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:

	Beacons Company
	End-of-Period Spreadsheet
	For the Year Ended December 31, 20Y5
	Unadjusted Trial Balance		Adjustments		Adjusted Trial Balance
Account Title	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.
Cash	10,500				10,500
Accounts Receivable	39,500		(a) 9,100		48,600
Prepaid Insurance	4,200			(b) 3,350	850
Supplies	2,790			(c) 2,180	610
Land	98,000				98,000
Building	416,000				416,000
Accumulated Depreciation-Building		205,300		(d) 14,000		219,300
Equipment	107,000				107,000
Accumulated Depreciation-Equipment		85,100		(e) 4,200		89,300
Accounts Payable		15,800				15,800
Salaries and Wages Payable				(f) 5,000		5,000
Unearned Rent		2,300	(g) 1,300			1,000
Common Stock		70,000				70,000
Retained Earnings		155,040				155,040
Dividends	10,000				10,000
Fees Earned		363,000		(a) 9,100		372,100
Rent Revenue				(g) 1,300		1,300
Salaries and Wages Expense	159,000		(f) 5,000		164,000
Advertising Expense	21,400				21,400
Utilities Expense	15,000				15,000
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) 3,350		3,350
Supplies Expense			(c) 2,180		2,180
Miscellaneous Expense	4,300				4,300
	896,540	896,540	39,130	39,130	928,840	928,840

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 $30,000 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.

X

Labels and Amount Descriptions

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:

	Beacons Company
	End-of-Period Spreadsheet
	For the Year Ended December 31, 20Y5
	Unadjusted Trial Balance		Adjustments		Adjusted Trial Balance
Account Title	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.
Cash	10,500				10,500
Accounts Receivable	39,500		(a) 9,100		48,600
Prepaid Insurance	4,200			(b) 3,350	850
Supplies	2,790			(c) 2,180	610
Land	98,000				98,000
Building	416,000				416,000
Accumulated Depreciation-Building		205,300		(d) 14,000		219,300
Equipment	107,000				107,000
Accumulated Depreciation-Equipment		85,100		(e) 4,200		89,300
Accounts Payable		15,800				15,800
Salaries and Wages Payable				(f) 5,000		5,000
Unearned Rent		2,300	(g) 1,300			1,000
Common Stock		70,000				70,000
Retained Earnings		155,040				155,040
Dividends	10,000				10,000
Fees Earned		363,000		(a) 9,100		372,100
Rent Revenue				(g) 1,300		1,300
Salaries and Wages Expense	159,000		(f) 5,000		164,000
Advertising Expense	21,400				21,400
Utilities Expense	15,000				15,000
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) 3,350		3,350
Supplies Expense			(c) 2,180		2,180
Miscellaneous Expense	4,300				4,300
	896,540	896,540	39,130	39,130	928,840	928,840

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 $30,000 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.

X

Labels and Amount Descriptions