Beacon Signals Company maintains and repairs warning lights, such as Beacon Signals Company prepared the following end-of period spreadsheet at December 31, 2019, the end of the fiscal year:Beacon Signals CompanyEnd-of-Period SpreadsheetFor the Year Ended December 31, 2019Unadjusted Trial Balance Adjustments Adjusted Trial BalanceAccount Title Dr. Cr. Dr. Cr. Dr. Cr.Cash 13,000.00 13,000.00Accounts Receivable 40,500.00 (a) 12,500.00 53,000.00Prepaid Insurance 4,200.00 (b) 3,000.00 1,200.00Supplies 3,000.00 (c) 2,250.00 750.00Land 98,000.00 98,000.00Building 500,000.00 500,000.00Accumulated Depreciation-Building 255,300.00 (d) 9,000.00 264,300.00Equipment 121,900.00 121,900.00Accumulated Depreciation-Equipment 100,100.00 (e) 4,500.00 104,600.00Accounts Payable 15,700.00 15,700.00Salaries and Wages Payable (f) 4,900.00 4,900.00Unearned Rent 2,100.00 (g) 1,300.00 800.00Sarah Colin, Capital 238,100.00 238,100.00Sarah Colin, Drawing 10,000.00 10,000.00Fees Earned 388,700.00 (a) 12,500.00 401,200.00Rent Revenue (g) 1,300.00 1,300.00Salaries and Wages Expense 163,100.00 (f) 4,900.00 168,000.00Advertising Expense 21,700.00 21,700.00Utilities Expense 11,400.00 11,400.00Depreciation Expense-Building (d) 9,000.00 9,000.00Repairs Expense 8,850.00 8,850.00Depreciation Expense-Equipment (e) 4,500.00 4,500.00Insurance Expense (b) 3,000.00 3,000.00Supplies Expense (c) 2,250.00 2,250.00Miscellaneous Expense 4,350.00 4,350.001,000,000.00 1,000,000.00 37,450.00 37,450.00 1,030,900.00 1,030,900.00Required:1. Prepare an income statement for the year ended December 31. 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 statement of owner’s equity for the year ended December 31. No additional investments were made during the year. For those boxes in which you must enter subtracted or negative numbers use 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.3. Prepare a balance sheet as of December 31. Fixed assets must be entered in order according to account number. 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 (:) or the word "Less" on the balance sheet; they will automatically insert where necessary.4. Based upon the end-of-period spreadsheet, journalize the closing entries. Explanations should be omitted. If you are unsure of account titles, see the chart of accounts.5. Prepare a post-closing trial balance.Hopefully this is all the information needed. I've uploaded this question 3 times and keep getting it rejected but this is the best I can do since I'm only able to upload one picture and it wont fit. Previously the person who rejected it said my question had ended at Depreciation Expense so here is the text from there on incase it happens again.Depreciation Expense-Building (d) 9,000.00 9,000.00Repairs Expense 8,850.00 8,850.00Depreciation Expense-Equipment (e) 4,500.00 4,500.00Insurance Expense (b) 3,000.00 3,000.00Supplies Expense (c) 2,250.00 2,250.00Miscellaneous Expense 4,350.00 4,350.001,000,000.00 1,000,000.00 37,450.00 37,450.00 1,030,900.00 1,030,900.00Required:1. Prepare an income statement for the year ended December 31. 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 statement of owner’s equity for the year ended December 31. No additional investments were made during the year. For those boxes in which you must enter subtracted or negative numbers use 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.3. Prepare a balance sheet as of December 31. Fixed assets must be entered in order according to account number. 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 (:) or the word "Less" on the balance sheet; they will automatically insert where necessary.4. Based upon the end-of-period spreadsheet, journalize the closing entries. Explanations should be omitted. If you are unsure of account titles, see the chart of accounts.5. Prepare a post-closing trial balance.

