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. Account Title Debits Credits Cash 51,900 Accounts receivable 290,000 Prepaid rent 9,000 Inventory 43,000 Office equipment 530,000 Accumulated depreciation 222,000 Accounts payable 56,000 Notes payable (due in six months) 39,000 Salaries payable 6,800 Interest payable 1,300 Common stock 400,000 Retained earnings 115,000 Sales revenue 680,000 Cost of goods sold 408,000 Salaries expense 102,000 Rent expense 27,000 Depreciation expense 53,000 Interest expense 2,600 Advertising expense 3,600 Totals 1,520,100 1,520,100 Required: 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.

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Step-by-step explanation:

Some information required to answer this question is missing, but on a general basis, here goes the carefully researched response.

Majority of popular truck ladders are about 75 to 105 feet long. There are special truck ladders that reach up to 125 feet.

The length of a truck ladder is naturally limited by weight. The weight has to not be too much so that the truck can still move at a good enough speed on the roads. The weight of these ladders are primarily dependent on the strength of the metal used to make them.

At the top of these ladders, on a windy day, eind interference can cause the ladder to move back and forth all over the place, rhereby endamgerimg lives further and using a light material because we want the truck to still be able to move, will not work because light ladders especially, are easily carried by wind.

The 105-foot aerial ladder can reach 7 to 8 floors depending on the height of the floors.

The 25th floor of an office building can be accessed using a ladder that is about 225 ft long and that simply, is not feasible at all to manufacture this ladder considering the required weight and how too far away in the air this ladder would be, there would be little or no control over this.

Hence, a more realistic solution would be an helicopter that is steadied to slowly get people out of that floor.

Also, if the elevators or stairs are still accessible, these are better alternatives than a 225 ft long ladder aiming to reach the 25th floor.

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