Beacon Signals Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Beacon Signals Company prepared the following end-ofperiod spreadsheet at December 31, 2019, fiscal year:

	Beacon Signals Company
	End-of-Period Spreadsheet
	For the Year Ended December 31, 2019
	Unadjusted Trial Balance		Adjustments		Adjusted Trial Balance
Account Title	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.
Cash	13,000.00				13,000.00
Accounts Receivable	40,500.00		(a) 12,500.00		53,000.00
Prepaid Insurance	4,200.00			(b) 3,000.00	1,200.00
Supplies	3,000.00			(c) 2,250.00	750.00
Land	98,000.00				98,000.00
Building	500,000.00				500,000.00
Accumulated Depreciation-Building		255,300.00		(d) 9,000.00		264,300.00
Equipment	121,900.00				121,900.00
Accumulated Depreciation-Equipment		100,100.00		(e) 4,500.00		104,600.00
Accounts Payable		15,700.00				15,700.00
Salaries and Wages Payable				(f) 4,900.00		4,900.00
Unearned Rent		2,100.00	(g) 1,300.00			800.00
Sarah Colin, Capital		238,100.00				238,100.00
Sarah Colin, Drawing	10,000.00				10,000.00
Fees Earned		388,700.00		(a) 12,500.00		401,200.00
Rent Revenue				(g) 1,300.00		1,300.00
Salaries and Wages Expense	163,100.00		(f) 4,900.00		168,000.00
Advertising Expense	21,700.00				21,700.00
Utilities Expense	11,400.00				11,400.00
Depreciation Expense-Building			(d) 9,000.00		9,000.00
Repairs Expense	8,850.00				8,850.00
Depreciation Expense-Equipment			(e) 4,500.00		4,500.00
Insurance Expense			(b) 3,000.00		3,000.00
Supplies Expense			(c) 2,250.00		2,250.00
Miscellaneous Expense	4,350.00				4,350.00
	1,000,000.00	1,000,000.00	37,450.00	37,450.00	1,030,900.00	1,030,900.00

Required:

1.

Prepare an income statement for the year ended December 31. 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 owners equity for the year ended December 31. No additional investments were made during the year. For those boxes in which you must enter subtracted or negative numbers use 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.

3.

Prepare a balance sheet as of December 31. Fixed assets must be entered in order according to account number. 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 (:) or the word "Less" on the balance sheet; they will automatically insert where necessary.

4.

Based upon the end-of-period spreadsheet, journalize the closing entries. Explanations should be omitted. If you are unsure of account titles, see the chart of accounts.

5.

Prepare a post-closing trial balance.

CHART OF ACCOUNTS

Beacon Signals Company

General Ledger

	ASSETS
11	Cash
12	Accounts Receivable
13	Prepaid Insurance
14	Supplies
15	Land
16	Building
17	Accumulated Depreciation-Building
18	Equipment
19	Accumulated Depreciation-Equipment

	LIABILITIES
21	Accounts Payable
22	Salaries and Wages Payable
23	Unearned Rent

EQUITY

31

Sarah Colin, Capital

32

Sarah Colin, Drawing

33

Income Summary

Labels

Current assets

Current liabilities

December 31, 2019

Expenses

For the Year Ended December 31, 2019

Property, plant, and equipment

Revenues

Amount Descriptions

Decrease in owners equity

Increase in owners equity

Net income

Net loss

Sarah Colin, capital, January 1, 2019

Sarah Colin, capital, December 31, 2019

Total assets

Total current assets

Total expenses

Total liabilities

Total liabilities and owners equity

Total property, plant, and equipment

Total revenues

Withdrawals

1. Prepare an income statement for the year ended December 31. 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.

Score: 136/136

Beacon Signals Company

Income Statement

?

1	?
2	?	?
3	?	?
4	?		?
5	?
6	?	?
7	?	?
8	?	?
9	?	?
10	?	?
11	?	?
12	?	?
13	?	?
14	?	?
15	?		?
16	?		?

2. Prepare a statement of owners equity for the year ended December 31. No additional investments were made during the year. For those boxes in which you must enter subtracted or negative numbers use 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.

Question not attempted.

Score: 0/54

Beacon Signals Company

Statement of Owners Equity

1

2

3

4

5

3. Prepare a balance sheet as of December 31. Fixed assets must be entered in order according to account number. 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 (:) or the word "Less" on the balance sheet; they will automatically insert where necessary.

Question not attempted.

Score: 0/177

Beacon Signals Company

Balance Sheet

1

Assets

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

Liabilities

17

18

19

20

21

22

Owners equity

23

24

4. Based upon the end-of-period spreadsheet, journalize the closing entries. If you are unsure of account titles, see the chart of accounts.

Question not attempted.

PAGE 11

JOURNAL

ACCOUNTING EQUATION

Score: 0/171

DATE

DESCRIPTION

POST. REF.

DEBIT

CREDIT

ASSETS

LIABILITIES

EQUITY

1

Closing Entries

2

3

4

5

6

7

8

9

10

11

12

13

14

15

5. Prepare a post-closing trial balance.

Question not attempted.

Beacon Signals Company

POST-CLOSING TRIAL BALANCE

Score: 0/55

December 31, 2019

	ACCOUNT TITLE	DEBIT	CREDIT
1	Cash
2	Accounts Receivable
3	Prepaid Insurance
4	Supplies
5	Land
6	Building
7	Accumulated Depreciation-Building
8	Equipment
9	Accumulated Depreciation-Equipment
10	Accounts Payable
11	Salaries and Wages Payable
12	Unearned Rent
13	Sarah Colin, Capital
14	Totals

	REVENUE
41	Fees Earned
42	Rent Revenue

	EXPENSES
51	Salaries and Wages Expense
52	Advertising Expense
53	Utilities Expense
54	Depreciation Expense-Building
55	Repairs Expense
56	Depreciation Expense-Equipment
57	Insurance Expense
58	Supplies Expense
59	Miscellaneous Expense