USA: +1 725-224-8795 
Sign in
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 Cr. Dr. Cr. 10,800.00 10,800.00
Expert Answer
Don't use plagiarized sources. Get Your Custom Essay on
Question & Answer: Instructions Lamp Light Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. L…..
GET AN ESSAY WRITTEN FOR YOU FROM AS LOW AS $13/PAGE
| 1 | Income statement | ||
| Fees earned | 375000 | ||
| Rent revenue | 1300 | ||
| Total revenue | 376300 | ||
| Expenses | |||
| Salaries and wages expense | 168000 | ||
| advertising expense | 21700 | ||
| utilities expense | 11400 | ||
| Depreciation expense- building | 10100 | ||
| Repairs expense | 8850 | ||
| Depreciation expense-equipment | 6680 | ||
| Insurance expense | 3000 | ||
| Supplies expense | 2250 | ||
| Miscellaneous expense | 4320 | ||
| Total expense | 236300 | ||
| Net income | 140000 | ||
| 2 | Retained earnings statement | ||
| Beginning retained earnings | 128100 | ||
| Add | Net income | 140000 | |
| 268100 | |||
| Less | Dividends | 10000 | |
| Ending retained earnings | 258100 | ||
| 3 | Balance sheet | ||
| Assets | |||
| Cash | 10800 | ||
| Accounts receivable | 50200 | ||
| Prepaid insurance | 1200 | ||
| Supplies | 480 | ||
| Total current assets | 62680 | ||
| Plant , property and equipment | |||
| Land | 98000 | ||
| Building | 400000 | ||
| accumulated depreciation -building | -215400 | ||
| Equipment | 101000 | ||
| accumulated depreciation -equipment | -91780 | ||
| Total plant property and equipment | 291820 | ||
| Total assets | 354500 | ||
| Liabilities and shareholders equity | |||
| Current liabilities | |||
| Accounts payable | 15700 | ||
| Salaries and wages payable | 4900 | ||
| Unearned rent | 800 | ||
| Total current liabilities | 21400 | ||
| Shareholders equity | |||
| Common stock | 75000 | ||
| Retained earnings | 258100 | ||
| Total shareholders equity | 333100 | ||
| Total liabilities and shareholders equity | 354500 | ||
| 4 | Closing entries | ||
| 1 | Rent revenue | 1300 | |
| Fees earned | 375000 | ||
| Income summary | 376300 | ||
| 2 | Income summary | 236300 | |
| Salaries and wages expense | 168000 | ||
| advertising expense | 21700 | ||
| utilities expense | 11400 | ||
| Depreciation expense- building | 10100 | ||
| Repairs expense | 8850 | ||
| Depreciation expense-equipment | 6680 | ||
| Insurance expense | 3000 | ||
| Supplies expense | 2250 | ||
| Miscellaneous expense | 4320 | ||
| 3 | Income summary | 140000 | |
| Retained earnings | 140000 | ||
| 4 | Retained earnings | 10000 | |
| Dividends | 10000 | ||
| 5 | Post closing trial balance | Debit | Credit |
| Cash | 10800 | ||
| Accounts receivable | 50200 | ||
| Prepaid insurance | 1200 | ||
| Supplies | 480 | ||
| Land | 98000 | ||
| Building | 400000 | ||
| accumulated depreciation -building | 215400 | ||
| Equipment | 101000 | ||
| accumulated depreciation -equipment | 91780 | ||
| Accounts payable | 15700 | ||
| Salaries and wages payable | 4900 | ||
| Unearned rent | 800 | ||
| Common stock | 75000 | ||
| Retained earnings | 258100 | ||
| Total | 661680 | 661680 |
