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:
For the Year Ended December 31, 2045 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cash 10,400 10,400 Accounts Receivable 39,900 (a) 9,300 49,200 Prepaid Insurance 4,500 (b) 3,150 1,350 Supplies 2,780 (c) 2,180 600 Land 98,000 98,000 Building 412,000 412,000 Accumulated Depreciation-Building 205,300 (d) 13,000 218,300 Equipment 102,000 102,000 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 2.000 (a) 1.100 900 Unearned Rent 2,000 (9) 1,100 900 Common Stock 90,000 90,000 Retained Earnings 126,430 126,430 Dividends 10,000 10,000 Fees Earned 363,100 (a) 9,300 372,400 Rent Revenue (9) 1,100 1,100 Salaries and Wages Expense 158,500 (1) 4,000 162,500 Advertising Expense 21,300 21,300 Utilities Expense 15,500 15,500 Depreciation Expense-Building (d) 13,000 13,000 Repairs Expense 8,850 8,850 Depreciation Expense-Equipment (e) 4,800 4,800 Insurance Expense (b) 3,150 3,150 Supplies Expense (c) 2,180 2,180 Miscellaneous Expense 4,000 4,000 Miscellaneous Expense 4,000 4,000 887,730 887,730 37,530 37,530 918,830 918,830 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 $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
