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Category > Accounting Posted 19 Aug 2017 My Price 14.00

Lamp Light Company

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

	A	B	C	D	E	F	G
1				Lamp	Light Company
2			End-of-Period Spreadsheet
3			For	the Year Ended December 31, 2016
4		Unadj Trial B	usted alance			Adju Trial B	sted alance
5		Unadj Trial B	usted alance	Adjust	ments	Adju Trial B	sted alance
6	Account Title	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.
7
8	Cash	10,800				10,800
9	Accounts Receivable	38,900				50,200
10	Prepaid Insurance	4,200		(a) 11,300	(b) 3,000	1,200
11	Supplies	2,730			(c) 2,250	480
12	Land	98,000				98,000
13	Building	400,000				400,000
14	Accum. Depr.—Building		205,300		(d)10,100		215,400
15	Equipment	101,000				101,000
16	Accum. Depr.—Equipment		85,100		(e) 6,680		91,780
17	Accounts Payable		15,700				15,700
18	Salaries & Wages Payable				(f) 4,900		4,900
19	Unearned Rent		2,100	(g) 1,300			800
20	Common Stock		75,000				75,000
21	Retained Earnings		128,100				128,100
22	Dividends	10,000				10,000
23	Fees Earned		363,700		(a)11,300		375,000
24	Rent Revenue				(g) 1,300		1,300
25	Salaries & Wages Expense	163,100		(f) 4,900		168,000
26	Advertising Expense	21,700				21,700
27	Utilities Expense	11,400				11,400
28	Depr. Exp.—Building			(d) 10,100		10,100
29	Repairs Expense	8,850				8,850
30	Depr. Exp.—Equipment			(e) 6,680		6,680
31	Insurance Expense			(b) 3,000		3,000
32	Supplies Expense			(c) 2,250		2,250
33	Misc. Expense	4,320				4,320
34		875,000	875,000	39,530	39,530	907,980	907,980

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.

Answers

Maurice Tutor

(5)

Status NEW Posted 19 Aug 2017 08:08 PM My Price 14.00

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