Business, 17.10.2020 21:01, julietmusyoki5

The December 31, 2018, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Accounts Debit Credit
Cash $12,000
Accounts Receivable 150,000
Prepaid Rent 6,000
Supplies 30,000
Equipment 400,000
Accumulated Depreciation $135,000
Accounts Payable 12,000
Salaries Payable 11,000
Interest Payable 5,000
Notes Payable (due in two years) 40,000
Common Stock 300,000
Retained Earnings 60,000
Service Revenue 500,000
Salaries Expense 400,000
Rent Expense 20,000
Depreciation Expense 40,000
Interest Expense 5,000
Totals $1,063,000 $1,063,000
Accounts Debit Credit
Service Revenue 500,000
Salaries Expense 400,000
Rent Expense 20,000
Depreciation Expense 40,000
Interest Expense 5,000
Total $1,063,000 $1,063,000
Required:
1. Prepare an income statement for the year ended December 31, 2021.
2. Prepare a statement of stockholders' equity for the year ended December 31, 2021, assuming no common stock was issued during 2021.
3. Prepare a classified balance sheet as of December 31, 2021.

Answers: 2

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The December 31, 2018, adjusted trial balance for Fightin' Blue Hens Corporation is presented below....