Question
I need help with this, I need it by 10:00PM CST tonight if possible. Financial statements and closing entries Lamp Light Company maintains and repairs
I need help with this, I need it by 10:00PM CST tonight if possible.
Financial statements and closing entries
Lamp Light Company maintains and repairs warning lights, such as those found on radio towers and lighthouses.
Lamp Light Company prepared the following end-of-period
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 |
Spreadsheet at December 31, 2016, the end of the fiscal year:
Instructions
1. Prepare an income statement for the year ended December 31. 2. Prepare a retained earnings statement for the year ended December 31. 3. Prepare a balance sheet as of December 31. 4. Based upon the end-of-period spreadsheet, journalize the closing entries. 5. Prepare a post-closing trial balance.
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