Lamp Light Company maintains and repairs warning lights, such as those found on radio towers and...

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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-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
Required:
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.
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.
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.
4. Based upon the end-of-period spreadsheet, journalize theclosing entries. Refer to the Chart of Accounts for exact wordingof account titles.
5. Prepare a post-closing trial balance.

Answer & Explanation Solved by verified expert

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1 Lamp Light Company Income Statement For the year ended December 312018 Accounts Title Amount Amount Revenue Fees Earned 375000 Rent Revenue 1300 Total Revenue 376300 Less Expenses Salaries and Wages Expenses 168000 Advertising Expenses 21700 Utilities Expenses 11400 Depreciation Expenses Building 10100 Repairs Expenses 8850 Depreciation Expenses Equipment 6680 Insurance Expenses 3000 Supplies Expenses 2250 Miscellaneous Expenses 4320 Total Expenses 236300 Net Income 140000 2 Lamp Light Company See Answer

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	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

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.
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.
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.
4.	Based upon the end-of-period spreadsheet, journalize theclosing entries. Refer to the Chart of Accounts for exact wordingof account titles.
5.	Prepare a post-closing trial balance.