Excalibur Corporation sells video games for personal computers. The unadjusted trial balance as of December $31,2024,$ appears below. December $31$ is the company$$s reporting year$-$end. The company uses the perpetual inventory system.

Account Title Debits Credits

Cash $ $61,185$

Accounts receivable $25,500$

Supplies $3,200$

Prepaid rent $26,000$

Inventory $61,500$

Office equipment $77,000$

Accumulated depreciation $ $10,010$

Accounts payable $32,100$

Salaries payable $4,200$

Notes payable $($long$-$term$)30,300$

Common stock $105,000$

Retained earnings $18,050$

Dividends $7,875$

Sales revenue $240,000$

Cost of goods sold $125,000$

Interest expense $0$

Salaries expense $46,750$

Rent expense $0$

Supplies expense $0$

Utility expense $5,650$

Totals $ $439,660$ $ $439,660$

Information necessary to prepare the year$-$end adjusting entries appears below.

The office equipment was purchased in $2022$ and is being depreciated using the straight$-$line method over an eight$-$year useful life with no residual value.

Accrued salaries at year$-$end should be $$6,300.$

The company borrowed $$30,300$ on September $1,2024.$ 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 $10\%.$

The company debits supplies when supplies are purchased. Supplies on hand at year$-$end cost $$520.$

Prepaid rent expired during the period is $$14,200.$

Cash dividends paid to shareholders during the year amounted to $$7,875.$

Required:

$1.$ Complete the worksheet below.

$2-$a$.$ Use the information in the worksheet to prepare an income statement for $2024.$

$2-$b$.$ Use the information in the worksheet to prepare a statement of shareholders$$ equity for $2024.$

$2-$c$.$ Use the information in the worksheet to prepare a balance sheet as of December $31,2024.$

$3.$ Prepare the necessary closing entries assuming that adjusting entries have been correctly posted to the accounts.

L$3-$Excel Assignment

$\backslash$table$[[,$Complete the workshe,,,,,,,,,,$],[,$Account Title,$\backslash$table$[[$Unadjusted Trial$],[$Balance$]],$Adjusting Entries,$\backslash$table$[[$Adjusted Trial$],[$Balance$]],$Income Statement,Balance Sheet$],[,$Debit,Credit,Debit,Credit,Debit,Credit,Debit,Credit,Debit,Credit$],[15,$Accounts receivable,$25,500,,,,25,500,,,,25,500,],[$points$,\backslash$table$[[$Supplies$]],3,200,,,,3,200,,,,3,200,],[,$Prepaid rent,$26,000,,,,26,000,,,,26,000,],[,$Office equipment,$77,000,,,,77,000,,,,77,000,],[$Accumulated depreciation,,$$10,010,,,,10,010,,,,10,010],[\_($ References $),$Accounts payable,,$32,100,,,,32,100,,,,32,100],[$Salaries payable,,$4,200,,2,100,,6,300,,,,6,300],[$Notes payable $($long$-$term$),,30,300,,,,30,300,,,,30,300],[$Interest payable,,$0,,152,,152,,,,152],[$Sales revenue,,$240,000,,,,240,000,,240,000,,],[$Cost of goods sold,$125,000,,,,125,000,,125,000,,,],[$Interest expense,,,$152,,152,,,,152,],[$Salaries expense,$46,750,,,,,,,,,],[$Rent expense,,,,$14,200,,,,,,],[$Supplies expense,,,,,,,,,,$],[$Utilities Expense,$5,650,,,,,,,,,],[$Depreciation expense,,,,,,,,,,$],[,,,,,,,\backslash$table$[[$$$132,875]],\backslash$table$[[$$$240,000]],\backslash$table$[[$$$262,412]],\backslash$table$[[],[201,912]]],[$Net income,,,,,,,,,,$],[$Totals$,\backslash$table$[[$$$139,660]],\backslash$table$[[$$$139,660]],152,$$$16,452,\backslash$table$[[],[387,412]],\backslash$table$[[$$$141,912]],\backslash$table$[[],[132,875]],\backslash$table$[[$$$],[240,000]],\backslash$table$[[$$$262,412]],\backslash$table$[[$$$201,912]]]]$