Instructions 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 spreadsheet at December 31, 2018, the end of the fiscal year: Lamp Light Company End-of-Period Spreadsheet For the Year Ended December 31, 2018 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) 2,250.00 480.00 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 (9) 1,300.00 800.00 Instructions Unearned Rent 2,100.00 (9) 1,300.00 800.00 Common Stock 75,000.00 75,000.00 Retained Earnings 128,100.00 128,100.00 Dividends 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 (1) 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, 2018. 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 Required: 1. Prepare an income statement for the year ended December 31, 2018. 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 retained earnings statement for the year ended December 31, 2018. 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, 2018. 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 Labels and Amount Descriptions x CHART OF ACCOUNTS Labels Lamp Light Company Current assets Current liabilities General Ledger December 31, 2018 ASSETS Expenses REVENUE 41 Fees Earned 11 Cash For the Year Ended December 31, 2018 12 Accounts Receivable 42 Rent Revenue Property, plant, and equipment 13 Prepaid Insurance Revenues 14 Supplies EXPENSES Amount Descriptions 15 Land 51 Salaries and Wages Expense Book value-building Book value-equipment 16 Building 52 Advertising Expense 17 Accumulated Depreciation-Building 53 Utilities Expense Change in retained earnings 18 Equipment Net income 54 Depreciation Expense-Building 55 Repairs Expense 19 Accumulated Depreciation-Equipment Net loss 56 Depreciation Expense-Equipment Retained earnings, December 31, 2018 Retained earnings, January 1, 2018 LIABILITIES 57 Insurance Expense 21 Accounts Payable 58 Supplies Expense Total assets 22 Salaries and Wages Payable 59 Miscellaneous Expense Total current assets 23 Unearned Rent Total expenses Total liabilities EQUITY Total liabilities and stockholders' equity 31 Common Stock Total property, plant, and equipment 32 Retained Earnings Total revenues 33 Dividends Total stockholders' equity 34 Income Summary Income Statement x Retained Earnings Statement 1. Prepare an income statement for the year ended December 31, 2018. 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 retained earnings statement for the year ended December 31, 2018. 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 Lamp Light Company Income Statement (Label) Lamp Light Company 1 (Label) Retained Earnings Statement 2 (Label) 3 1 4 2 5 Label) 3 6 4 7 5 8 9 10 11 12 13 14 15 Balance Sheet Journal 4. Based upon the end-of-period spreadsheet, journalize the closing entries. Refer to the Chart of Accounts for exact wording of account titles. 3. Prepare a balance sheet as of December 31, 2018. 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. PAGE 11 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY Lamp Light Company Closing Entries Balance Sheet 2 (Label) 3 1 Assets 2 (Label) 5 3 6 4 7 5 6 9 7 10 8 (Label) 11 9 12 10 13 11 14 12 15 13 16 14 Post-Closing Trial Balance 5. Prepare a post-closing trial balance. Lamp Light Company POST-CLOSING TRIAL BALANCE December 31, 2018 ACCOUNT TITLE DEBIT CREDIT 1 Cash 2 Accounts Receivable 3 Prepaid Insurance 4 Supplies 5 Land 6 Building 7 Accumulated Depreciation-Building 8 Equipment 9 Accumulated Depreciation-Equipment 10 Accounts Payable 11 Salaries and Wages Payable 12 Unearned Rent 13 Common Stock 14 Retained Earnings 15 Totals