Question

ompleting the Accounting Cycle Series A OBJ. 1,2,3 PR 4-1A Financial statements and closing entries Lamp Light Company maintains and repairs warning lights, such as those found radio towers and lighthouses. Lamp Light Company prepared the following end-of-period spreadsheet at December 31, 2016, the end of the fiscal year: Lamp Light Company End-of-Period Spreadsheet For the Year Ended December 31, 2016 Unadjusted Adjusted Tral Balance Adjustments Trial Balance 6 Account Title Cr. Dr. Dr. 8 Cash - 9 Accounts Receivable 10 Prepaid Insurance 11 Supplies 12 Land 13 Building 14 Accum. Depr-Building 15 Equipment 16 Accum. Depr.-Equipment 17 Accounts Payahle 10,800 38,900 4,200 2,730 98,000 400,000 10,800 50,200 (b) 3,000 1,200 (c) 2,250 480 98,000 400,000 (a) 11,300 205,300 215,400 101,000 180 101,000 (d)10,100 85,100

Answer 1

1			Income statement
					$	$
	Revenues:
	Fees earned					375000
	Rent revenue					1300
	Total revenues					376300
	Less: Expenses
	Salaries and wages expense				168000
	Advertising expense				21700
	Utilities expense				11400
	Depr.Exp.-Building				10100
	Repairs expense				8850
	Depr.Exp.-Equipment				6680
	Insurance expense				3000
	Supplies expense				2250
	Misc. Expense				4320	236300
	Net income					140000
2		Statement of owner's equity
					$	$
	Ted hickman,capital					203100
	Add: Net income					140000
						343100
	Less:Ted hickman,drawing					10000
	Owner's equity					333100
3	Assets				$	Liabilities and stockholder's equity				$
	Current assets:					Current liabilities:
	Cash				10800	Accounts payable				15700
	Accounts receivable				50200	Salaries and wages payable				4900
	Prepaid insurance				1200	Unearned rent				800
	Supplies				480	Total current liabilities			(A)	21400
	Total current assets			(A)	62680
						Owner's equity:
	Property,Plant and Equipment:					Ted hickman,capital		(203100+140000)		343100
	Land				98000	Ted hickman,drawing				-10000
	Building (Net of acc.depreciation)
	(400000-215400)				184600
	Equipment (Net of acc.depreciation)
	(101000-91780)				9220	Total stockholder's equity			(B)	333100
	Total property,Plant and Equipment (B)				291820
	Total assets			(A)+(B)	354500	Total liabilities and stockholder's equity (A)+(B)				354500