The December 31, 2018, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account Title Debits Credits Cash 38,800 Accounts receivable 310,000 Prepaid rent 11,000 Inventory 46,000 Office equipment 560,000 Accumulated depreciation—office equipment 234,000 Accounts payable 64,000 Note payable (due in six months) 48,000 Salaries payable 7,100 Interest payable 1,600 Common stock 400,000 Retained earnings 130,000 Sales revenue 710,000 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 Totals 1,594,700 1,594,700 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.
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The December 31, 2018, adjusted trial balance for the Blueboy Cheese Corporation is presented below....
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