Question

Beacon Signals Company maintains and repairs warning lights, such as Beacon Signals Company prepared the following end-of period spreadsheet at December 31, 2019, the end of the fiscal year:
Beacon Signals Company
End-of-Period Spreadsheet
For the Year Ended December 31, 2019
Unadjusted Trial Balance Adjustments Adjusted Trial Balance
Account Title Dr. Cr. Dr. Cr. Dr. Cr.
Cash 13,000.00 13,000.00
Accounts Receivable 40,500.00 (a) 12,500.00 53,000.00
Prepaid Insurance 4,200.00 (b) 3,000.00 1,200.00
Supplies 3,000.00 (c) 2,250.00 750.00
Land 98,000.00 98,000.00
Building 500,000.00 500,000.00
Accumulated Depreciation-Building 255,300.00 (d) 9,000.00 264,300.00
Equipment 121,900.00 121,900.00
Accumulated Depreciation-Equipment 100,100.00 (e) 4,500.00 104,600.00
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
Sarah Colin, Capital 238,100.00 238,100.00
Sarah Colin, Drawing 10,000.00 10,000.00
Fees Earned 388,700.00 (a) 12,500.00 401,200.00
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) 9,000.00 9,000.00
Repairs Expense 8,850.00 8,850.00
Depreciation Expense-Equipment (e) 4,500.00 4,500.00
Insurance Expense (b) 3,000.00 3,000.00
Supplies Expense (c) 2,250.00 2,250.00
Miscellaneous Expense 4,350.00 4,350.00
1,000,000.00 1,000,000.00 37,450.00 37,450.00 1,030,900.00 1,030,900.00

Required:
1. Prepare an income statement for the year ended December 31. 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 statement of owner’s equity for the year ended December 31. No additional investments were made during the year. For those boxes in which you must enter subtracted or negative numbers use 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.
3. Prepare a balance sheet as of December 31. Fixed assets must be entered in order according to account number. 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 (:) or the word "Less" on the balance sheet; they will automatically insert where necessary.
4. Based upon the end-of-period spreadsheet, journalize the closing entries. Explanations should be omitted. If you are unsure of account titles, see the chart of accounts.
5. Prepare a post-closing trial balance.

Hopefully this is all the information needed. I've uploaded this question 3 times and keep getting it rejected but this is the best I can do since I'm only able to upload one picture and it wont fit. Previously the person who rejected it said my question had ended at Depreciation Expense so here is the text from there on incase it happens again.

Depreciation Expense-Building (d) 9,000.00 9,000.00
Repairs Expense 8,850.00 8,850.00
Depreciation Expense-Equipment (e) 4,500.00 4,500.00
Insurance Expense (b) 3,000.00 3,000.00
Supplies Expense (c) 2,250.00 2,250.00
Miscellaneous Expense 4,350.00 4,350.00
1,000,000.00 1,000,000.00 37,450.00 37,450.00 1,030,900.00 1,030,900.00
Required:
1. Prepare an income statement for the year ended December 31. 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 statement of owner’s equity for the year ended December 31. No additional investments were made during the year. For those boxes in which you must enter subtracted or negative numbers use 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.
3. Prepare a balance sheet as of December 31. Fixed assets must be entered in order according to account number. 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 (:) or the word "Less" on the balance sheet; they will automatically insert where necessary.
4. Based upon the end-of-period spreadsheet, journalize the closing entries. Explanations should be omitted. If you are unsure of account titles, see the chart of accounts.
5. Prepare a post-closing trial balance.

Expert Answer

Want to see the step-by-step answer?

Check out a sample Q&A here.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times may vary by subject and question complexity. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers.
Tagged in
Business
Accounting

Final Accounts

Related Accounting Q&A

Find answers to questions asked by students like you.

Q: MARKETING QUESTION: Video streaming service Netflix is expanding rapidly around the globe. It is cur...

A: Total number of television households= 18,822,90070% have access to high speed internet and 55 % of ...

Q: Sheridan Company has had 4 years of record earnings. Due to this success, the market price of its 45...

A: Stock dividends: Stock dividends are the number of shares issued by a company to the existing shareh...

Q: Confusingly, §1221 defines what is not a capital asset. True False

A: Capital Assets:All property that taxpayers own is capital asset, unless it falls into one of the fol...

