HELP PLEASE

Read the problem below carefully and complete all steps using the General Journal, Trial Balance Worksheet, Income Statement, and Balance Sheet included in the spreadsheet file available by clicking the link below. When you have completely finished your work, click on the yellow button "CLICK HERE TO SAVE YOUR WORK" that appears in the window where the spreadsheet file opens and then paste the URL link that is returned to you in the answer space below. NOTE: do not click the Recycle or other icons in the top left of the window! It will re-generate the spreadsheet and you will LOSE your work. Click to open: Part 1: Assume you are an accountant working under the Controller for XYZ Corp. XYZ's fiscal year ends on December 31 each year and it is early January 2022. Another accountant has already prepared the unadjusted trial balance and all the year-end adjusting entries as of December 31, 2021 except for the final two (2) adjusting entries. You must prepare and record adjusting entries for the following two items in the General Journal. A. XYZ Corp. uses the periodic method to account for inventory. On 1/1/2022, before any transactions were processed for fiscal year 2022, a full physical inventory count was taken at XYZ. The XYZ Controller valued the inventory at $195,750. Using this and the information in the Trial Balance Worksheet to help you, prepare and record the adjusting entry in the General Journal to record Cost of Goods Sold for 2021. B. After completing the adjusting entry in Part A. above, post it to the Year-End Adjustments columns of the Trial Balance Worksheet and create formulas to calculate the account balances on the Adjusted Trial Balance and to total the debits and credits in the Year-End Adjustments and Adjusted Trial Balance columns. Then create formulas to prepare the Income Statement and Balance Sheet columns of the Trial Balance Worksheet and the subtotals and totals for these columns. NOTE: start all your formulas with an "=" sign. Use the information in the Trial Balance Worksheet to determine taxable income and calculate XYZ's corporate tax expense by applying a flat 21% tax rate. Record the adjusting journal entry to accrue federal income tax expense in the General Journal. Part 2: After completing Part 1, post the adjusting entry to accrue federal income tax expense to the Year-End Adjustments columns of the Trial Balance Worksheet. The columns and rows should recalculate all account balances and column totals. all oforonco formulas prepare the Income Statement Statement of Retained Earnings and Balance Sheet for XYZ as of and B. After completing the adjusting entry in Part A. above, post it to the Year-End Adjustments columns of the Trial Balance Worksheet and create formulas to calculate the account balances on the Adjusted Trial Balance and to total the debits and credits in the Year-End Adjustments and Adjusted Trial Balance columns. Then create formulas to prepare the Income Statement and Balance Sheet columns of the Trial Balance Worksheet and the subtotals and totals for these columns. NOTE: start all your formulas with an "=" sign. Use the information in the Trial Balance Worksheet to determine taxable income and calculate XYZ's corporate tax expense by applying a flat 21% tax rate. Record the adjusting journal entry to accrue federal income tax expense in the General Journal. Part 2: After completing Part 1, post the adjusting entry to accrue federal income tax expense to the Year-End Adjustments columns of the Trial Balance Worksheet. The columns and rows should recalculate all account balances and column totals. Next, using cell reference formulas, prepare the Income Statement, Statement of Retained Earnings and Balance Sheet for XYZ as of and or the year ended December 31, 2021. Make sure create formulas for all subtotals and totals. Edit Format Table Read the problem below carefully and complete all steps using the General Journal, Trial Balance Worksheet, Income Statement, and Balance Sheet included in the spreadsheet file available by clicking the link below. When you have completely finished your work, click on the yellow button "CLICK HERE TO SAVE YOUR WORK" that appears in the window where the spreadsheet file opens and then paste the URL link that is returned to you in the answer space below. NOTE: do not click the Recycle or other icons in the top left of the window! It will re-generate the spreadsheet and you will LOSE your work. Click to open: Part 1: Assume you are an accountant working under the Controller for XYZ Corp. XYZ's fiscal year ends on December 31 each year and it is early January 2022. Another accountant has already prepared the unadjusted trial balance and all the year-end adjusting entries as of December 31, 2021 except for the final two (2) adjusting entries. You must prepare and record adjusting entries for the following two items in the General Journal. A. XYZ Corp. uses the periodic method to account for inventory. On 1/1/2022, before any transactions were processed for fiscal year 2022, a full physical inventory count was taken at XYZ. The XYZ Controller valued the inventory at $195,750. Using this and the information in the Trial Balance Worksheet to help you, prepare and record the adjusting entry in the General Journal to record Cost of Goods Sold for 2021. B. After completing the adjusting entry in Part A. above, post it to the Year-End Adjustments columns of the Trial Balance Worksheet and create formulas to calculate the account balances on the Adjusted Trial Balance and to total the debits and credits in the Year-End Adjustments and Adjusted Trial Balance columns. Then create formulas to prepare the Income Statement and Balance Sheet columns of the Trial Balance Worksheet and the subtotals and totals for these columns. NOTE: start all your formulas with an "=" sign. Use the information in the Trial Balance Worksheet to determine taxable income and calculate XYZ's corporate tax expense by applying a flat 21% tax rate. Record the adjusting journal entry to accrue federal income tax expense in the General Journal. Part 2: After completing Part 1, post the adjusting entry to accrue federal income tax expense to the Year-End Adjustments columns of the Trial Balance Worksheet. The columns and rows should recalculate all account balances and column totals. all oforonco formulas prepare the Income Statement Statement of Retained Earnings and Balance Sheet for XYZ as of and B. After completing the adjusting entry in Part A. above, post it to the Year-End Adjustments columns of the Trial Balance Worksheet and create formulas to calculate the account balances on the Adjusted Trial Balance and to total the debits and credits in the Year-End Adjustments and Adjusted Trial Balance columns. Then create formulas to prepare the Income Statement and Balance Sheet columns of the Trial Balance Worksheet and the subtotals and totals for these columns. NOTE: start all your formulas with an "=" sign. Use the information in the Trial Balance Worksheet to determine taxable income and calculate XYZ's corporate tax expense by applying a flat 21% tax rate. Record the adjusting journal entry to accrue federal income tax expense in the General Journal. Part 2: After completing Part 1, post the adjusting entry to accrue federal income tax expense to the Year-End Adjustments columns of the Trial Balance Worksheet. The columns and rows should recalculate all account balances and column totals. Next, using cell reference formulas, prepare the Income Statement, Statement of Retained Earnings and Balance Sheet for XYZ as of and or the year ended December 31, 2021. Make sure create formulas for all subtotals and totals. Edit Format Table