Beacons Company maintains and repairs warning December 31, 2015, the end of the fiscal year: adio lowers and lighthouses Beacons Company prepared the following end-o period spreadsheet Beacons Company End-of-Period Spreadsheet Year Ended December 31, 2015 ance Adjustments Adjusted Trial Balance Account Tide Cash 10,800.00 10,800.00 Accounts Receivable 38,900.00 (a) 9.100.00 48,000.00 Prepaid Insurance 4.200.0 (b) 3,150.00 1,050.00 Supplies (c) 2,180.00 550.00 Land 98,000.00 Building 400,000.00 Accumulated Deprec (d) 12,000.00 Equipment 101,000.00 Accumulated Depreciation-E (.) 4,800.00 89.900.00 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 (15,000.00 5,000.00 Unearned Rent (g) 1,100.00 2,100.00 75,000.00 1,000.00 Common Stock 75,000.00 Retained Earnings 128,100.00 128,100.00 Dividends 10,000.00 10,000.00 Fees Earned 363,700.00 372,800.00 Rent Revenue (a) 9,100.00 (9) 1,100.00 1,100.00 Salaries and Wages Expense 158,100.00 (1) 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 () 4,800.00 4,800.00 Instructions 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 37,330.00 905,900.00 905,900.00 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, 2015. 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 accounties 5. Prepare a post-closing trial balance Instructions Chart of Accounts ASSETS 11 Cash REVENUE 41 Fees Earned 42 Rent Revenue 12 Accounts Receivable 13 Prepaid Insurance 14 Supplies 15 Land 16 Building 17 Accumulated Depreciation-Building 18 Equipment 19 Accumulated Depreciation-Equipment 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 LIABILITIES 21 Accounts Payable 22 Salaries and Wages Payable 59 Miscellaneous Expense 23 Unearned Rent EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends Labels Current assets Current liabilities December 31, 2045 Expenses For the Year Ended December 31, 2045 Property, plant, and equipment Revenues Amount Descriptions Book value-building Book value-equipment Balances, December 31, 2045 Balances, January 1, 2045 Issued common stock Dividends Net Income Net loss Total assets Total current assets Total expenses Total liabilities Labels and Amount Descriptions LA For the Year Ended December 31, 2045 Property, plant, and equipment Revenues Amount Descriptions Book value-building Book value-equipment Balances, December 31, 2045 Balances, January 1, 2045 Issued common stock Dividends Net income Net loss Total assets Total current assets Total expenses Total liabilities Total liabilities and stockholders' equity Total property, plant, and equipment Total revenues Total stockholders' equity down tosing entries Instructions Chart of Accounts Labels and Amount Descriptions Income Statement Income Statement 1. Prepare an income statement for the year ended December 31, 2015. Ita ner loss has been incurred, enter that amount as a negative number using a mhus sign Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of offers other than account rares. You will not need to enter colons() the income statement Beacons Company Income Statement Labe Statement of Stockholders' Equity 2. Prepare a statement of stockholders'equity for the yow ended December 31, 2015. During the year, common stock of $25.000 was issued a neos is incurred or dividends were paidenter at amount as a negative number using a minu n Be sure to complete the statement heading. Refer to the ist of Labels and Amour Descriptions for the exact wording of the answer choices for rent entries. Refer to the Chart of Accounts for exact wording of countries. Beacons Company Statement of Stockholders' Equity Retained Balance Sheet 3. Prepare a balance sheet as of December 31, 2015. Pada must be entered in order according to of Labels and Amount Descriptions for the exact wording of the answer choice for entries. Refer to the which you must enter subtracted or negative numbers be complete the stor ing P ro art of Accounts for exact wording of accounts for those Beacons Company Balance Sheet Cabell 4. Based upon the end of period spreadsheet journalize the closing entries. Refer to the Chart of Accounts for exact wording of accounties JOURNAL ACCOUNTING EQUATION POST REY Closing Entries CREDIT Instructions Chart of Accounts Labels and Amount Descriptions Income Statement Post-Closing Trial Balance Beacons Company POST-CLOSING TRIAL BALANCE December 31, 2045 ACCOUNT TITLE 1 Cash DEBIT CREDIT 2 3 Accounts Receivable Prepaid Insurance 4 Supplies 5 Land 6 Building Accumulated Depreciation Building & Equipment 9 Accumulated Depreciation Equipment 10 Accounts Payable 11 Salaries and Wages Payable 12 Uneamed Rent 13 Common Stock 14 Retained Earnings 15 Totals