Q: HH purchased new shelving for its store on April 1, 2018. The shelving is expected to have a 20-year...

A: 1. Earnings is sales/service revenue earned by the company during financial year whereas taxable inc...

Q: I need help solving this problem, thanks!

A: a) Compute the number of units in work in process inventory at March 31: 

Q: On January 1, 2018, the Mason Manufacturing Company began construction of a building to be used as i...

A: Capitalized Interest: Capitalized Interest refers to the interest charge on the acquisition of long ...

Q: Oakmont Company has an opportunity to manufacture and sell a new product for a four-year period. The...

A: Calculate the cash outlay.

Q: Winkle, Kotter, and Zale is a small law firm that contains 10 partners and 12 support persons. The f...

A: 1-aCalculate predetermined overhead rate for Research and Document Department: 

Q: Cost Estimation; High-Low Method; MAPE Horton Manufacturing Inc. produces blinds and other window tr...

A: High low methodThis method is used by companies to divide total cost into fixed cost part and variab...

Q: Which of the following statements is correct? When depreciable property is gifted to another indivi...

A: Depreciation recapture: Depreciation recapture is a method used by ISR (Internal Revenue Service) th...

Q: How I recorded the following transactions in general journal for BM, Inc. Include with a brief expla...

A: Transaction 1:Cash is a current asset, and it is increased. Therefore, debit cash account for $360,0...

Q: Swifty’s Accounting Museum is exploring the purchase of a new building with a useful life of 20 year...

A: Calculate the total savings per year:Given:Cost of the building is $1,369,200Savings from the termin...

Q: GPC, Inc has a $150,000 mortgage liability. The mortgage is payable in monthly instatement of $1,543...

A: Step 1:Given:Mortgage Liability = $ 150,000Monthly Instalment = $1,543Interest Rate           = 12% ...

Q: Regarding taxpayers having a tough time of volume of tax regulations. What does the concept "substan...

A: Substance over form: It is an accounting concept, which means that the business must record those tr...

Q: Work-in-Process Inventory, June 1 ? Work-in-Process Inventory, June 30 55,000 gallons Un...

A: Beginning Work-in-process inventory: Beginning Work-in-process inventory represents partially finish...

Q: I need help solving this problem. The entire question did not fit in the screen grab I took so I cop...

A: a)  Prepare a cost of production report: 

Q: The partnership of Avery and Kirk was formed on July 1, when George Avery and Dinah Kirk agreed to i...

A: Partnership: Partnership refers to the business run by two or more individuals based on some agreed ...

Q: WHAT IS THE EQUITY INVESTMENT?

A: Equity: Equity refers to that part of the company’s capital which is raised by issuing equity shares...

Q: Southwest Corporation issued bonds with the following details:     Face value: $700,000 Inter...

A: Face value of the bond= $700,000Bonds were issued at $103 (103% of par)The Cash received on bond iss...

Q: Suppose the following information was taken from the 2017 financial statements of FedEx Corporation,...

A: The given question can be answered in the following manner :

Q: Ted earned $150,000 during the current year. He paid Alice, his former wife, $75,000 in alimony. The...

A: Alimony:Alimony is a fixed amount of money wherein, the court orders a person to make payment for hi...

Q: Brief Exercise 13-1Blue Corporation uses a periodic inventory system and the gross method of account...

A: (a) (1) Prepare the journal entry to record the purchase of inventory:

Q: Hello, how do I solve this problem? I attached the bottom part of the question and what it's asking ...

A: (a) Determine the ratio of fixed assets to long term liabilities:

Q: Brief Exercise 8-10 (Part Level Submission) During its first year of operations, Sandhill Co. had c...

A: When using the percentage of receivables allowance method, the credit balance in allowance for doubt...

Q: Cost of Goods Sold and the Periodic System Hermani Company uses the periodic inventory system. Herma...

A: A periodic inventory system is a system used to determine the inventory at the end of specific perio...

Q: There can be three subgroups within the long-term capital gain or loss group – 0%/15%/20%, 25%, and ...

