Prepare an income statement for the year ended December 31, 20Y5 PR 4-1A Financial statements and closing entriesObj. 1, 2, 3Beacons Company maintains and repairs warning lights, such as those found on radio towers andlighthouses. Beacons Company prepared the following end-of-period spreadsheet at December 31,20Y5, the end of the fiscal year:A12346 Account Title8 Cash9 Accounts Receivable10 Prepaid Insurance11 Supplies12 Land13 Building14 Accum. Dept-Building15 Equipment16 Accum. Dept-Equipment17 Accounts PayableB CBeacons CompanyEnd-of-Period SpreadsheetFor the Year Ended December 31, 2015UnadjustedAdjustmentsDr.18 Salaries & Wages Payable19 Uneamed Rent20 Common Stock21 Retained Earnings22 Dividends23 Fees Eamed24 Rent Revenue25 Salaries & Wages Expense25 Advertising Expense27 Utilities Expense28 Depr. Exp-Building29 Repairs Expense30 Depr. Exp-Equipment31 Insurance Expense32 Supplies Expense33 Misc. Expense3435Trial BalanceDr.Cr.10,80038.9004.2002.73098.000400.000101,00010,000158,10021,70016,4008.850205.30085,10015,700D E F G2,10075.000128,100363.7009,1001,1005.00012.0004.8003,1502180Cr.3,1502,18012,0004,8005,0009,1001,100AdjustedTrial BalanceDr.Cr.10,80048,0001,05055098,000400,000101,00010,000163,10021,70016,40012,0008,850217,30089,90015,7005,0001,00075,000128,100372,8001,1004,8003,1502,1804.3204,320875.000 875.000 37.330 37.330 905,900 905.900Instructions1. Prepare an income statement for the year ended December 31, 2015.2. Prepare a statement of stockholders' equity for the year ended December 31, 20Y5. During theyear, common stock of $25,000 was issued.3. Prepare a balance sheet as of December 31, 2015.4. Based upon the end-of-period spreadsheet, journalize the closing entries.5. Prepare a post-closing trial balance.

Name: Prepare an income statement for the year ended December 31, 20Y5 PR 4-
Uploaded: 2024-03-05T11:47:04.000Z
Channel: Bartleby
Description: Prepare an income statement for the year ended December 31, 20Y5 PR 4-1A Financial statements and closing entriesObj. 1, 2, 3Beacons Company maintains and repairs warning lights, such as those found on radio towers andlighthouses. Beacons Company pre

An income statement is a financial report that indicates the revenue and expenses of a business. It…

Answered: Prepare an income statement for the…

Business

Accounting

Prepare an income statement for the year ended December 31, 20Y5

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

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

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

Chapter4: Completing The Accounting Cycle

Section: Chapter Questions

Problem 4.1APR: Financial statements and closing entries Lamp Light Company maintains and repairs warning lights,...

