eBook Show Me How Instructions 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, 2015, the end of the fiscal year: Beacons Company End-of-Period Spreadsheet For the Year Ended December 31, 20YS Unadjusted Trial Balance Adjustments Adjusted Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 10,200 10,200 Accounts Receivable 38,200 (a) 0,200 47,400 Prepaid Insurance 4,000 (b) 3,250 750 Supplies 2,700 (c) 2.180 580 Land 98,000 98,000 Building 406,000 406,000 Accumulated Depreciation-Building 205,300 (d) 12,000 217,300 Equipment 104,000 104,000 Accumulated Depreciation-Equipment 85,100 (e) 4,600 89,700 Accounts Payable 15,800 15,800 Salaries and Wages Payable (0) 5,000 5,000 eBook Show Me How Equipment 104,000 104,000 Accumulated Depreciation-Equipment Accounts Payable 85,100 (e) 4,600 89,700 15,800 15,800 Salaries and Wages Payable (f) 5,000 5,000 Uneamed Rent 2,500 (g) 1,700 800 Common Stock 85,000 85,000 Retained Earnings 124,530 124,530 Dividends 10,000 10,000 Fees Earned 363,600 (a) 9,200 372,800 Rent Revenue (g) 1,700 1,700 Salaries and Wages Expense 159,000 (f) 5,000 164,000 Advertising Expense 21,200 21,200 Utilities Expense 15,600 15,600 Depreciation Expense-Building (d) 12,000 12,000 Repairs Expense 8,850 8,850 Depreciation Expense-Equipment (e) 4,600 4,600 Insurance Expense (b) 3,250 3,250 Supplies Expense (c) 2,180 2,180 Miscellaneous Expense 4,020 4,020 881,830 881,830 37,930 37,930 912,630 912,630 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, 2015. 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 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 EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends < eBook Show Me How Labels and Amount Descriptions Labels Current assets Current liabilities December 31, 2015 Expenses For the Year Ended December 31, 20Y5 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 Total liabilities Total liabilities and stockholders' equity Total property, plant, and equipment Total revenues Check My Work 111111 eBook Labels Current assets Current liabilities Show Me How December 31, 20Y5 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 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 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 (3 on the income statement Revenues: 2 Fees earned Rent revenue Total revenues Beacons Company Income Statement For the months ended Dec31,2015 $572,800.00 1,700.00 Score: 128/132 $574,500.00 1 less expenses: Salaries and wages expense $164,000.00 1 Advertising expense 21,200.00 ' Utilities expense 15,600.00 Depreciation expense-building 12,000.00 11 Repairs expense 8,850.00 11 Depreciation expense-equipment 4,600.00 12 Insurance expense 3,250.00 15 Supplies expense 34 Miscellaneous expense 2,180.00 4,020.00 31.300.00 Check My Work All work saved. Save and Exit Previous) Submit Assignment for Gradin Statement of Stockholders' Equity Shaded cells have feedback. 2. Prepare a statement of stockholders' equity for the year ended December 31, 2015. 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. 5 less dividends Feedback Beacons Company Statement of Stockholders' Equity For the months ended Dec 31, 2015 Score: 40/80 Retained Common Stock Total Earnings $55,000.00 $124,530.00 $179,550.00 30,000.00 30,000.00 (10.000.00) (10,000.00) $85,000.00 $253,330.00 $358,330.00 Points 9/18 Check My Work 2. The statement of stockholders' equity shows the beginning balances of common stock and retained earnings. The common stock balance will be increased by any stock issued during the period, and retained earnings will be increased by any net income and decreased by any net losses and dividends. eBook Balance Sheet Show Me How Shaded cells have feedback. 3. Prepare a balance sheet as of December 31, 2015. 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 (Label) 3 Cash 10 17 Prepaid insurance Supplies Accounts receivable Total current assets (Label) Check My Work Assets Beacons Company Balance Sheet For the months ended Dec 31,2015 $10,200.00 750.00 580.00 Score: 142/198 47,400.00 $58,930.00 $98,000.00 $406,000.00 188,700.00 $104,000.00 Previous 8 (Label) Q 10 11 12 13 14 15 16 Book value-equipment 37 Total assets 15 19 Current liabilities: 20 Accounts payable Liabilities $406,000.00 $98,000.00 $104,000.00 188,700.00 14,300.00 301,000.00 $359,930.00 $15,800.00 21 saleries and wages payable 22 Unearned rent 5,000.00 800.00 23 Total liabilities $21,600.00 24 Stockholders' Equity 25 Common Stock $85,000.00 26 Retained earnings 253,330.00 27 total stockholders equality 28 Total liabilities and stockholders equality 338,330.00 $359,930.00 Check My Work 4. Based upon the end-of-period spreadsheet, journalize the closing entries. Refer to the Chart of Accounts for exact wording of account titles. How does grading work? JOURNAL DATE DESCRIPTION POST REE DEBIT 1 Closing Entries 2 Dec. 31 Fees Earned 3 Rent Revenue PAGE 11 Score: 139/171 ACCOUNTING EQUATION CREDIT ASSETS UABILITIES EQUITY 372,800.00 4 1,700.00 Retained Earnings 374,500.00 Dec:1 Retained Earnings 235,700.00 Salaries and Wages Expense 164,000.00 Advertising Expense 21,200.00 1 Utilities Expense 15,600.00 Depreciation Expense-Building 12,000.00 9 10 = 11 Repairs Expense Insurance Expense 8,850.00 4,600.00 12 Insurance Expense P 11 Miscellaneous Expense 14 Supplies Expense 15 Dec. 31 Dividends 3,250.00 t 2,180.00 1 4,020.00 T 10,000.00 10,000.00 Check My Work