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

Instructions 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 Cr. Dr. Cr. 10,800.00 10,800.00

Instructions 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 Cr. Dr. Cr. 10,800.00 10,800.00

Expert Answer

 

1 Income statement
Fees earned 375000
Rent revenue 1300
Total revenue 376300
Expenses
Salaries and wages expense 168000
advertising expense 21700
utilities expense 11400
Depreciation expense- building 10100
Repairs expense 8850
Depreciation expense-equipment 6680
Insurance expense 3000
Supplies expense 2250
Miscellaneous expense 4320
Total expense 236300
Net income 140000
2 Retained earnings statement
Beginning retained earnings 128100
Add Net income 140000
268100
Less Dividends 10000
Ending retained earnings 258100
3 Balance sheet
Assets
Cash 10800
Accounts receivable 50200
Prepaid insurance 1200
Supplies 480
Total current assets 62680
Plant , property and equipment
Land 98000
Building 400000
accumulated depreciation -building -215400
Equipment 101000
accumulated depreciation -equipment -91780
Total plant property and equipment 291820
Total assets 354500
Liabilities and shareholders equity
Current liabilities
Accounts payable 15700
Salaries and wages payable 4900
Unearned rent 800
Total current liabilities 21400
Shareholders equity
Common stock 75000
Retained earnings 258100
Total shareholders equity 333100
Total liabilities and shareholders equity 354500
4 Closing entries
1 Rent revenue 1300
Fees earned 375000
               Income summary 376300
2 Income summary 236300
                Salaries and wages expense 168000
                advertising expense 21700
                utilities expense 11400
                Depreciation expense- building 10100
                Repairs expense 8850
                Depreciation expense-equipment 6680
                Insurance expense 3000
                Supplies expense 2250
                Miscellaneous expense 4320
3 Income summary 140000
               Retained earnings 140000
4 Retained earnings 10000
              Dividends 10000
5 Post closing trial balance Debit Credit
Cash 10800
Accounts receivable 50200
Prepaid insurance 1200
Supplies 480
Land 98000
Building 400000
accumulated depreciation -building 215400
Equipment 101000
accumulated depreciation -equipment 91780
Accounts payable 15700
Salaries and wages payable 4900
Unearned rent 800
Common stock 75000
Retained earnings 258100
Total 661680 661680
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