Question

Beacons Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Beacons Company prepared the following end-of-period spreadsheet at December 31, 20Y5, the end of the fiscal year:

	Beacons Company
	End-of-Period Spreadsheet
	For the Year Ended December 31, 20Y5
	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) 9,100.00		48,000.00
Prepaid Insurance	4,200.00			(b) 3,150.00	1,050.00
Supplies	2,730.00			(c) 2,180.00	550.00
Land	98,000.00				98,000.00
Building	400,000.00				400,000.00
Accumulated Depreciation-Building		205,300.00		(d) 12,000.00		217,300.00
Equipment	101,000.00				101,000.00
Accumulated Depreciation-Equipment		85,100.00		(e) 4,800.00		89,900.00
Accounts Payable		15,700.00				15,700.00
Salaries and Wages Payable				(f) 5,000.00		5,000.00
Unearned Rent		2,100.00	(g) 1,100.00			1,000.00
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) 9,100.00		372,800.00
Rent Revenue				(g) 1,100.00		1,100.00
Salaries and Wages Expense	158,100.00		(f) 5,000.00		163,100.00
Advertising Expense	21,700.00				21,700.00
Utilities Expense	16,400.00				16,400.00
Depreciation Expense-Building			(d) 12,000.00		12,000.00
Repairs Expense	8,850.00				8,850.00
Depreciation Expense-Equipment			(e) 4,800.00		4,800.00
Insurance Expense			(b) 3,150.00		3,150.00
Supplies Expense			(c) 2,180.00		2,180.00
Miscellaneous Expense	4,320.00				4,320.00
	875,000.00	875,000.00	37,330.00	37,330.00	905,900.00	905,900.00

Required:

3.	Prepare a balance sheet as of December 31, 20Y5. 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.

CHART OF ACCOUNTS
Beacons Company
General Ledger
ASSETS 11 Cash 12 Accounts Receivable 13 Prepaid Insurance 14 Supplies 15 Land 16 Building 17 Accumulated Depreciation-Building 18 Equipment 19 Accumulated Depreciation-Equipment LIABILITIES 21 Accounts Payable 22 Salaries and Wages Payable 23 Unearned Rent EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends	REVENUE 41 Fees Earned 42 Rent Revenue EXPENSES 51 Salaries and Wages Expense 52 Advertising Expense 53 Utilities Expense 54 Depreciation Expense-Building 55 Repairs Expense 56 Depreciation Expense-Equipment 57 Insurance Expense 58 Supplies Expense 59 Miscellaneous Expense

Labels
Current assets
Current liabilities
December 31, 20Y5
Expenses
For the Year Ended December 31, 20Y5
Property, plant, and equipment
Revenues
Amount Descriptions
Book value-building
Book value-equipment
Balances, December 31, 20Y5
Balances, January 1, 20Y5
Issued common stock
Dividends
Net income
Net loss
Total assets
Total current assets
Total expenses
Total liabilities
Total liabilities and stockholders’ equity
Total property, plant, and equipment
Total revenues
Total stockholders’ equity

Answer 1

$75,000 $0 Beacons Company Income Statements For the months ended Dec 31,2045 Particulars Amount Revenue: Fees Earned $ 372,800 Rent Revenue $ 1,100 Total Revenue $ 373,900 Less:Expenses: Salaries and wages Expense $ 163,100 Advertising Expense $ 21,700 Utilities Expense $ 16,400 Depreciation Expense-Building $ 12,000 Repairs Expense $ 8,850 Depreciation Expense-Equipment $ 4,800 Insurance Expense $ 3,150 Supplies Expense $ 2,180 Miscellaneous Expense $ 4,320 Total Expenses $ 236,500 Net Income $ 137,400 Beacons Company Statement OF Stockholders Equity For the months ended Dec 31,2045 Common Stock Add: Additional Issue of common stock Add: Retained Earnings: Beginning balance $128,100 Add: Net Income $ 137,400 Less: Dividends $10,000 Ending balance of Retained Ea gs Total Stockholders' Equity $255,500 $330,500

