Question
Labels : Current assets Current liabilities December 31, 2018 Expenses For the Year Ended December 31, 2018 Property, plant, and equipment Revenues Amount Descriptions: Book
| Labels: Current assets Current liabilities December 31, 2018 Expenses For the Year Ended December 31, 2018 Property, plant, and equipment Revenues Amount Descriptions: Book value-building Book value-equipment Change in retained earnings Net income Net loss Retained earnings, December 31, 2018 Retained earnings, January 1, 2018 Total assets Total current assets Total expenses Total liabilities Total liabilities and stockholders equity Total property, plant, and equipment Total revenues Total stockholders equity CHART OF ACCOUNTS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lamp Light Company | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General Ledger | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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 | (g) 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 | (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, 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. |
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