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Beacons Company maintains and repairs warning lights, such as those found on radiatowers and lighthouses Beacons Company prepared the following end of penod spreadsheet December 31 2015 the end of the fact Beacons Company End-of-Period Spreadsheet For the Year Ended December 31, 2015 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Account Tide D D CA Dr Cash 10.000 10.000 Accounts Receivable 38.700 (a) 9 200 47900 Prepaid Insurance 4.400 () 3,250 1,150 Supplies 2,800 (c) 2180 620 Land 90.000 98,000 Building 401,000 401 000 Accumulated Depreciation Building 205 300 (d) 13,000 218,300 Equipment 101.000 101.000 Accumulated Depreciation Equipment 85,100 (e) 4 800 89.700 Accounts Payable 15.700 15.700 15,700 15,700 Accounts Payable 5,000 Salaries and Wages Payable (f) 5,000 700 Unearned Rent 2,200 (g) 1,500 85,000 85,000 Common Stock 117,390 117,390 Retained Earnings Dividends 10,000 10,000 363,300 Fees Earne (a) 9,200 372,500 1,500 Rent Revenue (g) 1,500 158 800 Salaries and Wages Expense (1) 5,000 163,800 21,200 21,200 Advertising Expense 15,100 15,100 Utilities Expense Depreciation Expense-Building (d) 13,000 13,000 8,950 8,950 Repairs Expense Depreciation Expense-Equipment (e) 4,600 4,600 Insurance Expense (b) 3,250 3,250 Supplies Expense (c) 2.180 2,180 Miscellaneous Expense 4,040 4,040 873,990 873,990 38,730 38,730 905,790 905,790 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 statement 2. Prepare a statement of stockholders equity for the year ended December 31, 2015. During the year, common stock of $25,000 was issued Ifa 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 General Ledger ASSETS REVENUE 11 Cash 41 Fees Earned 12 Accounts Receivable 42 Rent Revenue 13 Prepaid Insurance 14 Supplies EXPENSES 51 Salaries and Wages Expense 15 Land 16 Building 52 Advertising Expense 53 Utilities Expense 17 Accumulated Depreciation-Building 18 Equipment 19 Accumulated Depreciation-Equipment 54 Depreciation Expense-Building 55 Repairs Expense 56 Depreciation Expense-Equipment LIABILITIES 57 Insurance Expense 21 Accounts Payable 58 Supplies Expense 59 Miscellaneous Expense 22 Salaries and Wages Payable 23 Unearned Rent EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends Labels and Amount Descriptions Labels Current assets Current liabilities December 31, 2015 Expenses For the Year Ended December 31, 2015 Property, plant, and equipment Revenues Amount Descriptions Book value-building Book value-equipment Balances December 31, 2015 Balances, January 1, 2015 Issued common stock Dividends Net income Net loss Total assets Total current assets Total expenses Property, plant, and equipment Revenues Amount Descriptions Book value-building Book value-equipment Balances, December 31, 2045 Balances, January 1, 2015 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 31, 2015 if a netloss has been incurred, enter that amount as a negative number using a minus agn Be sure to complete the statement heading Use the list of Labels and Amount Descriptions for the correct wording of text items other than accent names. You will not need to enter colon () on the income statement Beacons Company Income Statement For the Year Ended December 31, 2015 1 label) 2 Fees earned $577.500.00 Rent revenue 1.500.00 + $374000.00 $163.800.00 21.200.00 Total revenues Expenses Saries and wages expere Advertising expense Utilities expense Depreciation expense building 10 Repairs expense 11 Depreciation expense equipment n Insurance expense Supplies expert 15.100,00 13,000.00 8990.00 4,600.00 3.250.00 2,180.00 3 Rent revenue 1,500.00 $374,000.00 Total revenues 4 6 $163,800.00 21,200.00 8 15,100.00 5 Expenses: Salaries and wages expense 7 Advertising expense Utilities expense Depreciation expense-building 10 Repairs expense 11 Depreciation expense-equipment 12 Insurance expense 13 Supplies expense 9 13,000.00 8,950.00 4,600.00 3,250.00 2,180.00 14 Miscellaneous expense 4,040.00 15 Total expenses 236,120.00 16 Net income $137,880.00 2. Prepare a statement of stockholders equity for the year ended December 31 2075 During the year, common stock of $25.000 was issued a net loss is curred or dividends were paid enter that amount as a negative number using a minius sugu. Be sure to complete the statement teaching hinter to the lat of Labels and Amouant Descriptions for the exact wording of the answer choices for Text entries Refer to the Chart of Accounts for exact wording of accounties Beacons Company Statement of Stockholders' Equity (Label Common Stock Retained Eamings Total > Common Stock + Net Income + Dividends 5 Total stockholders equity 3 Prepare a balance sheet as of December 31, 2045 Fored assets must be entered in order according to account number Be sure to complete the statement heading Refer to the Art of Labels and Amount Descriptions for the exact wording of the answer choice for foxt entries. Refer to the Chart of Accounts for exact wording of accounties. For those boxes in which you must entor subtracted or negative numbers use a minsan Beacons Company Balance Sheet (Label Assets 7 Current assets: 1 4 Accounts receivable 3 Prepaid insurance Supplies 1 Total current assets Property, plant, and equipment: Land 10 Building 11 Accumulated depreciation building 12 Equipment 11 11 Accumulated depreciation building 12 Equipment 15 14 15 Total property, plant, and equipment Total current assets 16 17 Total assets 18 Liabilities 19. Current liabilities: 20 Accounts payable 21 Sataries and wages payable 22 Uneamed rent Total liabilities 23 24 Stockholders' Equity 25 Common Stock 26 Retained earnings 27 Total stockholders equity 21 Total liabilities and stockholders' equity 4 Based upon the end of period spreadsheet oumalze the closing entries Refer to the Chart of Accounts for exact wording of account titles NGE 11 JOURNAL ACCOUNTING EQUATION DATE POSE HER DEBE CREDIT ASSETS LATILITIES EQUITY DESCRIPTION Closing Entries 1 2 Dec 31 Fees Eamed 3 Rent Revenue Retained Earnings Dec.31 Retained Earnings 3 9 10 11 Utilities Expense Depreciation Expense Building Repairs Expense Depreciation Expense-Equipment Insurance Expense Supplies Expense Miscellaneous Expense Dec. 31 Retained Earings Dividends 12 1 14 13 Beacons Company POST-CLOSING TRIAL BALANCE December 31, 2045 ACCOUNT TITLE DEBIT CREDIT 1 Cash 10,000.00 2 Accounts Receivable 47,900.00 3. Prepaid Insurance 1,150.00 4 Supplies 620.00 5 Land 98,000.00 401,000.00 218,300.00 101,000.00 16 Building 7 Accumulated Depreciation Building 8 Equipment 9 Accumulated Depreciation Equipment 10 Accounts Payable 11 Salaries and Wages Payable 89,700.00 15,700.00 5,000.00 700.00 12 Uneamed Rent 13 Common Stock 85,000.00 14 Retained Earnings 245.270.00 15 Totals 659,670.00 659,670.00