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 Hems other than account names. You will not need to enter colons (i) on the income statement. 2. Propare a statement of stockholders' equily for the year ended December 31, 20 Y5. During the yoar, common stock or \$25,000 was issued. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. Bo sure to complete the statement heading. Relor to the list of Labeis and Amount Descriptions for the exact wording of the answer choices for text entries. Rofer to the Chart of Accounts for exact wording of account tites. 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. Aefer to the Chart of Accounts for exact wording of account tites. For those boxes in which you must enter subtracted or negative numbers use a minus sign. 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 2. Prepare a statement of stockholders' equily for the year ended December 37 , 20Y5. During the year, common stock of \$25,000 was issued. If a net loss is incurred or dividends wore pald, enter that amount as a negative number using a minus sign. Be sure to complete the starement handing. Refor to the Hst of Labols and Amount Descriptions for the exact wording of the answer chaices for fext entries. Feler to the Chart of Accounts for exact wording of account biles: \begin{tabular}{|c|c|c|c|c|c|c|} \hline Accounts Payable & & 15,700.00 & & & 17 & 15,700.00 \\ \hline Salaries and Wages Payable & & & & (f) 5,000.00 & & 5,000.00 \\ \hline Uneamed Rent & & 2,100.00 & (g) 1,100.00 & & & 1,000.00 \\ \hline Common Stock & & 75,000.00 & & & & 75,000.00 \\ \hline Retained Earnings & & 128,100.00 & & & & 128,100,00 \\ \hline Dividends & 10,000.00 & (1) & & & 10,000.00 & \\ \hline Fees Earned & & 363,700.00 & & (a) 9,100.00 & & 372,800.00 \\ \hline Rent Revenue & ? & & & (g) 1,100.00 & & 1,100.00 \\ \hline Salaries and Wages Expense & 158,100.00 & & (f) 5,000.00 & & 163,100.00 & \\ \hline Advertising Expense & 21,700.00 & & & & 21,700.00 & \\ \hline Utilities Expense & 16,400.00 & & & & 16,400.00 & \\ \hline Depreciation Expense-Building & & & (d) 12,000.00 & & 12,000.00 & \\ \hline Repairs Expense & 8,850.00 & & & & 8,850.00 & \\ \hline Depreciation Expense-Equipment & & & (e) 4,800.00 & & 4,800.00 & \\ \hline Insurance Expense & & & (b) 3,150.00 & & 3,150.00 & \\ \hline Supplies Expense & & & (c) 2,180.00 & & 2,180.00 & \\ \hline \end{tabular} Beacons Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Beacons Compary prepared the following end-of-period spreadsheet at December 31,20Y5, the end of the fiscal year: 1. Prepare ar income statement for the year ended Docember 31 , 20Y5. If a nef loss has been incured, enter that amount as a negative number using a minus sagn. Be sure fo complete the statement Beacons Company Balance Sheet (Label)
