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, 2045, the end of the fiscal year: Beacons Company End-of-Period Spreadsheet For the Year Ended December 31, 2015 Unadjusted Trial Adjusted Trial Adjustments Balance Balance Account Title Dr. Or Dr. Or Dr. Cr. Cash 10,300 10,300 Accounts Receivable 38 200 (a) 9.000 47,200 Prepaid Insurance 4,400 (b) 3,850 1050 Supplies 2,780 (c) 2,180 550 Land 98.000 98,000 Building 415,000 415.000 Accumulated Depreciation-Building 205,300 (d) 14,000 219.300 Equipment 104 000 104,000 Accumulated Depreciation- Equipment 85.100 (e) 4,200 89,300 Accounts Payable 15.700 15.700 Salaries and Wages Payable (0) 5.000 5,000 Unearned Rent 3,000 (g) 2,000 1,000 Common Stock 70.000 70,000 Retained Earnings 148 240 148,240 Dividends 10.000 10 000 Fees Earned 363 300 (a) 9.000 372 300 Rent Revenue (9) 2,000 2.000 Accumulated Depreciation- 85,100 Equipment (e) 4,200 89,800 Accounts Payable 15.700 15,700 Salaries and Wages Payable 5,000 5,000 Unearned Rent 3,000 (9) 2,000 1,000 Common Stock 70,000 70,000 Retained Earnings 148, 240 148,240 Dividends 10,000 10,000 Fees Earned 363,300 (a) 9.000 372,300 Rent Revenue (g) 2,000 2,000 Salaries and Wages Expense 158, 300 (f) 5,000 163 300 Advertising Expense 21 200 21 200 Utilities Expense 15.500 15,500 Depreciation Expense-Building (d) 14.000 14,000 Repairs Expense 8,850 8,850 Depreciation Expense-Equipment (e) 4 200 4,200 Insurance Expense (b) 3,850 3,350 Supplies Expense (c) 2 180 2,180 Miscellaneous Expense 4,160 4,160 890,640 890 840 89.730 99780 922 840 922 840 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 statenient. 2. Prepare a statement of stockholders' equity for the year ended December 31, 2015. During the year, common stock of $20,000 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, 2045. 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 54 Depreciation Expense-Building 18 Equipment 19 Accumulated Depreciation-Equipment 55 Repairs Expense 56 Depreciation Expense-Equipment 57 Insurance Expense LIABILITIES 21 Accounts Payable 58 Supplies Expense 22 Salaries and Wages Payable 59 Miscellaneous Expense 23 Unearned Rent EQUITY 81 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, 2015 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 1. Prepare an income statement for the year ended December 3, 2016. Vra net loss has been incurred, enter that amount as a negative number using a minus sign Be sure to complete the statement reading Use the Vlot of Lobels 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 Beacons Company Income Statement (Label) 1 (Label) 2. 3 4 5 (Label) 6 7 8 9 10 12 13 14 15 16 2. Prepare a statement of stockholders' equity for the year ended December 31, 2045. During the year, common stock of $20,000 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. Beacons Company Statement of Stockholders' Equity (Label) Retained Common Stock Total Earnings 2 3 4 5 6 3. Prepare a balance sheet as of December 31, 2045. 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. Beacons Company Balance Sheet (Label) Assets 2 (Label) 3 5 6 7 8 (Label) 9 10 11 11 12 13 14 15 16 17 Liabilities 19 (Label) 20 21 22 23 244 Stockholders' Equity 2,5 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, PAGE 11 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST REF DEBIT CREDIT ASSETS LIABILITIES EQUITY Closing Entries 2 B B 6 7 18 9 10 11 12 1B 15 5. Prepare a post-closing trial balance Beacons Company POST-CLOSING TRIAL BALANCE December 31, 2045 ACCOUNT TITLE DEBIT CREDIT 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 11 Salaries and Wages Payable 12 Unearned Rent 13 Common Stock 14 Retained Earnings 15 Totals