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The December 31, 2016, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account TitleDebitsCredits Cash21,000 Accounts receivable300,000 Prepaid rent10,000 Inventory50,000 Office equipment600,000 Accumulated depreciationâoffice equipment250,000 Accounts payable60,000 Note payable (due in six months)60,000 Salaries payable8,000 Interest payable2,000 Common stock400,000 Retained earnings100,000 Sales revenue800,000 Cost of goods sold480,000 Salaries expense120,000 Rent expense30,000 Depreciation expense60,000 Interest expense4,000 Advertising expense5,000 Totals1,680,000 1,680,000 1) A. Prepare an Income Statement for the year ending December 31, 2016.1) B. Prepare a classified balance sheet as of December 31, 2016. Indicate amounts deducted with minus sign.2) Prepare the necessary closing entries at December 31, 2016.
