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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
Can you help me?
-
Prepare an income statement for the year ended December 31, 20Y5.
AnswerCheck Figure: Net income, $137,400
-
Prepare a statement of
stockholders’ equity for the year ended December 31, 20Y5. During the year, common stock of $25,000 was issued. -
Prepare a
balance sheet as of December 31, 20Y5. -
Based upon the end-of-period spreadsheet, journalize the closing entries.
-
Prepare a post-closing
trial balance
![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, 20Y5, the end of the fiscal year:
c | D | E |
B
Beacons Company
End-of-Period Spreadsheet
A
G
1
For the Year Ended December 31, 20Y5
Unadjusted
Trial Balance
Adjusted
Trial Balance
4
Adjustments
6 Account Title
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
7
10,800
38,900
8 Cash
9 Accounts Receivable
10 Prepaid Insurance
11 Supplies
12 Land
13 Building
14 Accum. Depr.Building
15 Equipment
16 Accum. Depr.-Equipment
17 Accounts Payable
18 Salaries & Wages Payable
19 Uneamed Rent
20 Common Stock
21 Retained Earnings
22 Dividends
23 Fees Eamed
24 Rent Revenue
25 Salaries & Wages Expense
26 Advertising Expense
27 Utlities Expense
28 Depr. Exp.-Building
29 Repairs Expense
30 Depr. Exp.-Equipment
31 Insurance Expense
32 Supplies Expense
33 Misc. Expense
10,800
9,100
4,200
2,730
98,000
48,000
1,050
550
98,000
3,150
2,180
400,000
400,000
205,300
12,000
217,300
101,000
101,000
85, 100
15,700
4,800
89,900
15,700
5,000
1,000
75,000
5,000
2,100
1,100
75,000
128,100
128,100
10,000
10,000
9,100
1,100
372,800
1,100
363,700
158, 100
5,000
163,100
21,700
21,700
16,400
16,400
12,000
12,000
8,850
4,800
3,150
2,180
8,850
4,800
3,150
2,180
4,320
875.000 875.000
4,320
37,330 905,900 905.900
34
37,330
35](https://content.bartleby.com/qna-images/question/fabfa849-e4b2-4474-86f0-40102e46e6c5/e267332d-8613-43c9-af36-3de9f1b33ca2/vd3kdfs_thumbnail.png)
Transcribed Image Text: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, 20Y5, the end of the fiscal year:
c | D | E |
B
Beacons Company
End-of-Period Spreadsheet
A
G
1
For the Year Ended December 31, 20Y5
Unadjusted
Trial Balance
Adjusted
Trial Balance
4
Adjustments
6 Account Title
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
7
10,800
38,900
8 Cash
9 Accounts Receivable
10 Prepaid Insurance
11 Supplies
12 Land
13 Building
14 Accum. Depr.Building
15 Equipment
16 Accum. Depr.-Equipment
17 Accounts Payable
18 Salaries & Wages Payable
19 Uneamed Rent
20 Common Stock
21 Retained Earnings
22 Dividends
23 Fees Eamed
24 Rent Revenue
25 Salaries & Wages Expense
26 Advertising Expense
27 Utlities Expense
28 Depr. Exp.-Building
29 Repairs Expense
30 Depr. Exp.-Equipment
31 Insurance Expense
32 Supplies Expense
33 Misc. Expense
10,800
9,100
4,200
2,730
98,000
48,000
1,050
550
98,000
3,150
2,180
400,000
400,000
205,300
12,000
217,300
101,000
101,000
85, 100
15,700
4,800
89,900
15,700
5,000
1,000
75,000
5,000
2,100
1,100
75,000
128,100
128,100
10,000
10,000
9,100
1,100
372,800
1,100
363,700
158, 100
5,000
163,100
21,700
21,700
16,400
16,400
12,000
12,000
8,850
4,800
3,150
2,180
8,850
4,800
3,150
2,180
4,320
875.000 875.000
4,320
37,330 905,900 905.900
34
37,330
35
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- How would I prepare the statement of stockholder's equity?arrow_forwardYear-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Inventory Prepaid rent Current Year 1 Year Ago 2 Years Ago $ 26,725 77,457 $ 31,858 95,459 8,436 240,403 30,967 41,290 43,529 52,503 73,671 8,200 220,389 3,372 193,642 $ 312,800 $ 42,115 69,129 162,500 Machinery, net Total assets $ 448,480 $ 386,621 Liabilities and Equity Accounts payable $ 110,555 Long-term notes payable 83,471 $ 65,992 88,034 Common stock 162,500 Retained earnings 91,954 162,500 70,095 39,056 Total liabilities and equity $ 448,480 $ 386,621 $ 312,800 Complete this question by entering your answers in the tabs below. Required 3A Required 3B Compute times interest earned for the current year and one year ago. Current Year 1 Year Ago Times Interest Earned Choose Numerator: / Choose Denominator: I II 11 Times interest earned times timesarrow_forwardClimate Control Systems Co. offers its services to residents in the Spokane area. Selected accounts from the ledger of Climate Control Systems for the fiscal year ended December 31, 20Y2, are as follows: Prepare a statement of stockholders' equity for the year.arrow_forward
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- 1 Assume an investor deposits $115,332 in a professionally managed account. One year later, the account has grown in value to $147,367 and the investor withdraws $44,209. At the end of the second year, the account value is $91,455. No other additions or withdrawals were made. Calculate holding period return during year 2. Round the answer to two decimals in percentage form. Please write % sign in the units box. Your Answer: 2 Assume an investor deposits $118,152 in a professionally managed account. One year later, the account has grown in value to $149,976 and the investor withdraws $42,343. At the end of the second year, the account value is $91,322. No other additions or withdrawals were made. Calculate holding period return during year 2. Round the answer to two decimals in percentage form. Please write % sign in the units box. Answer:arrow_forwardpresented below is an alphabetical list of of account balances take from the looks of an entity at the end of the current period, dec 31: accounts payable 125,000 accrued expenses 47,000 cash surrender value on life insurance 29,000 dividends, ordinary shares 100,000 dividends, preference shares 150,000 mortgage payable (including 200,000 due in six months) 1,200,000 note payable (not due within 12 months)1,500,000 premium on notes payable 25,000 profit and loss summary - credit balance 500,000 retained earning January 1 550,000 share capital- ordinary, 100 par 1,000,000 share capital - preference, 200 par 450,000 share premium - ordinary 250,000 unamortized issue cost on note payable 25,000 unearned rent income 33,000 what is the retained earnings balance on December 31?arrow_forward
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