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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 Cr. Dr. Cr. 10,800.00 10,800.00
Expert Answer
| 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 |
