The December 31, 2024, adjusted trial balance for the Blueboy Cheese
Corporation is presented below. Account Title Debits Credits Cash $ 63,100
Accounts receivable 260,000 Prepaid rent 6,000 Inventory 37,000 Office
equipment 470,000 Accumulated depreciation $ 198,000 Accounts payable
44,000 Notes payable (due in six months) 21,000 Salaries payable 6,200 Interest
payable 700 Common stock 400,000 Retained earnings 80,000 Sales revenue
620,000 Cost of goods sold 372,000 Salaries expense 93,000 Rent expense
18,000 Depreciation expense 47,000 Interest expense 1,400 Advertising
expense 2,400 Totals $ 1,369,900 $ 1,369,900 Required: 1-a. Prepare an income
statement for the year ended December 31, 2024. 1-b. Prepare a classified
balance sheet as of December 31, 2024. 2. Prepare the necessary closing entries
on December 31, 2024.e following transactions occurred for the Fierro
Company. A three-year fire insurance policy was purchased on July 1, 2024, for
$9,360. The company debited prepaid insurance for the entire amount at the
time of payment. Depreciation on equipment totaled $10,250 for the year.
Employee salaries of $12,500 for the month of December will be paid in early
Corporation is presented below. Account Title Debits Credits Cash $ 63,100
Accounts receivable 260,000 Prepaid rent 6,000 Inventory 37,000 Office
equipment 470,000 Accumulated depreciation $ 198,000 Accounts payable
44,000 Notes payable (due in six months) 21,000 Salaries payable 6,200 Interest
payable 700 Common stock 400,000 Retained earnings 80,000 Sales revenue
620,000 Cost of goods sold 372,000 Salaries expense 93,000 Rent expense
18,000 Depreciation expense 47,000 Interest expense 1,400 Advertising
expense 2,400 Totals $ 1,369,900 $ 1,369,900 Required: 1-a. Prepare an income
statement for the year ended December 31, 2024. 1-b. Prepare a classified
balance sheet as of December 31, 2024. 2. Prepare the necessary closing entries
on December 31, 2024.e following transactions occurred for the Fierro
Company. A three-year fire insurance policy was purchased on July 1, 2024, for
$9,360. The company debited prepaid insurance for the entire amount at the
time of payment. Depreciation on equipment totaled $10,250 for the year.
Employee salaries of $12,500 for the month of December will be paid in early
