PR 4-1A Financial Statements and Closing Entries Obj. 1, 2, 3 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, 2015, the end of the fiscal year: A 1 2 3 4 B C Beacons Company End-of-Period Spreadsheet For the Year Ended December 31, 2015 Unadjusted Trial Balance + E F G Adjusted 5 Adjustments Trial Balance 6 Account Title Dr. Cr. Dr. Cr. Dr. Cr. 7 8 Cash 10,800 10,800 9 Accounts Receivable 38,900 9,100 48,000 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 5,000 5,000 19 Unearned Rent 2,100 1,100 1,000 20 Common Stock 75,000 75,000 21 Retained Earnings 22 Dividends 128,100 128,100 10,000 10,000 23 Fees Earned 363,700 9,100 372,800 24 Rent Revenue 1,100 1,100 25 Salaries & Wages Expense 158,100 5,000 163,100 26 Advertising Expense 21,700 21,700 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 34 875,000 875,000 37,330 37,330 905,900 905,900 35 Instructions 1. Prepare an income statement for the year ended December 31, 20Y5. Answer Check Figure: Net income, $137,400 2. Prepare a statement of stockholders' equity for the year ended December 31, 20Y5. During the year, common stock of $25,000 was issued. 3. Prepare a balance sheet as of December 31, 20Y5. 4. Based upon the end-of-period spreadsheet, journalize the closing entries. 5. Prepare a post-closing trial balance.