The company borrowed 30000 on september 1 2018 the

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3. The company borrowed $30,000 on September 1, 2018. The principal is due to be repaid in 10 years. Interest is payable twice a yearon 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 year­end cost $500.5. Prepaid rent at year­end should be $1,000.1.Complete the worksheet below.2­a.Use the information in the worksheet to prepare an income statement for 2018.2­b.Use the information in the worksheet to prepare a statement of shareholders’ equity for 2018.2­c.Use the information in the worksheet to prepare a balance sheet as of December 31, 2018.3.Prepare the necessary closing entries assuming that adjusting entries have been correctly posted to the accounts.
1/23/2018Assignment Print View3/5Complete this question by entering your answers in the tabs below.Use the information in the worksheet to prepare an income statement for 2018.Req 1Req 2AReq 2BReq 2CReq 3EXCALIBUR CORPORATIONIncome StatementFor the Year Ended December 31, 2018Sales revenue$180,000Cost of goods sold95,000Gross profit85,000Operating expensesDepreciation expense9,375Salaries and wages expense33,850Rent expense13,000Supplies expense1,500Utility expense6,000Total operating expenses63,725Operating income21,275Other expensesInterest expense1,000Net income$20,275ReferencesWorksheetDifficulty: 2 Medium

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