A: Generally,  capital gains are taxed at a rate of 15%. However a 0 % rate can also be applied when th...

Q: Effects of a stock split Assume that you own 3,600 shares of $10 par value common stock and the comp...

A: Calculate the number of common stock after stock split.

Q: Northwood Company manufactures basketballs. The company has a ball that sells for $35. At present, t...

A: 1.a. Compute the last year's CM ratio. 

Q: The abnormal spoilage is 300 units and the cost per equivalent unit is $2 for direct materials and $...

A: Abnormal spoilage needs to be reported seperately in the financial statements whereas normal spoilag...

Q: What is the difference between the direct method and the indirect method of presenting the cash flow...

A: Statement of cash flows: Statement of cash flow is a financial statement that shows the cash and cas...

Q: D.J. Fletcher, a trusted employee of Bluestem Products, found himself in personal financial difficul...

A: a.The fraudulent activities by D. J. Fletcher would neither make the general ledger out of balance n...

Q: The Shirt Works sells a large variety of tee shirts and sweatshirts. Steve Hooper, the owner, is thi...

A: Click to see the answer

Q: Suppose your company sells services of $270 in exchange for $155 cash and $115 on account.  Required...

A: Operating activities: Operating activities include cash inflows and outflows from business operation...

Q: I'm having trouble finding the value for the inventory balance as of january 31st for the cost of fi...

A: Finished goods inventory are completely ready for sale after completing the manufacturing process.

Q: Clem and Chloe, a married couple, sell their principal residence that they have owned and occupied f...

A: Disposal of Assets: Disposal is an activity of selling the worn-out assets that is no longer in need...

Q: In terms of the tax formula applicable to individual taxpayers, which, if any, of the following stat...

A: Deductions for AGI means above the line deduction which a taxpayer can deduct from his gross income ...

Q: MARKETING: ​Kroger, the​ country's leading​ grocery-only chain, added a line of private label organi...

A: Break even point in units means the sale of units where there is no profit or loss or the point wher...

Q: If I were to have accounts receivable in the millions and were $ 74 million at the beginning of year...

A: Accounts receivable turnover: This is the ratio which analyzes the number of times accounts receivab...

Q: Process Costing in Sugar Manufacturing The food-processing industry, like most process industries, i...

A: Note: Since we are entitled to answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit t...

Q: Suppose your company sells goods for $450, of which $275 is received in cash and $175 is on account....

A: Journal entry: The record of business transactions in a chronological order in the journal using deb...

Q: I'm having trouble finding the missing values for the on company and off company sections, letters a...

A: Click to see the answer

Q: Andretti Company has a single product called a Dak. The company normally produces and sells 85,000 D...

A: Incremental cost: Incremental cost refers to the cost incurred in producing an additional unit, in o...

Q: Crane Company’s direct materials budget shows total cost of direct materials purchases for April $30...

A: Cash budget meaningA cash budget is an estimation of the cash inflows and surges for a business over...

Q: Why  Question#7's answer is "false"?  Provide your own answer?

A: ASC606 is the new guideline set up by IASB and FASB together to overcome the disparity in revenue re...

Q: Handy Harvey is a leading global manufacturer and marketer of power tools, hardware, and home improv...

A: On dividend declaration date, the dividend payable liabilities arises and since dividend are declare...

Q: At the end of the year, overhead applied was $42,000,000. Actual overhead was $40,300,000. Closing o...

A: Underapplied overhead:When there is a debit balance in the manufacturing overhead account during the...

Q: I need help with the two I got wrong which are highlighted in red.

A: Vertical analysis is generally done to express the relative sizes of the different accounts reported...

Q: Problem 25-3A Computation of cash flows and net present values with alternative depreciation methods...

A: Compute the net income after tax: 

Q: With the following questions, why is 'n' value backwards? #1: Wiseman Video plans to make four annua...

A: Annual Deposit: Annual deposit refers to the amount deposited annually in a fund or for a specific p...

Q: Ruiz Co. provides the following sales forecast for the next four months:    April   May   June   ...

A: Production budget: Production budget is the estimation or projection of number of units the company ...