Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial And Managerial Accounting

Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac

14th Edition

1337119202, 978-1337119207

More Books

Students also viewed these Accounting questions

Question

=+c) State the null and alternative hypotheses.

Answered: 1 week ago

Question

2. How do I perform this role?

Answered: 1 week ago