Beacon Company maintains and repairs warnings lights, such as those found on radio towers and lighthouses. Beacon

Question:

Beacon Company maintains and repairs warnings lights, such as those found on radio towers and lighthouses. Beacon Company prepared the end-of-period spreadsheet shown on the next page at October 31, 2012, the end of the current fiscal year.

Instructions

1. Prepare an Income statement for the year ended October 31.

2. Prepare a retained earnings statement for the year ended October 31.

3. Prepare a balance sheet as of October 31.

4. Based upon the end-of-period spreadsheet, journalize the closing entries.

5. Prepare a post-closing trialbalance.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...