted trial balance for the Blueboy Cheese Corporation is presented below. Debite 38,800 319, 990 11, eeg 46,000 560, eee 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 234.900 64,800 48, 280 7, tee 1,600 400, 809 130,000 710, eee 426,000 106,500 33,990 56,800 3,209 4,288 1,594, tee 1,594, Yee Requlred: 1-o. 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. Complete this question by entering your answers in the tabs below.

please help with answers asap

Answer 1

Required: 1-a

Blueboy Cheese Corporation
Income statement
For the year ended December 31 2021
Sales Revenue		$   710,000
Less: Cost of goods sold		$ (426,000)
Total Revenue (A)		$   284,000
Operating Expenses:
Advertising Expense	$        4,200
Salaries expense	$   106,500
Rent expense	$     33,000
Depreciation expense	$     56,000
Total Operating Expenses(B)		$   199,700
Operating Income(A-B)		$      84,300
Non-operating items:
Interest expense		$      (3,200)
Net Income		$      81,100

Requirement: 1-b

Blueboy Cheese Corporation
Balance sheet
For the year ended December 31,2021
Assets			Liabilities
Current assets:			Current liabilities:
Cash		$    38,800	Account Payable	$        64,000
Accounts Receivable		$ 310,000	Salaries payable	$          7,100
Prepaid rent		$    11,000	Interest payable	$          1,600
Inventory		$    46,000	Note payable (due in 6 months)	$        48,000
Total current assets		$ 405,800	Total current liabilties	$     120,700
			Long term liabilities
Property,plant, and equipment:			Total long term Liabilties	$                 -
Office equipment	$   560,000		Stockholders` Equity
Less: Accumulated Depreciation	$ (234,000)		Common Stock	$     400,000
Net Equipment		$ 326,000	Retained Earnings [130000+81100]	$     211,100
Total Long-term assets		$ 326,000	Total stockholders` equity	$     611,100
Total Assets		$ 731,800	Total liabilties and stockholders` equity	$     731,800

Requirement: 2

Date	Description	Post.Ref	Debit	Credit
Dec,31 2021	Sale revenue		$     710,000
	Income Summary			$     710,000
	(To close Income account )
Dec,31 2021	Income Summary		$     628,900
	Cost of goods sold			$     426,000
	Salaries expense			$     106,500
	Rent expense			$        33,000
	Depreciation expense			$        56,000
	Interest expense			$          3,200
	Advertising expense			$          4,200
	(To close Expense account )
Dec,31 2021	Income Summary [710000-628900]		$        81,100
	Retained Earnings			$        81,100
	(To close income summary )