The december 31, 2013, adjusted trial balance for the blueboy cheese
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Write My Essay For MeThe December 31, 2013, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account Title Debits Credits Cash 21,000Accounts receivable 300,000Prepaid rent 10,000Inventory 50,000Equipment 600,000Accumulated depreciation—equipment 250,000Accounts payable 60,000Note payable (due in six months) 60,000Salaries payable 8,000Interest payable 2,000Common stock 400,000Retained earnings 100,000Sales revenue 800,000Cost of goods sold 480,000Salaries expense 120,000Rent expense 30,000Depreciation expense 60,000Interest expense 4,000Advertising 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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