Light-It-Up Company maintains and repairs warning lights, such as those found on radio towers and lighthouses....

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Light-It-Up Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Light-It-Up Company prepared the following end-of-period spreadsheet at August 31, 20Y5, ti Account Title Cash Accounts Receivable Prepaid Insurance Supplies Land Building Accumulated Depreciation-Building Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Uneamed Rent Common Stock Retained Eamings Dividends Fees Eamed Rent Revenue Salaries and Wages Expense Advertising Expense Utilities Expense Depreciation Expense-Building Repairs Expense Depreciation Expense-Equipment Insurance Expense Supplies Expense Miscellaneous Expense Light-It-Up Company End-of-Period Spreadsheet For the Year Ended August 31, 20Y5 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Dr. Cr. Cr. Dr. Cr. 10,200 10,200 38,200 47,400 4,000 750 2,760 580 98,000 406,000 98,000 406,000 104,000 10,000 159,000 21,200 15,600 8,850 4,020 881,830 205,300 85,100 15,800 2,500 85,000 124,530 363,600 Dr. 9,200 1,700 5,000 12,000 4,600 3,250 2,180 3,250 2,180 12,000 4,600 5,000 9,200 1,700 104,000 10,000 164,000 21,200 15,600 12,000 8,850 4,600 3,250 2,180 4,020 217,300 89,700 15,800 5,000 800 85,000 124,530 372,800 1,700 881,830 37,930 37,930 912,630 912,630 Required: 1. Prepare an income statement for the year ended August 31, 2015. 2. Prepare a statement of stockholders' equity for the year ended August 31, 20Y5. During the year, common stock of $30,000 was issued. 3. Prepare a balance sheet as of August 31, 20Y5. 4. Based upon the end-of-period spreadsheet, journalize the closing entries. 5. Prepare a post-closing trial balance. AS SETS CHART OF ACCOUNTS Light-It-Up Company General Ledger 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 Eamings 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 and Amount Descriptions Labels Current assets Current liabilities August 31, 20Y5 Expenses For the Year Ended August 31, 20Y5 Property, plant, and equipment Revenues Amount Descriptions Book value-building Book value-equipment Balances, August 31, 20Y5 Balances, September 1, 20Y4 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 Income Statement Instructions 1 (Label) 2 3 4 5 (Label) 6 7 8 9 10 11 12 13 14 15 16 Statement of Stockholders' Equity Light-It-Up Company Income Statement (Label) 1 2 (Label) 3 4 5 6 7 8 (Label) 9 10 11 12 13 14 15 16 17 18 19 (Label) 20 21 22 23 24 25 26 27 28 Assets Liabilities Stockholders' Equity Light-It-Up Company Balance Sheet (Label) 4. Based upon the end-of-period spreadsheet, journalize the closing entries. General Journal Instructions 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 DATE DESCRIPTION Closing Entries JOURNAL POST. REF. DEBIT CREDIT ACCOUNTING FOLIATION. ASSETS PAGE 11 LIABILITIES EQUITY 5. Prepare a post-closing trial balance. 1 Cash 2 Accounts Receivable 3 Prepaid Insurance 4 Supplies 5 Land Light-It-Up Company POST-CLOSING TRIAL BALANCE August 31, 20Y5 14 Retained Earnings 15 Totals ACCOUNT TITLE 6 Building 7 Accumulated Depreciation-Building 8 Equipment 9 Accumulated Depreciation-Equipment 10 Accounts Payable 11 Salaries and Wages Payable 12 Unearned Rent 13 Common Stock DEBIT CREDIT Light-It-Up Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Light-It-Up Company prepared the following end-of-period spreadsheet at August 31, 20Y5, ti Account Title Cash Accounts Receivable Prepaid Insurance Supplies Land Building Accumulated Depreciation-Building Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Uneamed Rent Common Stock Retained Eamings Dividends Fees Eamed Rent Revenue Salaries and Wages Expense Advertising Expense Utilities Expense Depreciation Expense-Building Repairs Expense Depreciation Expense-Equipment Insurance Expense Supplies Expense Miscellaneous Expense Light-It-Up Company End-of-Period Spreadsheet For the Year Ended August 31, 20Y5 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Dr. Cr. Cr. Dr. Cr. 10,200 10,200 38,200 47,400 4,000 750 2,760 580 98,000 406,000 98,000 406,000 104,000 10,000 159,000 21,200 15,600 8,850 4,020 881,830 205,300 85,100 15,800 2,500 85,000 124,530 363,600 Dr. 9,200 1,700 5,000 12,000 4,600 3,250 2,180 3,250 2,180 12,000 4,600 5,000 9,200 1,700 104,000 10,000 164,000 21,200 15,600 12,000 8,850 4,600 3,250 2,180 4,020 217,300 89,700 15,800 5,000 800 85,000 124,530 372,800 1,700 881,830 37,930 37,930 912,630 912,630 Required: 1. Prepare an income statement for the year ended August 31, 2015. 2. Prepare a statement of stockholders' equity for the year ended August 31, 20Y5. During the year, common stock of $30,000 was issued. 3. Prepare a balance sheet as of August 31, 20Y5. 4. Based upon the end-of-period spreadsheet, journalize the closing entries. 5. Prepare a post-closing trial balance. AS SETS CHART OF ACCOUNTS Light-It-Up Company General Ledger 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 Eamings 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 and Amount Descriptions Labels Current assets Current liabilities August 31, 20Y5 Expenses For the Year Ended August 31, 20Y5 Property, plant, and equipment Revenues Amount Descriptions Book value-building Book value-equipment Balances, August 31, 20Y5 Balances, September 1, 20Y4 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 Income Statement Instructions 1 (Label) 2 3 4 5 (Label) 6 7 8 9 10 11 12 13 14 15 16 Statement of Stockholders' Equity Light-It-Up Company Income Statement (Label) 1 2 (Label) 3 4 5 6 7 8 (Label) 9 10 11 12 13 14 15 16 17 18 19 (Label) 20 21 22 23 24 25 26 27 28 Assets Liabilities Stockholders' Equity Light-It-Up Company Balance Sheet (Label) 4. Based upon the end-of-period spreadsheet, journalize the closing entries. General Journal Instructions 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 DATE DESCRIPTION Closing Entries JOURNAL POST. REF. DEBIT CREDIT ACCOUNTING FOLIATION. ASSETS PAGE 11 LIABILITIES EQUITY 5. Prepare a post-closing trial balance. 1 Cash 2 Accounts Receivable 3 Prepaid Insurance 4 Supplies 5 Land Light-It-Up Company POST-CLOSING TRIAL BALANCE August 31, 20Y5 14 Retained Earnings 15 Totals ACCOUNT TITLE 6 Building 7 Accumulated Depreciation-Building 8 Equipment 9 Accumulated Depreciation-Equipment 10 Accounts Payable 11 Salaries and Wages Payable 12 Unearned Rent 13 Common Stock DEBIT CREDIT