Lightworks Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Lightworks Company prepared the end-of-period spreadsheet (work sheet) shown below at July 31, 2010, the end of the current fiscal year:

Instructions1. Prepare an income statement for the year ended July 31.2. Prepare a statement of owner's equity for the year ended July 31. No additional investments were made during the year.3. Prepare a balance sheet as of July 31.4. Based upon the end-of-period spreadsheet (work sheet), journalize the closing entries.5. Prepare a post-closing trialbalance.

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Lightworks Company End-of-Period Spreadsheet (Work Sheet) For the Year Ended July 31, 2010 Adjusted Trial Balance Unadjusted Income Statement Dr. Cr. Trial Balance Adjustments Balance Sheet Cr. Account Title Dr. Cr. Dr. Cr. Dr. Dr. Cr. 5,800 22,200 1,200 830 98,000 200,000 5,800 18,900 4,200 2,730 98,000 200,000 5,800 22,200 1,200 830 Cash Accounts Receivable Prepaid Insurance Supplies Land Building Acc. Depr-Building Equipment (a) 3,300 (b) 3,000 (c) 1,900 98,000 200,000 101,700 (d) 1,400 100,300 101,700 101,000 101,000 101,000 85, 100 5,700 88,300 5,700 1,800 1,100 103, 100 Acc. Depr.-Equipment Accounts Payable Salaries & Wages Payable Unearned Rent Marisa Crider, Capital Marisa Crider, Drawing Fees Revenue Rent Revenue Salaries & Wages Expense Advertising Expense Utilities Expense Repairs Expense Depr. Exp.-Equipment Insurance Expense Supplies Expense Depr. Exp.-Building Misc. Expense (e) 3,200 88,300 5,700 1,800 1,100 103,100 () 1,800 2,100 (0) 1,000 103,100 10,000 10,000 10,000 307,000 1,000 (a) 3,300 (0) 1,000 307,000 1,000 303,700 113,100 21,700 11,400 8,850 114,900 21,700 11,400 8,850 3,200 3,000 1,900 1,400 4,320 (t) 1,800 114,900 21,700 11,400 8,850 3.200 3,000 1.900 1400 4.320 15.600 609.700 (e) 3,200 (b) 3,000 (c) 1,900 (d) 1,400 4,320 600,000 600,000 609.700 170,670o 308,000 439,030 301,700 137,330 308.000 308.000 439.030 439.030 15.600 Net income 137,330