Exercise 2-12 (Algo) Financial statements and closing entries [LO2-7, 2-8]
The December 31, 2021, adjusted trial balance for the Blueboy
Cheese Corporation is presented below.
|Notes payable (due in six months)||48,000|
|Cost of goods sold||426,000|
1-a. Prepare an income statement for the year ended December 31, 2021.
1-b. Prepare a classified balance sheet as of December 31, 2021.
2. Prepare the necessary closing entries at December 31, 2021.