See similar textbooks

Similar questions

Ledger accounts, adjusting entries, financial statements, and closing entries; optional end-of-period spreadsheet The unadjusted trial balance of Recessive Interiors at January 31, 2016, the end of the year, follows: The data needed to determine year-end adjustments are as follows: a. Supplies on hand at January 31 are 2,850. b. Insurance premiums expired during the year are 3,150. c. Depreciation of equipment during the year is 5,250. d. Depreciation of trucks during the year is 4,000. e. Wages accrued but not paid at January 31 are 900. Instructions 1. For each account listed in the unadjusted trial balance, enter the balance in the appropriate Balance column of a four-column account and place a check mark () in the Posting Reference column. 2. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. Add the accounts listed in part (3) as needed. 3. Journalize and post the adjusting entries, inserting balances in the accounts affected. Record the adjusting entries on Page 26 of the journal. The following additional accounts from Recessive Interiors chart of accounts should be used: Wages Payable, 22; Depreciation ExpenseEquipment, 54; Supplies Expense, 55; Depreciation ExpenseTrucks, 56; Insurance Expense, 57. 4. Prepare an adjusted trial balance. 5. Prepare an income statement, a statement of owners equity (no additional investments were made during the year), and a balance sheet. 6. Journalize and post the closing entries. Record the closing entries on Page 27 of the journal. (Income Summary is account #33 in the chart of accounts.) Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. 7. Prepare a post-closing trial balance.
Ledger accounts, adjusting entries, financial statements, and closing entries; optional end-of-period spreadsheet The unadjusted trial balance of Recessive Interiors at January 31, 2018, the end of the year, follows: Recessive Interiors Unadjusted Trial Balance January 31, 2018 Account No. Debit Balances Credit Balances Cash..................................................... 11 13,100 Supplies................................................. 13 8,000 Prepaid Insurance......................................... 14 7,500 Equipment............................................... 16 113,000 Accumulated DepreciationEquipment.................... 17 12,000 Trucks.................................................... 18 90,000 Accumulated DepreciationTrucks........................ 19 27,100 Accounts Payable......................................... 21 4,500 Common Stock........................................... 31 30,000 Retained Earnings........................................ 32 96,400 Dividends................................................ 33 3,000 Service Revenue.......................................... 41 155,000 Wages Expense........................................... 51 72,000 Rent Expense............................................. 52 7,600 Truck Expense............................................ 53 5,350 Miscellaneous Expense.................................... 59 5,450 325,000 325,000 The data needed to determine year-end adjustments are as follows: (A) Supplies on hand at January 31 are 2,850. (B) Insurance premiums expired during the year are 3,1 SO. (C) Depreciation of equipment during the year is 5,250. (D) Depreciation of trucks during the year is 4,000. (E) Wages accrued but not paid at January 31 are 900. Instructions 1. For each account listed in the unadjusted trial balance, enter the balance in the appropriate Ba lance column of a four-column account and place a check mark () in the Posting Reference column. 2. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. Add the accounts listed in part (3) as needed. 3. Journalize and post the adjusting entries, inserting balances in the accounts affected. Record the adjusting entries on Page 26 of the journal. The following additional accounts from Recessive Interiors chart of accounts should be used: Wages Payable, 22; Depreciation ExpenseEquipment, 54; Supplies Expense, 55; Depreciation ExpenseTrucks, 56; Insurance Expense, 57. 4. Prepare an adjusted trial balance. 5. Prepare an income statement, a retained earnings statement, and a balance sheet. 6. Journalize and post the closing entries. Record the closing entries on Page 27 of the journal. (Income Summary is account #34 in the chart of accounts.) Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. 7. Prepare a post-closing trial balance.
