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, 2015, the end of the fiscal year: Beacons Company End-of-Period Spreadsheet For the Year Ended December 31, 20Y5 Unadjusted Trial Balance Adjusted Trial Balance Adjustments Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 10,400 10,400 Accounts Receivable 39,300 (a) 9,200 48,500 Prepaid Insurance 4,400 (b) 3,150 1,250 Supplies 2,700 (c) 2,180 520 Land Building 98,000 423,000 98,000 423,000 Accumulated Depreciation-Building 205,300 (d) 14,000 219,300 Equipment 107,000 107,000 Accumulated Depreciation-Equipment 85,100 (e) 4,800 89,900 Accounts Payable 15.800 15,800 Salaries and Wages Payable (f) 4,000 4,000 Unearned Rent 2,400 (g) 1,600 800 Common Stock 80,000 80,000 Retained Earnings 151,440 151,440 Dividends 10,000 10,000 Fees Earned 383,400 (a) 9,200 372,600 Rent Revenue Salaries and Wages Expense 158,800 (f) 4,000 (g) 1,600 162,800 1,600 Advertising Expense 21,500 21,500 Utilities Expense 15,300 15,300 Depreciation Expense-Building (d) 14,000 14,000 Repairs Expense 8,900 8,900 Depreciation Expense-Equipment (e) 4,800 4,800 Insurance Expense (b) 3,150 3,150 Supplies Expense (c) 2.180 2,180 Miscellaneous Expense 4,140 4,140 903,440 903,440 38,930 38,930 935,440 935,440 Required: 1. Prepare an income statement for the year ended December 31, 2015. 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, 2015. 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 CHART OF ACCOUNTS Beacons 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 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 EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends Labels and Amount Descriptions Labels Current assets Current liabilities December 31, 2015 Expenses For the Year Ended December 31, 2015 Property, plant, and equipment Revenues Amount Descriptions Book value-building Book value-equipment Balances, December 31, 2015 Balances, January 1, 2015 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 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. 1 (Label) 4 $(Label) 6 B 9 10 11 12 14 16 Beacons Company Income Statement (Label) Statement of Stockholders' Equity 2. Prepare a statement of stockholders' equity for the year ended December 31, 2015. 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. 2 3 4 S Beacons Company Statement of Stockholders' Equity (Label) Retained Common Stock Total Earnings 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. 1 Assets 2 (Label) 3 4 5 6 7 9 10 11 12 13 14 16 17 18 (Label) 19 (Label) 20 21 Liabilities Beacons Company Balance Sheet (Label) 23 24 Stockholders' Equity 25 26 27 28 Journal 4. Based upon the end-of-period spreadsheet, journalize the closing entries. Refer to the Chart of Accounts for exact wording of account titles. DATE DESCRIPTION 1 Closing Entries 2 3 4 S 6 7 B 9 10 11 12 13 14 15 JOURNAL PAGE 11 ACCOUNTING EQUATION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 14 15 Post-Closing Trial Balance 5. Prepare a post-closing trial balance. Beacons Company POST-CLOSING TRIAL BALANCE ACCOUNT TITLE 1 Cash 2 Accounts Receivable 3 Prepaid Insurance 4 Supplies 5 Land 6 Building 7 Accumulated Depreciation-Building Equipment 9 Accumulated Depreciation-Equipment 10 Accounts Payable Salaries and Wages Payable 12 Unearned Rent 13 Common Stock 14 Retained Earnings 15 Totals December 31, 2015 DEBIT CREDIT