Question

rolumns Total assets: 459,460 PR 4-1A Financial statements and closing entries OBJ. 1.2.3 Outreach Signals Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Outreach Signals Company prepared the following end-of- period spreadsheet at December 31, 20Y1, the end of the fiscal year SHOW ME HOW complete the het A 8 С D E F G Outreach Signals Company 2 End-of-Period Spreadsheet 3 For the Year Ended December 31, 2011 4 Unadjusted Adjusted 5 Trial Balance Adjustments Trial Balance 6 Account Title Dr. Cr. Dr. Cr. Dr. Cr. 7 8 Cash 20,500 20,500 9 Accounts Receivable 63.800 (a) 19,700 83,500 10 Prepaid Insurance 6,600 (b) 4,700 1,900 11 Supplies 4,700 (c) 3,540 1,160 12 Land 154 300 154,300 13 Building 787.000 787 000 14 Accum. Depr --Building 402.000 (0)14,200 15 Equipment 416,200 192,000 192.000 16 Accum. Dup-Equipment 157600 17 Accounts Payable (0) 7.100 164,700 24,700 18 Salaries and Wages Payatie 24,700 19 Uneamed Rent (0) 7.700 7,700 3,300 (g) 2000 1,300 20 Inez Villanueva Capital 375,000 21 Inez Vilanova Drawing 375,000 16,000 22 Fees Earned 16,000 612.000 23 Rent Revenue (a) 19,700 631,700 24 Salaries and Wages Expense (9) 2,000 2,000 256 820 7.700 264,520 25 Advertising Expense 34,200 26 Ultes Expense 34,200 17.900 27 Dept. Exp-Building 17,900 14200 14,200 28 Repairs Expense 13,930 29 Depi Exp-Equipment 13,930 (0) 7,100 30 Insurance Expense 7.100 31 Supplies Expense b) 4,700 4,700 32 Misc. Expense () 3,540 3,540 6,850 33 6,850 1,574.600 1574600 56.940 58.940 1623300 11623300 34 (Continued

Answer 1

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Income statement for the year ended 31st December 20Y1 Particulars Amount $ Amounts Revenue:- Fee Earned 6,31,700 Rent Revenue 2,000 Total 6,33,700 Less: Expense Salaries and Wages Expense 2,64,520 Advertising Expense 34,200 Utilities Expense 17,900 Depreciation Expense: 1.Building 14,200 2.Equipment 7,100 Repairs Expense 13,930 Insurance Expense 4,700

3,66,940 2,66,760 Supplies 3,540 Miscellaneous expense 6,850 Total expense Net income Statement of Owner's Equity as at 31st december 20Y1 Particulars Capital Beginning balance 3,75,000 Add:- Net income 2,66,760 6,41,760 Less:- Withdrawals (16,000) Closing balance 6,25,760

Amount Outreach signals company. Classified balancesheet as at 31st december 20Y1:- Assets Amount Liabilities Current Assets: Current Liabilities: cash 20,500 Accounts payable Accounts Receivable 83,500 Salaries and wages payable Prepaid Insurance 1,900 Unearned Rent Supplies 1,160 Total current Assets 1,07,060 Total Current liabilities 24,700 7,700 1,300 33,700 Owner's Equity Non Current Assets: Property, plant and Equipment:- Land Inez Villanueva capital 6,25,760 1,54,300

7,87,000 (4,16,200) 1,92,000 Building Less; Accumulated Depreciation Equipment Less: Accumulated Depreciation Total Property, plant and Equipment Total Assets (1,64,700) 5,52,400 6,59,460 Total 6,59,460

Debit $ Credit $ 6,31,700 Closing Journal Enteries:- Date Particulars 31-dec- Fee Earned 20Y1 Rent Revenue To Income Summary (closure of Revenue A/C) 2,000 6,33,700 31-dec- 20Y1 Income Summary 3,66,940 To salaries and Wages 2,64,520

34,200 17,900 To Advertising Expense To Utilities Expense To Depreciation Expense Building Equipment To Repairs Expense To insurance Expense 14,200 7,100 13,930 4,700

6,850 To Miscellaneous expense (closure of Expense A/C) 31-dec- 2011 Income Summary 2,66,760 2,66,760 To inez villaneva capital (closur of net income of capital) 31-dec- 20Y1 Inez villaneva capital 16,000

16,000 To Inez villaneva drawings (Closure of drawings of capital) Post closing trial balance as at 31st december 20Y1:- Accounts Title Debit $ Credit $ cash 20,500 Account Receivable 83,500 Prepaid Insurance 1,900 Supplies 1,160 Land 1,54,300 Building 7,87,000 building Depreciation 4,16,200 Equipment 1,92,000

Equipment Depreciation Accounts payable salaries and wages payable Uneatned Rent Inez villaneva capital Total 1,64,700 24,700 7,700 1,300 6,25,760 12,40,360 12,40,360