The december 31, 2013, adjusted trial balance for the blueboy cheese

The December 31, 2013, adjusted trial balance for the Blueboy Cheese Corporation is presented below.

 

 

Account Title                                         Debits                        Credits

 

Cash                                                    21,000

Accounts receivable                            300,000

Prepaid rent                                          10,000

Inventory                                               50,000

Equipment                                           600,000

Accumulated depreciation—equipment                                       250,000

Accounts payable                                                                       60,000

Note payable (due in six months)                                                 60,000

Salaries payable                                                                          8,000

Interest payable                                                                           2,000

Common stock                                                                        400,000

Retained earnings                                                                    100,000

Sales revenue                                                                          800,000

Cost of goods sold                               480,000

Salaries expense                                 120,000

Rent expense                                       30,000

Depreciation expense                           60,000

Interest expense                                    4,000

Advertising expense                               5,000 

               Totals                             1,680,000                         1,680,000

 

 

 

Required: 

 

 1. Prepare an income statement for the year ended December 31, 2013, and a classified balance sheet as of 

December 31, 2013. 

 

 2. Prepare the necessary closing entries at December 31, 2013. 

 

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