Exercise 2 Chapter 11 Blue Cheese Corporation - Exercise...

This preview shows page 1 - 4 out of 4 pages.

Exercise 2-11The December 31, 2013, adjusted trial balance for the Blueboy Cheese Corporation is presented below. 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. BLUEBOY CHEESE CORPORATIONINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2013Sales Revenue800,000$ Cost of Goods Sold480,000Gross Profit320,000Operating Expenses:Salaries120,000$ Rent30,000Depreciation60,000Advertising Expense5,000Total Operating Expenses215,000Operating Income105,000Other Expense:
Interest4,000Net Income101,000$ BLUEBOY CHEESE CORPORATIONBALANCE SHEETAT DECEMBER 31, 2013ASSETSCurrent AssetsCash21,000$ Accounts Receivable300,000Inventory50,000

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture