Need help with this one! Thank you in advance!
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. Information necessary to prepare the year-end adjusting entries appears below. 1. 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. 2. Accrued salaries at year-end should be $8,700. 3. The company borrowed $32,700 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%. 4. The company debits supplies when supplies are purchased. Supplies on hand at year-end cost $680. 5. Prepaid rent expired during the period is $15,000. Cash dividends paid to shareholders during the year amounted to $10,875. 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. Complete the worksheet below. Answer is not complete. Complete this question by entering your answers in the tabs below. Jse the information in the worksheet to prepare an income statement for 2024. Cash dividends paid to shareholders during the year amounted to $10,875. 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Use the information in the worksheet to prepare a statement of shareholders' equity for 2024. Ileo the information in the umrlehent tn nronaro a halanco cheot ac nf noramber 31,2024. Cash dividends paid to shareholders during the year amounted to $10,875. 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Prepare the necessary closing entries assuming that adjusting entries have been correctly posted to the accounts. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field
