Financial statements and closing entries
8. Net income $33,425
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:
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Instructions
1. Prepare an income statement for the year ended December 31, 20Y5.
2. Prepare a statement of Stockholders’ equity for the year ended December 31, 20Y5. During the year, common stock of $25,000 was issued.
3. Prepare a balance sheet as of December 31, 20Y5.
4. Based upon the end-of-period spreadsheet, journalize the closing entries.
5. Prepare a post-closing trial balance
Extracted text: DIE F | G Beacons Company End-of-Period Spreadsheet For the Year Ended December 31, 20YS Unadjusted Trial Balance Cr. 21 Adjusted Trial Balance Dr. Adjustments Account Title Dr. Dr. Cr. 10.800 48.000 1,050 8 Cash 9Accounts Receivable 10 Prepaid Insurance 11 Supples 12 Land 13 Bulding 14 Accum Depr-Buldng 15 Equipment 16 Accum Depr-Equipment 17 Accounts Payable 18 Salaries & Wages Payabie 19 Unearned Rent 20 Common Stock 21 Retained Eamings 22 Dividends 23 Fees Earned 24 Rent Revenue 25 Salaries & Wages Expense 26 Advertising Expense 27 Utes Expense 28 Depr. Exp-Bulding 29 Repairs Expense 30 Depr. Exp-Eqvipment 31 Insurance Expense 32 Supplies Expense 33Msc. Expense 34 35 10.800 38.900 4200 2,730 98,000 400,000 9.100 3,150 2,180 550 98.000 400,000 205 300 12.000 217 300 101,000 101,000 89.900 15.700 5,000 1,000 75,000 128,100 4,800 85 100 15,700 5,000 2.100 75.000 128,100 1,100 10.000 10,000 363 700 9,100 1,100 372,800 1,100 158, 100 21,700 16,400 163, 100 21,700 16,400 12.000 8.850 4800 3.150 2,180 4.320 37.330 4900 5,000 12.000 8,850 4.800 3.150 2.180 4320 825.000 375.000 37.330