Beacons Company maintains and repairs warning lights, such as
those found on radio towers and lighthouses. Beacons Company
prepared the following end-of-period spreadsheet at December 31,
20Y5, the end of the fiscal year:
|
Beacons Company |
|
End-of-Period Spreadsheet |
|
For the Year Ended December 31, 20Y5 |
|
Unadjusted Trial Balance |
Adjustments |
Adjusted Trial Balance |
| Account Title |
Dr. |
Cr. |
Dr. |
Cr. |
Dr. |
Cr. |
| Cash |
10,800.00 |
|
|
|
10,800.00 |
|
| Accounts Receivable |
38,900.00 |
|
(a) 9,100.00 |
|
48,000.00 |
|
| Prepaid Insurance |
4,200.00 |
|
|
(b) 3,150.00 |
1,050.00 |
|
| Supplies |
2,730.00 |
|
|
(c) 2,180.00 |
550.00 |
|
| Land |
98,000.00 |
|
|
|
98,000.00 |
|
| Building |
400,000.00 |
|
|
|
400,000.00 |
|
| Accumulated Depreciation-Building |
|
205,300.00 |
|
(d) 12,000.00 |
|
217,300.00 |
| Equipment |
101,000.00 |
|
|
|
101,000.00 |
|
| Accumulated Depreciation-Equipment |
|
85,100.00 |
|
(e) 4,800.00 |
|
89,900.00 |
| Accounts Payable |
|
15,700.00 |
|
|
|
15,700.00 |
| Salaries and Wages Payable |
|
|
|
(f) 5,000.00 |
|
5,000.00 |
| Unearned Rent |
|
2,100.00 |
(g) 1,100.00 |
|
|
1,000.00 |
| Common Stock |
|
75,000.00 |
|
|
|
75,000.00 |
| Retained Earnings |
|
128,100.00 |
|
|
|
128,100.00 |
| Dividends |
10,000.00 |
|
|
|
10,000.00 |
|
| Fees Earned |
|
363,700.00 |
|
(a) 9,100.00 |
|
372,800.00 |
| Rent Revenue |
|
|
|
(g) 1,100.00 |
|
1,100.00 |
| Salaries and Wages Expense |
158,100.00 |
|
(f) 5,000.00 |
|
163,100.00 |
|
| Advertising Expense |
21,700.00 |
|
|
|
21,700.00 |
|
| Utilities Expense |
16,400.00 |
|
|
|
16,400.00 |
|
| Depreciation Expense-Building |
|
|
(d) 12,000.00 |
|
12,000.00 |
|
| Repairs Expense |
8,850.00 |
|
|
|
8,850.00 |
|
| Depreciation Expense-Equipment |
|
|
(e) 4,800.00 |
|
4,800.00 |
|
| Insurance Expense |
|
|
(b) 3,150.00 |
|
3,150.00 |
|
| Supplies Expense |
|
|
(c) 2,180.00 |
|
2,180.00 |
|
| Miscellaneous Expense |
4,320.00 |
|
|
|
4,320.00 |
|
|
875,000.00 |
875,000.00 |
37,330.00 |
37,330.00 |
905,900.00 |
905,900.0 |
Required:
| 1. |
Prepare an income statement for the year ended December 31,
20Y5. If a net loss has been incurred, enter that amount as a
negative number using a minus sign. Be sure to complete the
statement heading. Use the list of Labels and Amount Descriptions
for the correct wording of text items other than account names. You
will not need to enter colons (:) on the income statement. |
| 2. |
Prepare a statement of stockholders’ equity for the year ended
December 31, 20Y5. During the year, common stock of $25,000 was
issued. If a net loss is incurred or dividends were paid, enter
that amount as a negative number using a minus sign. Be sure to
complete the statement heading. Refer to the list of Labels and
Amount Descriptions for the exact wording of the answer choices for
text entries. Refer to the Chart of Accounts for exact wording of
account titles. |
| 3. |
Prepare a balance sheet as of December 31, 20Y5. Fixed assets
must be entered in order according to account number. Be sure to
complete the statement heading. Refer to the list of Labels and
Amount Descriptions for the exact wording of the answer choices for
text entries. Refer to the Chart of Accounts for exact wording of
account titles. For those boxes in which you must enter subtracted
or negative numbers use a minus sign. |
| 4. |
Based upon the end-of-period spreadsheet, journalize the
closing entries. Refer to the Chart of Accounts for exact wording
of account titles. |
| 5. |
Prepare a post-closing trial balance. |
