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 Required: 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. 3. 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 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 Required: 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. 3. 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.

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter3: The Adjusting Process

Section: Chapter Questions

Problem 5PB: Reece Financial Services Co., which specializes in appliance repair services, is owned and operated...

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Question

	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 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.
3.	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.
4.	Based upon the end-of-period spreadsheet, journalize the closing entries. Refer to the Chart of Accounts for exact wording of account titles.
5.	Prepare a post-closing trial balance.

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