Casper Corporation

Project 2 for ACC 323

Due by Thursday, May 5, 2022

Below is the adjusted trial balance for December 31, 2021, and the post-closing trial balance for December 31, 3020 for Casper Corporation.

Casper Corporation
	Adjusted		Post-Closing
	Trial Balance		Trial Balance
	December 31, 2021		December 31, 2020
	Debits	Credits	Debits	Credits
Short-term investments	1,600		600
Selling expenses	2,400
Sales revenue		18,575
Retained earnings		4,225		4,225
Restricted cash to pay notes payable in 2023	150		0
Prepaid rent	200		360
Notes payable (due 12/31/2023)		5,000		0
Land investment to be sold in 2024	800		800
Inventory	4,500		2,325
Interest payable		100		0
Interest expense	150
Income taxes payable		550		1,500
Income tax expense	1,600
Income from discontinued operations, net of taxes		1,900
General and administrative expenses	1,500
Equipment	13,500		11,000
Dividends	1,200
Depreciation expense	1,600
Deferred revenue		800		900
Copyrights	3,800		4,000
Common stock		12,000		10,000
COGS	7,200
Cash and cash equivalents	7,700		3,500
Amortization expense	200
Allowance for uncollectible accounts		160		160
Accumulated depreciation - equipment		4,600		4,000
Accounts receivable	4,000		2,800
Accounts payable		4,190		4,600
	52,100	52,100	25,385	25,385

Additional information

1. Equipment costing $4,000 was purchased with cash during 2021.

2. Equipment with a book value of $500 (cost of $1,500 less accumulated depreciation of $1,000) was sold for $500.

3. There was $2,000 of common stock issued during 2021.

Required:

1. Prepare a multiple-step income statement for 2021.

2. Prepare a statement of shareholders equity for 2021.

3. Prepare a comparative balance sheet for December 31, 2020, and December 31, 2021.

4. Prepare a statement of cash flows for 2021.

5. Prepare closing entries for December 31, 2021.