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 | 10,800.00 | 10,800.00 | ||||
Accounts Receivable | 38,900.00 | (a) 9,100.00 | 48,000.00 | |||
Prepaid Insurance | 4,200.00 | (b) 3,150.00 | 1,050.00 | |||
Supplies | 2,730.00 | (c) 2,180.00 | 550.00 | |||
Land | 98,000.00 | 98,000.00 | ||||
Building | 400,000.00 | 400,000.00 | ||||
Accumulated Depreciation-Building | 205,300.00 | (d) 12,000.00 | 217,300.00 | |||
Equipment | 101,000.00 | 101,000.00 | ||||
Accumulated Depreciation-Equipment | 85,100.00 | (e) 4,800.00 | 89,900.00 | |||
Accounts Payable | 15,700.00 | 15,700.00 | ||||
Salaries and Wages Payable | (f) 5,000.00 | 5,000.00 | ||||
Unearned Rent | 2,100.00 | (g) 1,100.00 | 1,000.00 | |||
Common Stock | 75,000.00 | 75,000.00 | ||||
Retained Earnings | 128,100.00 | 128,100.00 | ||||
Dividends | 10,000.00 | 10,000.00 | ||||
Fees Earned | 363,700.00 | (a) 9,100.00 | 372,800.00 | |||
Rent Revenue | (g) 1,100.00 | 1,100.00 | ||||
Salaries and Wages Expense | 158,100.00 | (f) 5,000.00 | 163,100.00 | |||
Advertising Expense | 21,700.00 | 21,700.00 | ||||
Utilities Expense | 16,400.00 | 16,400.00 | ||||
Depreciation Expense-Building | (d) 12,000.00 | 12,000.00 | ||||
Repairs Expense | 8,850.00 | 8,850.00 | ||||
Depreciation Expense-Equipment | (e) 4,800.00 | 4,800.00 | ||||
Insurance Expense | (b) 3,150.00 | 3,150.00 | ||||
Supplies Expense | (c) 2,180.00 | 2,180.00 | ||||
Miscellaneous Expense | 4,320.00 | 4,320.00 | ||||
875,000.00 | 875,000.00 | 37,330.00 | 37,330.00 | 905,900.00 | 905,900.00 |
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 $25,000 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. NEED HELP ON NUMBER 2 I HAVE ATTACHED A PICTURE OF HOW FAR I GOT |
Solution:
Part 2.)
Beacons Company
Statement of Changes in Stockholders'Equity
Year Ended December 31, 20Y5
Common stock | Retained Earnings | Total | |
Beginning balance | $50,000 | $128,100 | $178,100 |
Issued common stock | $25,000 | $25,000 | |
Add: net income | $137,400 | $137,400 | |
Less: Dividends | ($10,000) | ($10,000) | |
Ending balance | $75,000 | $255,500 | $300,500 |
* Common stock beginning balance = Ending balance - issue during the year
= $75,000 - $25,000
= $50,000
Retained earnings balance of $128,000 in the trial balance. This is a beginning balance because there is not any change in retained earnings during the year.
Dividends are to be reduced from the retained earnings accounts.
Note: If you have any query regarding this part and need 1 part, please comment.
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 10,800.00 10,800.00 Accounts Receivable 38,900.00 (a) 9,100.00 48,000.00 Prepaid Insurance 4,200.00 (b) 3,150.00 1,050.00 Supplies 2,730.00 (c) 2,180.00 550.00 Land...
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 10,800.00 10,800.00 Accounts Receivable 38,900.00 (a) 9,100.00 48,000.00 Prepaid Insurance 4,200.00 (b) 3,150.00 1,050.00 Supplies 2,730.00 (c) 2,180.00 550.00 Land...
Beacons Company prepared the following end-of-period spreadsheet at December 31, 20Y5, the end of the fiscal year: For the Year Ended December 31, 20Y5 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 10,800.00 10,800.00 Accounts Receivable 38,900.00 (a) 9,100.00 48,000.00 Prepaid Insurance 4,200.00 (b) 3,150.00 1,050.00 Supplies 2,730.00 (c) 2,180.00 550.00 Land 98,000.00 98,000.00 Building 400,000.00 400,000.00 Accumulated Depreciation-Building 205,300.00 (d) 12,000.00 217,300.00 Equipment 101,000.00 101,000.00 Accumulated Depreciation-Equipment 85,100.00 (e) 4,800.00 89,900.00...
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Instructions 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 spreadsheet at December 31, 2018, the end of the fiscal year: Lamp Light Company End-of-Period Spreadsheet For the Year Ended December 31, 2018 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 10,800.00 10,800.00 Accounts Receivable 38,900.00 (a) 11,300.00 50,200.00 Prepaid Insurance 4,200.00 (b) 3,000.00 1,200.00 Supplies 2.730.00...
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...
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