Question: Using the information from Problem 28, prepare and complete a worksheet similar to Illustration 2A1. Use the information in the worksheet to prepare an income

Using the information from Problem 2–8, prepare and complete a worksheet similar to Illustration 2A–1. Use the information in the worksheet to prepare an income statement and a statement of shareholders' equity for 2011 and a balance sheet as of December 31, 2011. Cash dividends paid to shareholders during the year amounted to $6,000. Also prepare the necessary closing entries assuming that adjusting entries have been correctly posted to the accounts.

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EXCALIBUR CORPORATION Unadjusted Trial Balance December 31 2011 Account Title Debits Credits Cash 23300 Accounts receivable 32500 Allowance for uncoll... View full answer

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