90.2K

Verified Solution

Link Copied!

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			(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

CHART OF ACCOUNTS
Lamp Light Company
General Ledger
ASSETS 11 Cash 12 Accounts Receivable 13 Prepaid Insurance 14 Supplies 15 Land 16 Building 17 Accumulated Depreciation-Building 18 Equipment 19 Accumulated Depreciation-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
Current assets
Current liabilities
December 31, 2018
Expenses
For the Year Ended December 31, 2018
Property, plant, and equipment
Revenues
Amount Descriptions
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, and equipment
Total revenues
Total stockholders equity

1. Prepare an income statement for the year ended December 31, 2018. 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 retained earnings statement for the year ended December 31, 2018. 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.

Prepare a balance sheet as of December 31, 2018. Fixed assets must be entered in order according to account number. 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. For those boxes in which you must enter subtracted or negative numbers use a minus sign.

Lamp Light Company Income Statement (Label) 1 (Label) 2 3 5 (Label) 6 7 8 9 10 11 12 13 14 15 16 Lamp Light Company Retained Earnings Statement (Label) 1 2 3 4 5 Lamp Light Company Balance Sheet (Label) 1 Assets 2 (Label) 3 4 5 6 7 8 (Label) 9 10 11 12 13 14 15 16 17 18 Liabilities 19 (Label) 20 21 22 23 24 Stockholders' Equity 25 26 27 28 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Closing Entries 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Lamp Light Company POST-CLOSING TRIAL BALANCE December 31, 2018 ACCOUNT TITLE DEBIT CREDIT 1 Cash 2 Accounts Receivable 3 Prepaid Insurance - Supplies 5 Land 6 Building 7 Accumulated Depreciation-Building 8 Equipment . Accumulated Depreciation Equipment 10 Accounts Payable 11 Salaries and Wages Payable 12 Unearned Rent 13 Common Stock 14 Retained Earnings 15 Totals

Answer & Explanation Solved by verified expert

See Answer