Light-It-Up Company maintains and repairs warning lights, such as those found on radio towers and lighthouses....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
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, the end of the fiscal year: 1 A B Light-It-Up Company End-of-Period Spreadsheet E F G 2 3 4 5 For the Year Ended August 31, 20Y5 Unadjusted Trial Balance Adjusted Adjustments Trial Balance 6 Account Title Dr. Cr. Dr. Cr. Dr. Cr. 7 8 Cash 10,800 10,800 9 Accounts Receivable 38,900 5,000 43,900 10 Prepaid Insurance 4,200 3,150 1,050 11 Supplies 2,730 2,180 550 12 Land 98,000 98,000 13 Building 400,000 400,000 14 Accum. Depr.-Building 205,300 12,000 217,300 15 Equipment 101,000 101,000 16 Accum. Depr.-Equipment 85,100 4,800 89,900 17 Accounts Payable 15,700 15,700 18 Salaries & Wages Payable 4,100 4,100 19 Unearned Rent 2,100 900 1,200 20 Common Stock 75,000 75,000 21 Retained Earnings 22 Dividends 137,100 137,100 10,000 10,000 23 Fees Earned 425,000 5,000 430,000 24 Rent Revenue 900 900 25 Salaries & Wages Expense 219,400 4,100 223,500 26 Advertising Expense 30,700 30,700 27 Utilities Expense 16,400 16,400 28 Depr. Exp.-Building 12,000 12,000 29 Repairs Expense 8,850 8,850 30 Depr. Exp.-Equipment 4,800 4,800 31 Insurance Expense 3,150 3,150 32 Supplies Expense 2,180 2,180 33 Misc. Expense 4,320 4,320 34 35 945,300 945,300 32,130 32,130 971,200 971,200 + Instructions 1. Prepare an income statement for the year ended August 31, 20Y5. Answer Check Figure: Net income, $125,000 2. Prepare a statement of stockholders' equity for the year ended August 31, 20Y5. During the year, common stock of $25,000 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. 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, the end of the fiscal year: 1 A B Light-It-Up Company End-of-Period Spreadsheet E F G 2 3 4 5 For the Year Ended August 31, 20Y5 Unadjusted Trial Balance Adjusted Adjustments Trial Balance 6 Account Title Dr. Cr. Dr. Cr. Dr. Cr. 7 8 Cash 10,800 10,800 9 Accounts Receivable 38,900 5,000 43,900 10 Prepaid Insurance 4,200 3,150 1,050 11 Supplies 2,730 2,180 550 12 Land 98,000 98,000 13 Building 400,000 400,000 14 Accum. Depr.-Building 205,300 12,000 217,300 15 Equipment 101,000 101,000 16 Accum. Depr.-Equipment 85,100 4,800 89,900 17 Accounts Payable 15,700 15,700 18 Salaries & Wages Payable 4,100 4,100 19 Unearned Rent 2,100 900 1,200 20 Common Stock 75,000 75,000 21 Retained Earnings 22 Dividends 137,100 137,100 10,000 10,000 23 Fees Earned 425,000 5,000 430,000 24 Rent Revenue 900 900 25 Salaries & Wages Expense 219,400 4,100 223,500 26 Advertising Expense 30,700 30,700 27 Utilities Expense 16,400 16,400 28 Depr. Exp.-Building 12,000 12,000 29 Repairs Expense 8,850 8,850 30 Depr. Exp.-Equipment 4,800 4,800 31 Insurance Expense 3,150 3,150 32 Supplies Expense 2,180 2,180 33 Misc. Expense 4,320 4,320 34 35 945,300 945,300 32,130 32,130 971,200 971,200 + Instructions 1. Prepare an income statement for the year ended August 31, 20Y5. Answer Check Figure: Net income, $125,000 2. Prepare a statement of stockholders' equity for the year ended August 31, 20Y5. During the year, common stock of $25,000 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.
Expert Answer:
Related Book For
Posted Date:
Students also viewed these accounting questions
-
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,...
-
Using real employed samples, multiple field studies indicate that fat women experience more negative outcomes than fat men. In one study conducted by Steven Gortmaker and colleagues and using over...
-
Let f(x) = cos(In x). (a) Find the absolute extreme points on [0.1, 20]. (b) Find the absolute extreme points on [0.01,20]. (c) Evaluate 20 cos(In x) dx.
-
Simplify. log3 64 log3 16
-
Petitioner Christy Brzonkala met respondents Antonio Morrison and James Crawford at a campus party at Virginia Polytechnic Institute (Virginia Tech), where they were all students. At the party, the...
-
The following probabilistic activity time estimates are for the CPM/PERT network in Problem Determine the following: a. Expected activity times b. Earliest start and finish times c. Latest starts and...
-
In return for an investment of $34318 in a fixed interest security, you will receive $134 at the end of each half year plus your money back on redemption in 12 years. You intend to deposit all the...
-
On a patient in assist control what setting controls how easily the machine can be cycled?
-
A gymnast of mass 5 2 . 0 kg is jumping on a trampoline. She jumps so that her feet reach a maximum height of 2 . 1 6 m above the trampoline and, when she lands, her feet stretch the trampoline 6 5 ....
-
Bolivia Company gathered the following condensed data for the year ended December 31, 2016: Cost of goods sold $760,000 Net sales 1,400,000 Operating expenses 277,000 Interest expense 43,000 Dividend...
-
pick a company that interests you and has publically available data (profits, costs, revenues, etc.). Introduce the company, including its product, production process, consumers, and location....
-
Template to submit a written report evidencing your published blog post, keyword research and SEO optimization. Also, two more amplification strategy other than social media and email marketing
-
Question 2b [Source: Adapted from How a shift in brand positioning saw donations fly for charity MyTenNights", Marketing Week, 2020.] Ramadan is a month of fasting and giving for the Muslims. Compare...
-
What is the data transfer in bps of a signal that is encoded using phase modulation with eight different phase angles and a baud rate of 2000?
-
Juanita owns a home in Richardson, TX. She purchases a Homeowners Policy (HO-3) from Farm State Ins. Co. The policy provides $100,000 in liability coverage (coverage E) and $5,000 in Med Pay coverage...
-
The group \(\mathrm{D}_{3}\) in Schoenflies notation (32 in international notation, which is read "three-two"; see Table 5.1 ) consists of the proper (those not reflections or inversions) covering...
-
Derive the two-dimensional matrix representation Tic)=(2) Tin)=(3) Tex)=(37) (69) T(c2b)= 1 TO)-(71) 10-(11) TO=(9) = for the group D3, using the basis (e1, e2) defined in the following figure.
-
Prove that the matrix representation of \(\mathrm{D}_{3}\) worked out in Problem 5.6 is irreducible. Data from Problem 5.6 Derive the two-dimensional matrix representation Tic)=(2) Tin)=(3)...
Study smarter with the SolutionInn App