Financial statements and closing entries Foxy Investigative Services is an investigative services firm that is owned and operated by Shirley Vickers. On November 30, 2018, the end of the fiscal year, the accountant for Foxy Investigative Services pre pared an end-of-period spreadsheet, a part of which follows: A F G 1 Foxy Investigative Services 2 End-of-Period Spreadsheet 3 For the Year Ended November 30, 2018 4 Adjusted Trial Balance 6 Account Title Dr. Cr. 7 8 Cash 27,500 9 Accounts Receivable 71,800 10 Supplies 3,550 11 Prepaid Insurance 750 12 Building 330,500 13 Accumulated DepreciationBuilding I // 184,100 14 Accounts Payable 16,100 15 Salaries Payable 6,600 16 Unearned Rent 1,500 17 Common Stock 40,000 18 Retained Earnings 70,300 19 Dividends 30,000 20 Service Fees 675,500 21 Rent Revenue 9,000 22 Salaries Expense 435,000 23 Rent Expense 55,000 24 Supplies Expense 11,850 25 Depreciation Expense Building 10,000 26 Utilities Expense 8,800 27 Repairs Expense 4,250 28 Insurance Expense 3,000 29 Miscellaneous Expense 11,100 30 1,003,100 1,003,100 Instructions 1. Prepare an income statement, a retained earnings statement, and a balance sheet. 2. Journalize the entries that were required to close the accounts at November 30. 3. If Retained Earnings had instead decreased 46,000 after the closing entries were posted, and the dividends remained the same, what would have been the amount of net income or net loss?
Ledger accounts, adjusting entries, financial statements, and closing entries; optional spreadsheet The unadjusted trial balance of Lakota Freight Co. at March 31, 2018, the end of the year, follows: Lakota Freight Co. Unadjusted Trial Balance March 31, 2018 Account No. Debit Balances Credit Balances Cash................................................ 11 12,000 Supplies............................................ 13 30,000 Prepaid Insurance.................................... 14 3,600 Equipment.......................................... 16 110,000 Accumulated DepreciationEquipment............... 17 25,000 Trucks............................................... 18 60,000 Accumulated DepreciationTrucks................... 19 15,000 Accounts Payable.................................... 21 4,000 Common Stock...................................... 31 26,000 Retained Earnings................................... 32 70,000 Dividends........................................... 33 15,000 Service Revenue..................................... 41 160,000 Wages Expense...................................... 51 45,000 Rent Expense........................................ 53 10,600 Truck Expense....................................... 54 9,000 Miscellaneous Expense............................... 59 4,800 300,000 300,000 The data needed to determine year-end adjustments are as follows: (A) Supplies on hand at March 31 are 7,500. (B) Insurance premiums expired during year are 1,800. (C) Depreciation of equipment during year is 8,350. (D) Depreciation of trucks during year is 6,200. (E) Wages accrued but not paid at March 31 are 600. Instructions 1. For each account listed in the trial balance, enter the balance in the appropriate Balance column of a four-column account and place a check mark () in the Posting Reference column. 2. (Optional) Enter the unadjusted trial balance on an end-of-period spread sheet and complete the spreadsheet. Add the accounts listed in part (3) as needed. 3. Journalize and post the adjusting entries, inserting balances in the accounts affected. Record the adjusting entries on Page 26 of the journal. The following additional accounts from Lakota Freight Co.s chart of accounts should be used: Wages Payable, 22; Supplies Expense, 52; Depreciation ExpenseEquipment, 55; Depreciation ExpenseTrucks, 56; Insurance Expense, 57. 4. Prepare an adjusted trial balance. 5. Prepare an income statement, a retained earnings statement, and a balance sheet. 6. Journalize and post the closing entries. Record the closing entries on Page 27 of the journal. (Income Summary is account #34 in the chart of accounts.) Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. 7. Prepare a post-closing trial balance.
T accounts, adjusting entries, financial statements, and closing entries; optional end-of-period spreadsheet The unadjusted trial balance of La Mesa Laundry at August 31, 2016, the end of the fiscal year, follows: La Mesa Laundry Unadjusted Trial Balance August 31,2016 Debit Balances Credit Balances Cash........................... 3,800 Laundry Supplies............... 9,000 Prepaid Insurance............... 6,000 Laundry Equipment............. 180,800 Accumulated Depreciation...... 49,200 Accounts Payable............... 7,800 Common Stock................. 15,000 Retained Earnings.............. 80,000 Dividends..................... 2,400 Laundry Revenue............... 248,000 Wages Expense................. 135,800 Rent Expense................... 43,200 Utilities Expense................ 16,000 Miscellaneous Expense.......... 3,000 400,000 400,000 The data needed to determine year-end adjustments are as follows: a. Wages accrued but not paid at August 31 are 2,200. b. Depreciation of equipment during the year is 8,150. c. Laundry supplies on hand at August 31 are 2,000. d. Insurance premiums expired during the year are 5,300. Instructions 1. For each account listed in the unadjusted trial balance, enter the balance in a T account. Identify the balance as Aug. 31 Bal. In addition, add T accounts for Wages Payable, Depreciation Expense, Laundry Supplies Expense, Insurance Expense, and Income Summary. 2. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. Add the accounts listed in part (1) as needed. 3. Journalize and post the adjusting entries. Identify the adjustments by Adj." and the new balances as Adj. BAL." 4. Prepare an adjusted trial balance. 5. Prepare an income statement, a retained earnings statement, and a balance sheet. 6. Journalize and post the closing entries. Identify the closing entries by Clos." 7. Prepare a post-closing trial balance.
