Amiracle ACC HW.xlsx - Student Name Class Problem 02-13...

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Student Name:Class:Problem 02-13EXCALIBUR CORPORATIONWorksheetDecember 31, 2016UnadjustedAdjustedAccount titleTrial BalanceAdjusting EntriesTrial BalanceIncome StatementDebtCreditDebitCreditDebitCreditDebitCreditCash23,300 23,300 Accounts receivable32,500 32,500 Supplies- 500 500 Prepaid rent- 1,000 1,000 Inventory65,000 65,000 Office equipment 75,000 75,000 Accumulated depreciation - office equip.10,000 9,375 19,375 Accounts payable26,100 26,100 Salaries and wages payable3,000 1,500 4,500 Note payable30,000 30,000 Interest payable1,000 1,000 Common stock80,000 80,000 Retained earnings22,050 22,050 Dividends6,000 6,000 Sales revenue180,000 180,000 180,000 Cost of goods sold95,000 95,000 95,000 Interest expense- 1,000 1,000 1,000 Salaries and wages expenses32,350 1,500 33,850 33,850 Rent expense14,000 1,000 13,000 13,000 Supplies expense2,000 500 1,500 1,500 Utility expense6,000 6,000 6,000 Depreciation expense9,375 9,375 9,375 180,000 Net Income20,275 Totals351,150 351,150 13,375 13,375 363,025 363,025 180,000 180,000 Correct!Correct!Correct!Correct!Correct!Correct!Correct!Correct!
Student Name:Class:Problem 02-13EXCALIBUR CORPORATIONIncome StatementFor the Year Ended December 31, 2016Sales revenue$ 180,000 Cost of goods sold95,000 Gross profit85,000 Operating expenses:

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