Beacons Company Balance sheet For the months ended Dec 31,2045 Assets: $ 60,400 Current Assets Cash $ 10,800 Accounts Receivable $ 48,000 Prepaid Insurance $ 1,050 Supplies $ 550 Total Current Assets Property, plant and Equipment Land $ 98,000 Buildings $ 400,000 Less:Accumulated Depreciation-Buildings $ 217,300 $ 182,700 Equipment $ 101,000 Less:Accumulated Depreciation-Equipment $ 89,900 $ 11,100 Total Property,plant and Equipment Total Assets Liabilities and Stockholders Equity Current Liabilities Accounts Payable $ 15,700 $291,800 $352,200 $ 5,000 $ 1,000 Salaries and wages Payable Unearned Rent Total Liabilities Stockholders' Equity: $ 21,700 $ 75,000 $ 255,500 Common Stock Retained Earnings Total Stockholders' equity Total Liabilities and Stockholders' Equity $330,500 $352,200 $

Closing Entries Sl. Date Particulars 1 Dec.31 Fees Earned Rent Revenue Retained Earnings Debit Credit $372,800 $ 1,100 $373,900 $ 236,500 2 Dec.31 Retained Earnings Salaries and wages Expense Advertising Expense Utilities Expense Depreciation Expense-Building Repairs Expense Depreciation Expense-Equipment Insurance Expense Supplies Expense Miscellaneous Expense $ 163,100 $ 21,700 $ 16,400 $ 12,000 $ 8,850 $ 4,800 S 3,150 S 2,180 $ 4,320 Post-Closing Trail Balance Account Particulars Cash Accounts Receivable Prepaid Insurance Supplies Land Buildings Accumulated Depreciation-Buildings Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries and wages Payable Unearned Rent Common Stock Retained Earnings Total Debit Credit $ 10,800 $ 48,000 $ 1,050 $ 550 $ 98,000 $ 400,000 S 217,300 $ 101,000 $ 89,900 $ 15,700 $ 5,000 $ 1,000 $ 75,000 $ 255,500 $ 659,400 $ 659,400 $137,400 3 Dec.31 Income Summary Retained Earnings $137,400 4 Dec.31 Retained Earnings Dividends $ 10,000 *Retained Earnings Beginning Retained Earnings +Net Income - Dividends *Retained Earnings= $128,100 + $137,400 - $10,000 *Retained Earnings= $255,500. $ 10,000

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addition, Revised.

si. Credit 1 Closing Entries Date Particulars Dec.31 Fees Earned Rent Revenue Retained Earnings Debit $ 372,800 $ 1,100 $ 373,900 1,050 $ 60,400 Beacons Company Balance sheet For the months ended Dec 31,2045 Assets: Current Assets Cash $ 10,800 Accounts Receivable $ 48,000 Prepaid Insurance $ Supplies $ 550 Total Current Assets Property,plant and Equipment Land $ 98,000 Buildings $ 400,000 Less:Accumulated Depreciation-Buildings $ 217,300 Book Value-Building $ 182,700 Equipment $ 101,000 Less:Accumulated Depreciation-Equipment $ 89,900 Book Value-Equipment $ 11,100 Total Property plant and Equipment Total Assets Liabilities and Stockholders Equity Current Liabilities Accounts Payable $ 15,700 Salaries and wages Payable $ 5,000 Unearned Rent $ 1,000 Total Liabilities Stockholders' Equity: Common Stock $ 75,000 Retained Earnings $ 255,500 Total Stockholders' equity Total Liabilities and Stockholders' Equity 2 Dec.31 Retained Earnings Salaries and wages Expense Advertising Expense Utilities Expense Depreciation Expense-Building Repairs Expense Depreciation Expense-Equipment Insurance Expense Supplies Expense Miscellaneous Expense $ 236,500 $ 163,100 $ 21,700 $ 16,400 $ 12,000 $ 8,850 $ 4,800 $ 3,150 $ 2,180 $ 4,320 $ 10,000 3 Dec.31 Retained Earnings Dividends $ 10,000 $ $ 291,800 352,200 21,700 $ 330,500 352,200 $

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