T accounts, adjusting entries, financial statements, and closing entries; optional end-of-period spreadsheet The unadjusted trial balance of Epicenter Laundry at June 30, 2016, the end of the fiscal year, follows: The data needed to determine year-end adjustments are as follows: a. Laundry supplies on hand at June 30 are 3,600. b. Insurance premiums expired during the year are 5,700. c. Depreciation of laundry equipment during the year is 6,500. d. Wages accrued but not paid at June 30 are 1,100. Instructions 1. For each account listed in the unadjusted trial balance, enter the balance in a T account. Identify the balance as "June 30 Bal." In addition, add T accounts for Wages Payable, Depreciation Expense, Laundry Supplies Expense, Insurance Expense, and Income Summary. 2. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. Add the accounts listed in part (1) as needed. 3. Journalize and post the adjusting entries. Identify the adjustments by "Adj. and the new balances as Adj. Bal. 4. Prepare an adjusted trial balance. 5. Prepare an income statement, a statement of owner's equity (no additional investments were made during the year), and a balance sheet. 6. Journalize and post the closing entries. Identify the closing entries by Clos. 7. Prepare a post-closing trial balance.
All journals and general ledger; trial balance The transactions completed by Revere Courier Company during December 2016, the first month of the fiscal year, were as follows: Dec. 1. Issued Check No. 610 for December rent, 4,500. 2. Issued Invoice No. 940 to Capps Co., 1,980. 3. Received check for 5,100 from Trimble Co. in payment of account. 5. Purchased a vehicle on account from Boston Transportation, 39,500. 6. Purchased office equipment on account from Austin Computer Co., 4,800. 6. Issued Invoice No. 941 to Dawar Co., 5,680. 9. Issued Check No. 611 for fuel expense, 800. 10. Received check from Sing Co. in payment of 4,850 invoice. 10. Issued Check No. 612 for 360 to Office To Go Inc. in payment of invoice. 10. Issued Invoice No. 942 to Joy Co., 2,140. 11. Issued Check No. 613 for 3,240 to Essential Supply Co. in payment of account. 11. Issued Check No. 614 for 650 to Porter Co. in payment of account. 12. Received check from Capps Co. in payment of 1,980 invoice of December 2. 13. Issued Check No. 615 to Boston Transportation in payment of 39,500 balance of December 5. 16. Issued Check No. 616 for 40,900 for cash purchase of a vehicle. 16. Cash fees earned for December 1-16, 21,700. 17. Issued Check No. 617 for miscellaneous administrative expense, 600. 18. Purchased maintenance supplies on account from Essential Supply Co., 1,750. 19. Purchased the following on account from McClain Co.: maintenance supplies, 1,500; office supplies, 325. 20. Issued Check No. 618 in payment of advertising expense, 1,990. 20. Used 3,600 maintenance supplies to repair delivery vehicles. 23. Purchased office supplies on account from Office To Go Inc., 440. 24. Issued Invoice No. 943 to Sing Co., 6,400. 24. Issued Check No. 619 to S. Holmes as a personal withdrawal, 3,200. 25. Issued Invoice No. 944 to Dawar Co., 5,720. 25. Received check for 4,100 from Trimble Co. in payment of balance. 26. Issued Check No. 620 to Austin Computer Co. in payment of 4,800 invoice of December 6. 30. Issued Check No. 621 for monthly salaries as follows: driver salaries, 16,900; office salaries, 7,600. 31. Cash fees earned for December 17-31, 19,700. 31. Issued Check No. 622 in payment for office supplies, 310. Instructions 1. Enter the following account balances in the general ledger as of December 1: 2. Journalize the transactions for December 2016, using the following journals similar to those illustrated in this chapter: cash receipts journal (p. 31), purchases journal (p. 37, with columns for Accounts Payable, Maintenance Supplies, Office Supplies, and Other Accounts), single column revenue journal (p. 35), cash payments journal (p. 34), and two-column general journal (p. 1). Assume that the daily postings to the individual accounts in the accounts payable subsidiary ledger and the accounts receivable subsidiary ledger have been made. 3. Post the appropriate individual entries to the general ledger. 4. Total each of the columns of the special journals, and post the appropriate totals to the general ledger; insert the account balances. 5. Prepare a trial balance.
Adjusting entries The Signage Company specializes in the maintenance and repair of signs, such as billboards. On March 31, 2018, the accountant for The Signage Company prepared the trial balances shown at the top of the following page. Instructions Journalize die seven entries that adjusted the accounts at March 31. None of the accounts were affected by more than one adjusting entry.