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: Account Title Cash Accounts Receivable Prepaid Insurance Supplies Land Dr. Unadjusted Trial Balance 10,400 39,300 4,400 2,700 98,000 Beacons Company End-of-Period Spreadsheet For the Year Ended December 31, 20Y5 Cr. Adjustments Adjusted Trial Balance Dr. (a) 9,200 Cr. (b) 3,150 (c) 2,180 Dr. 10,400 48,500 1,250 520 98,000 Cr. Instructions Building Accumulated Depreciation-Building Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Common Stock Retained Earnings Dividends Fees Earned Rent Revenue Salaries and Wages Expense 423,000 107,000 10,000 158,800 205,300 85,100 15,800 2,400 80,000 151,440 363,400 (g) 1,600 (f) 4,000 (d) 14,000 (e) 4,800 (f) 4,000 (a) 9,200 (g) 1,600 423,000 107,000 10,000 162,800 219,300 89,900 15,800 4,000 800 80,000 151,440 372,600 1,600 Instructions Advertising Expense Utilities Expense Depreciation Expense-Building Repairs Expense Depreciation Expense-Equipment Insurance Expense Supplies Expense Miscellaneous Expense 21,500 15,300 8,900 4,140 903,440 903,440 (d) 14,000 (e) 4,800 (b) 3,150 (c) 2,180 38,930 38,930 21,500 15,300 14,000 8,900 4,800 3,150 2,180 4,140 935,440 935,440 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 ASSETS CHART OF ACCOUNTS Beacons Company General Ledger 11 Cash 12 Accounts Receivable 13 Prepaid Insurance 14 Supplies 15 Land 16 Building 17 Accumulated Depreciation-Building 18 Equipment 19 Accumulated Depreciation-Equipment 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 Chart of Accounts 17 Accumulated Depreciation-Building 18 Equipment 19 Accumulated Depreciation-Equipment LIABILITIES 21 Accounts Payable 22 Salaries and Wages Payable 23 Unearned Rent EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends 53 Utilities Expense 54 Depreciation Expense-Building 55 Repairs Expense 56 Depreciation Expense-Equipment 57 Insurance Expense 58 Supplies Expense 59 Miscellaneous Expense Labels and Amount Descriptions Labels Current assets Current liabilities December 31, 20Y5 Expenses For the Year Ended December 31, 20Y5 Property, plant, and equipment Revenues Amount Descriptions Book value-building Book value-equipment Balances, December 31, 20Y5 Balances, January 1, 20Y5 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 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. All transactions on this page must be entered (except for post ref(s)) before you will receive Check My Work feedback. 1 2 December 31,2 Fees Earned 3 4 5 6 7 8 DATE 9 Revenue Earned Income Summary DESCRIPTION Closing Entries JOURNAL POST. REF. DEBIT Score: 6/171 Shaded cells have feedback. CREDIT PAGE 11 ACCOUNTING EQUATION ASSETS LIABILITIES EQUITY Journal 10 11 12 13 14 15 Shaded cells have feedback. Shaded cells have feedback. X Balance Sheet 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. 1 2 Current assets: 3 Cash Assets Beacons Company Balance Sheet December 31, 20Y5 $10,400.00 Score: 146/198 Balance Sheet 4 Accounts receivable 5 Prepaid insurance 6 Supplies 7 8 Property, plant, and equipment: Land Building 9 Total current assets 10 11 Accumulated depreciation-building 12 Equipment 13 Accumulated depreciation-equipment $423,000.00 219,300.00 $8,990.00 48,500.00 1,250.00 520.00 $98,000.00 107,000.00 $60,670.00 Balance Sheet 13 Accumulated depreciation-equipment 14 15 16 Total property, plant, and equipment 17 Total assets 18 19 Current liabilities: 20 Salaries and wages payable 21 Unearned rent 22 Total current assets Liabilities V $8,990.00 $4,000.00 800.00 20,600.00 318,800.00 $379,470.00