Lamp Light Company maintains and repairs warning lights, such asthose found on radio towers and lighthouses. Lamp Light Companyprepared the following end-of-period spreadsheet at December 31,2018, the end of the fiscal year:

	Lamp Light Company
	End-of-PeriodSpreadsheet
	For the Year EndedDecember 31, 2018
	Unadjusted TrialBalance		Adjustments		Adjusted TrialBalance
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			(c) 2,250.00	480.00
Land	98,000.00				98,000.00
Building	400,000.00				400,000.00
Accumulated Depreciation-Building		205,300.00		(d)10,100.00		215,400.00
Equipment	101,000.00				101,000.00
Accumulated Depreciation-Equipment		85,100.00		(e) 6,680.00		91,780.00
Accounts Payable		15,700.00				15,700.00
Salaries and Wages Payable				(f) 4,900.00		4,900.00
Unearned Rent		2,100.00	(g) 1,300.00			800.00
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)11,300.00		375,000.00
Rent Revenue				(g) 1,300.00		1,300.00
Salaries and Wages Expense	163,100.00		(f) 4,900.00		168,000.00
Advertising Expense	21,700.00				21,700.00
Utilities Expense	11,400.00				11,400.00
Depreciation Expense-Building			(d)10,100.00		10,100.00
Repairs Expense	8,850.00				8,850.00
Depreciation Expense-Equipment			(e) 6,680.00		6,680.00
Insurance Expense			(b) 3,000.00		3,000.00
Supplies Expense			(c) 2,250.00		2,250.00
Miscellaneous Expense	4,320.00				4,320.00
	875,000.00	875,000.00	39,530.00	39,530.00	907,980.00	907,980.00

Required:

1.	Prepare an income statement forthe year ended December 31, 2018. If a net loss has been incurred,enter that amount as a negative number using a minus sign. Be sureto complete the statement heading. Use the list of Labels andAmount Descriptions for the correct wording of text items otherthan account names. You will not need to enter colons (:) on theincome statement.
2.	Prepare a retained earningsstatement for the year ended December 31, 2018. If a net loss isincurred or dividends were paid, enter that amount as a negativenumber using a minus sign. Be sure to complete the statementheading. Refer to the list of Labels and Amount Descriptions forthe exact wording of the answer choices for text entries. Refer tothe Chart of Accounts for exact wording of accounttitles.
3.	Prepare a balance sheet as ofDecember 31, 2018. Fixed assets must be entered in order accordingto account number. Be sure to complete the statement heading. Referto the list of Labels and Amount Descriptions for the exact wordingof the answer choices for text entries. Refer to the Chart ofAccounts for exact wording of account titles. For those boxes inwhich you must enter subtracted or negative numbers use a minussign.
4.	Based upon the end-of-periodspreadsheet, journalize the closing entries. Refer to the Chart ofAccounts for exact wording of account titles.
5.	Prepare a post-closing trialbalance.

Chart of Accounts

CHARTOF ACCOUNTS
LampLight Company
General Ledger
ASSETS 11 Cash 12 Accounts Receivable 13 Prepaid Insurance 14 Supplies 15 Land 16 Building 17 AccumulatedDepreciation-Building 18 Equipment 19 AccumulatedDepreciation-Equipment LIABILITIES 21 Accounts Payable 22 Salaries and Wages Payable 23 Unearned Rent EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends 34 Income Summary	REVENUE 41 Fees Earned 42 Rent Revenue EXPENSES 51 Salaries and Wages Expense 52 Advertising Expense 53 Utilities Expense 54 Depreciation Expense-Building 55 Repairs Expense 56 Depreciation Expense-Equipment 57 Insurance Expense 58 Supplies Expense 59 Miscellaneous Expense

Labels and Amount Descriptions

Labels
Current assets
Current liabilities
December 31, 2018
Expenses
For the Year Ended December 31,2018
Property, plant, and equipment
Revenues
AmountDescriptions
Book value-building
Book value-equipment
Change in retained earnings
Net income
Net loss
Retained earnings, December 31,2018
Retained earnings, January 1,2018
Total assets
Total current assets
Total expenses
Total liabilities
Total liabilities and stockholders’equity
Total property, plant, andequipment
Total revenues
Total stockholders’ equity

Income Statement

1. Prepare an income statement for the year ended December 31,2018. If a net loss has been incurred, enter that amount as anegative number using a minus sign. Be sure to complete thestatement heading. Use the list of Labels and Amount Descriptionsfor the correct wording of text items other than account names. Youwill not need to enter colons (:) on the income statement.

Lamp Light Company

Income Statement

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Retained Earnings Statement

2. Prepare a retained earnings statement for the year endedDecember 31, 2018. If a net loss is incurred or dividends werepaid, enter that amount as a negative number using a minus sign. Besure to complete the statement heading. Refer to the list of Labelsand Amount Descriptions for the exact wording of the answer choicesfor text entries. Refer to the Chart of Accounts for exact wordingof account titles.

Lamp Light Company

Retained Earnings Statement

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Balance Sheet

3. Prepare a balance sheet as of December 31, 2018. Fixed assetsmust be entered in order according to account number. Be sure tocomplete the statement heading. Refer to the list of Labels andAmount Descriptions for the exact wording of the answer choices fortext entries. Refer to the Chart of Accounts for exact wording ofaccount titles. For those boxes in which you must enter subtractedor negative numbers use a minus sign.

Lamp Light Company

Balance Sheet

1	Assets
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18	Liabilities
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24	Stockholders’ Equity
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Journal

4. Based upon the end-of-period spreadsheet, journalize theclosing entries. Refer to the Chart of Accounts for exact wordingof account titles.

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JOURNAL

ACCOUNTING EQUATION

	DATE	DESCRIPTION	POST.REF.	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
1		Closing Entries
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Post-Closing Trial Balance

5. Prepare a post-closing trial balance.

Lamp Light Company

POST-CLOSING TRIAL BALANCE

December 31, 2018

	ACCOUNTTITLE	DEBIT	CREDIT
1	Cash
2	Accounts Receivable
3	Prepaid Insurance
4	Supplies
5	Land
6	Building
7	Accumulated Depreciation-Building
8	Equipment
9	Accumulated Depreciation-Equipment
10	Accounts Payable
11	Salaries and Wages Payable
12	Unearned Rent
13	Common Stock
14	Retained Earnings
15	Totals