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 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. CHART OF ACCOUNTS Beacons Company General Ledger ASSETS REVENUE 11 Cash 41 Fees Earned 12 Accounts Receivable 42 Rent Revenue 13 Prepaid Insurance 14 Supplies EXPENSES 15 Land 51 Salaries and Wages Expense 16 Building 52 Advertising Expense 17 Accumulated Depreciation-Building 53 Utilities Expense 18 Equipment 54 Depreciation Expense-Building 19 Accumulated Depreciation-Equipment 55 Repairs Expense 18 Equipment 54 Depreciation Expense-Building 19 Accumulated Depreciation-Equipment 55 Repairs Expense 56 Depreciation Expense-Equipment LIABILITIES 57 Insurance Expense 21 Accounts Payable 58 Supplies Expense 22 Salaries and Wages Payable 59 Miscellaneous Expense 23 Unearned Rent EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends Labels and Amount Descriptions 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 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. 5 (Label) 6 7 8 9 10 11 12 13 14 15 16 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. Balance Sheet 7 8 (Label) 9 10 11 12 13 14 15 16 17 Liabilities (Label) 20 21 Balance Sheet 15 16 17 18 Liabilities 19 (Label) 20 21 22 23 24 Stockholders' Equity 25 26 27 28 4. Based upon the end-of-period spreadsheet, journalize the closing entries. Refer to the Chart of Accounts for exact wording of account titles. \begin{tabular}{|c|} \hline 8 \\ \hline 9 \\ \hline 10 \end{tabular} 11 12 13 14 15 5. Prepare a post-closing trial balance. 5. Prepare a post-closing trial balance. Post-Closing Trial Balance 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 Common Stock 14 Retained Earnings 15 Totals
