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Beacons Company maintains and repairs warning lights, such as those found on radio towers and lighthouses....

Beacons Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Beacons Company prepared the following end-of-period spreadsheet at December 31, 20Y5, the end of the fiscal year:

Beacons Company
End-of-Period Spreadsheet
For the Year Ended December 31, 20Y5
Unadjusted Trial Balance Adjustments Adjusted Trial Balance
Account Title Dr. Cr. Dr. Cr. Dr. Cr.
Cash 10,400 10,400
Accounts Receivable 39,900 (a) 9,300 49,200
Prepaid Insurance 4,500 (b) 3,150 1,350
Supplies 2,780 (c) 2,180 600
Land 98,000 98,000
Building 412,000 412,000
Accumulated Depreciation-Building 205,300 (d) 13,000 218,300
Equipment 102,000 102,000
Accumulated Depreciation-Equipment 85,100 (e) 4,800 89,900
Accounts Payable 15,800 15,800
Salaries and Wages Payable (f) 4,000 4,000
Unearned Rent 2,000 (g) 1,100 900
Common Stock 90,000 90,000
Retained Earnings 126,430 126,430
Dividends 10,000 10,000
Fees Earned 363,100 (a) 9,300 372,400
Rent Revenue (g) 1,100 1,100
Salaries and Wages Expense 158,500 (f) 4,000 162,500
Advertising Expense 21,300 21,300
Utilities Expense 15,500 15,500
Depreciation Expense-Building (d) 13,000 13,000
Repairs Expense 8,850 8,850
Depreciation Expense-Equipment (e) 4,800 4,800
Insurance Expense (b) 3,150 3,150
Supplies Expense (c) 2,180 2,180
Miscellaneous Expense 4,000 4,000
887,730 887,730 37,530 37,530 918,830 918,830

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 items other than account names. You will not need to enter colons (:) on the income statement.
2. Prepare a statement of stockholders’ equity for the year ended December 31, 20Y5. During the year, common stock of $20,000 was issued. 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, 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. 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.

Beacons CompanyGeneral Ledger

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
EQUITY
31 Common Stock
32 Retained Earnings
33 Dividends
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
Labels
Current assets
Current liabilities
December 31, 20Y5
Expenses
For the Year Ended December 31, 20Y5
Property, plant, and equipment
Revenues
Amount Descriptions
Book value-building
Book value-equipment
Balances, December 31, 20Y5
Balances, January 1, 20Y5
Issued common stock
Dividends
Net income
Net loss
Total assets
Total current assets
Total expenses
Total liabilities
Total liabilities and stockholders’ equity
Total property, plant, and equipment
Total revenues
Total stockholders’ equity

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