Prepare an income statement for the year ended december 31

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Reference no: EM13995098

Financial statements and closing entries

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

 

Lamp Light Company

 

End-of-Period Spreadsheet

 

For the Year Ended December 31, 2016

 

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

 

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

Ted Hickman, Capital

 

203,100.00

     

203,100.00

Ted Hickman, Drawing

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

Spreadsheet at December 31, 2016, the end of the fiscal year:

Instructions

1.     Prepare an income statement for the year ended December 31.
2.     Prepare a retained earnings statement for the year ended December 31.
3.     Prepare a balance sheet as of December 31.
4.     Based upon the end-of-period spreadsheet, journalize the closing entries.
5.     Prepare a post-closing trial balance.

Reference no: EM13995098

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