Question
Complete the following Problem(s):PR 4-1A.Please use the attached template that is provided to dothis problem. WRD 26e_PR4-1A.xlsx(217.933 KB) Lamp Light Company maintains and repairs warning
- Complete the following Problem(s):PR 4-1A.Please use the attached template that is provided to dothis problem. WRD 26e_PR4-1A.xlsx(217.933 KB)
Lamp Light Company maintains and repairs warning lights, such as those found on radio towers and lighthouse. Lamp Light Company prepared the following end of period spreadsheet at December 31, 2016, the end of the fiscal year.
Lamp Light Company
End-of-Period Spreadsheet
For the Year Ended December 31, 2016
Unadjusted Trial Balance
Adjustments
Adjusted Trial Balance
Account Title
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Cash
10,800.00
10,800.00
Accounts Receivable
38,900.00
(a) 11,300.00
50,200.00
Prepaid Insurance
4,200.00
(b) 3,000.00
1,200.00
Supplies
2,730.00
(c) 2,250.00
480
Land
98,000.00
98,000.00
Building
400,000.00
400,000.00
Accumulated Depreciation-Building
205,300.00
(d) 10,100.00
215,400.00
Equipment
101,000.00
101,000.00
Accumulated Depreciation-Equipment
85,100.00
(e) 6,680.00
91,780.00
Accounts Payable
15,700.00
15,700.00
Salaries and Wages Payable
(f) 4,900.00
4,900.00
Unearned Rent
2,100.00
(g) 1,300.00
800
Ted Hickman, Capital
203,100.00
203,100.00
Ted Hickman, Drawing
10,000.00
10,000.00
Fees Earned
363,700.00
(a) 11,300.00
375,000.00
Rent Revenue
(g) 1,300.00
1,300.00
Salaries and Wages Expense
163,100.00
(f) 4,900.00
168,000.00
Advertising Expense
21,700.00
21,700.00
Utilities Expense
11,400.00
11,400.00
Depreciation Expense-Building
(d) 10,100.00
10,100.00
Repairs Expense
8,850.00
8,850.00
Depreciation Expense-Equipment
(e) 6,680.00
6,680.00
Insurance Expense
(b) 3,000.00
3,000.00
Supplies Expense
(c) 2,250.00
2,250.00
Miscellaneous Expense
4,320.00
4,320.00
875,000.00
875,000.00
39,530.00
39,530.00
907,980.00
907,980.00
Required:
1.
Prepare an income statement for the year ended December 31, 2016. 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 owner's equity for the year ended December 31, 2016. No additional investments were made during the year. No additional investments were made during the year. If a net loss has been incurred or there has been a decrease in owner's equity, 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.
3.
Prepare a balance sheet as of December 31, 2016. Fixed assets must be entered in order according to account number. 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 (:) or the word "Less" on the balance sheet; they will automatically insert where necessary.
4.
Based upon the end-of-period spreadsheet, journalize the closing entries. Explanations should be omitted. If you are unsure of account titles, see the chart of accounts.
5.
Prepare a post-closing trial balance.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Payroll Accounting 2019
Authors: Jeanette Landin, Paulette Schirmer
5th edition
125991707X, 978-1259917073
