1 answer

Excalibur Corporation sells video games for personal computers. The unadjusted trial balance as of December 31,...

Question:

Excalibur Corporation sells video games for personal computers. The unadjusted trial balance as of December 31, 2021, appears
Information necessary to prepare the year-end adjusting entries appears below. 1. The office equipment was purchased in 2019
Complete the worksheet below. 2 Account Title Adjusting Entries Unadjusted Tral Balance Dr. $ 80,335 28.500 Adjusted Trial Ba
Lushave been correctly posted to the accounts Complete this question by entering your answers in the tabs below. Reg 1 Req 2A
Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Req 2c Req3 Use the information in the
candl_UFUWSer=U&launchur Quiz 1 Saved EXCAUBURGO 2 Al De Assets Liabilities and Shareholders Equity
Excalibur Corporation sells video games for personal computers. The unadjusted trial balance as of December 31, 2021, appears below. December 31 is the company's reporting year-end. The company uses the perpetual inventory system. Credits Debits 86,335 28,500 e 70,500 89,000 Account Title Cash Accounts receivable Supplies Prepaid rent Inventory Office equipment Accumulated depreciation Accounts payable Salaries payable Notes payable Common stock Retained earnings Dividends Sales revenue Cost of goods sold Interest expense Salaries expense Rent expense Supplies expense Utility expense Totals 11,570 38,700 5,400 32,100 135,000 21,350 10,125 270,000 140, eee 61,150 19,400 2,560 6,550 514, 120 514, 120
Information necessary to prepare the year-end adjusting entries appears below. 1. The office equipment was purchased in 2019 and is being depreciated using the straight-line method over an eight-year useful life with no salvage value. 2. Accrued salaries at year-end should be $8,100. 3. The company borrowed $32,100 on September 1, 2021. The principal is due to be repaid in 10 years. Interest is payable twice a year on each August 31 and February 28 at an annual rate of 10% 4. The company debits supplies expense when supplies are purchased. Supplies on hand at year-end cost $640. 5. Prepaid rent at year-end should be $1,450. 1. Complete the worksheet below. 2-a. Use the information in the worksheet to prepare an income statement for 2021 2-b. Use the information in the worksheet to prepare a statement of shareholders' equity for 2021. 2-c. Use the information in the worksheet to prepare a balance sheet as of December 31, 2021. 3. Prepare the necessary closing entries assuming that adjusting entries have been correctly posted to the accounts,
Complete the worksheet below. 2 Account Title Adjusting Entries Unadjusted Tral Balance Dr. $ 80,335 28.500 Adjusted Trial Balance Dr Cr, Income Statement Dr De Cr. 70.500 89,000 $ 11.570 38.700 5.400 32.100 0 Cash Accounts receivable Supplies Prepaid rent Inventory Office equipment Accumulated depreciation Accounts payable Salaries payable Notes payable Interest payable Common stock Retained eamings Dividends Sales revenue Cost of goods sold Interestepense Salaries expense Rent expense Supplies expense Usites Expense Depreciation expense 135,000 21,3501 10.125 270.000 140.000 81.150 10.400 2.680 8.550 Net income $51120
Lushave been correctly posted to the accounts Complete this question by entering your answers in the tabs below. Reg 1 Req 2A Req 28 Req 2c Req3 Use the information in the worksheet to prepare an income statement for 2021. EXCALIBUR CORPORATION Income Statement For the Year Ended December 31, 2021 Reg Req 28 >
Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Req 2c Req3 Use the information in the worksheet to prepare a statement of shareholders' equity for 2021. EXCALIBUR CORPORATION Statement of Shareholders' Equity For the Year Ended December 31, 2021 Common Retained Total Stock Shareholders Earnings Equity Balance at January 1, 2021 Balance at December 31, 2021 < Reg 2A Req2C>
candl_UFUWSer=U&launchur Quiz 1 Saved EXCAUBURGO 2 Al De Assets Liabilities and Shareholders' Equity

Answers

Account Titles Income Statement Debit ($) Credit (S) Unadjusted Trial Balance Debit ($) Credit ($) 86,335 28,500 70,500 89,00

Excalibur Corporation Balance Sheet At December 31, 2021 Assets Excalibur Corporation Income Statement For the Year Ended Dec

Credit ($) Debit ($) 2,70,000.00 Date Account Title & Explanation Dec.31 2021 Sales Revenue Cost of Goods sold Interest Expen

.

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