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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

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.

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
EQUITY
31 Common Stock
32 Retained Earnings
33 Dividends
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

image text in transcribed

image text in transcribed

Labels and Amount Descriptions wording of fext items other than account names. You wil not need to enter colons if) on the incame statement

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