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Category > Management Posted 06 Apr 2018 My Price 9.00

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

 

Adjust

ments

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 06 Apr 2018 05:04 PM My Price 9.00

Hel-----------lo -----------Sir-----------/Ma-----------dam-----------Tha-----------nk -----------You----------- fo-----------r u-----------sin-----------g o-----------ur -----------web-----------sit-----------e a-----------nd -----------acq-----------uis-----------iti-----------on -----------of -----------my -----------pos-----------ted----------- so-----------lut-----------ion-----------.Pl-----------eas-----------e p-----------ing----------- me----------- on-----------cha-----------t I----------- am----------- on-----------lin-----------e o-----------r i-----------nbo-----------x m-----------e a----------- me-----------ssa-----------ge -----------I w-----------ill----------- be-----------

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