Labels : Current assets Current liabilities December 31, 2018 Expenses For the Y
ID: 2331495 • Letter: L
Question
Labels: Current assets Current liabilities December 31, 2018 Expenses For the Year Ended December 31, 2018 Property, plant, and equipment Revenues Amount Descriptions: Book value-building Book value-equipment Change in retained earnings Net income Net loss Retained earnings, December 31, 2018 Retained earnings, January 1, 2018 Total assets Total current assets Total expenses Total liabilities Total liabilities and stockholders’ equity Total property, plant, and equipment Total revenues Total stockholders’ equity
CHART OF ACCOUNTS
Lamp Light Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Lamp Light Company prepared the following end-of-period spreadsheet at December 31, 2018, the end of the fiscal year:
Required:
Labels: Current assets Current liabilities December 31, 2018 Expenses For the Year Ended December 31, 2018 Property, plant, and equipment Revenues Amount Descriptions: Book value-building Book value-equipment Change in retained earnings Net income Net loss Retained earnings, December 31, 2018 Retained earnings, January 1, 2018 Total assets Total current assets Total expenses Total liabilities Total liabilities and stockholders’ equity Total property, plant, and equipment Total revenues Total stockholders’ equity
CHART OF ACCOUNTS
Lamp Light Company General Ledger ASSETS 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 Earnings 33 Dividends 34 Income Summary 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 ExpenseExplanation / Answer
Answers
Income Statement
For the Year Ended Dec 31, 2018
Revenues:
Fees Earned
$ 375,000.00
Rent Revenue
$ 1,300.00
Total Revenues
$ 376,300.00
Expenses:
Salaries and Wages Expense
$ 168,000.00
Advertising Expense
$ 21,700.00
Utilities Expense
$ 11,400.00
Depreciation Expense-Building
$ 10,100.00
Repairs Expense
$ 8,850.00
Depreciation Expense-Equipment
$ 6,680.00
Insurance Expense
$ 3,000.00
Supplies Expense
$ 2,250.00
Miscellaneous Expense
$ 4,320.00
Total Expenses
$ 236,300.00
Net Income
$ 140,000.00
Statement of Retained earnings
For the Year Ended Dec 31, 2018
Retained Earnings, Jan 1-2018
$ 128,100.00
Net Income
$ 140,000.00
Dividends
$ (10,000.00)
Change In retained Earnings
$ 130,000.00
Retained Earnings, Dec 31-2018
$ 258,100.00
Balance Sheet
Dec 31, 2018
ASSETS
Current Assets:
Cash
$ 10,800.00
Accounts Receivable
$ 50,200.00
Prepaid Insurance
$ 1,200.00
Supplies
$ 480.00
Total Current Assets
$ 62,680.00
Property, Plant & Equipment:
Land
$ 98,000.00
Building
$ 400,000.00
Accumulated Depreciation-Building
$ (215,400.00)
$ 184,600.00
Equipment
$ 101,000.00
Accumulated Depreciation-Equipment
$ (91,780.00)
$ 9,220.00
Total Property Plant & Equipment
$ 291,820.00
Total ASSETS
$ 354,500.00
LIABILITIES
Current Liabilities:
Accounts Payable
$ 15,700.00
Salaries and Wages Payable
$ 4,900.00
Unearned Rent
$ 800.00
Total Liabilities
$ 21,400.00
STOCKHOLDER's EQUITY
Common Stock
$ 75,000.00
Retained Earnings
$ 258,100.00
Total Stockholder's Equity
$ 333,100.00
Total LIABILITIES & STOCKHOLDERS' EQUITY
$ 354,500.00
Closing Entry no.
Accounts title
Debit
Credit
1
Fees Earned
$ 375,000.00
Rent Revenue
$ 1,300.00
Income Summary
$ 376,300.00
(revenue accounts closed)
2
Income Summary
$ 236,300.00
Salaries and Wages Expense
$ 168,000.00
Advertising Expense
$ 21,700.00
Utilities Expense
$ 11,400.00
Depreciation Expense-Building
$ 10,100.00
Repairs Expense
$ 8,850.00
Depreciation Expense-Equipment
$ 6,680.00
Insurance Expense
$ 3,000.00
Supplies Expense
$ 2,250.00
Miscellaneous Expense
$ 4,320.00
(Expenses accounts closed)
3
Income Summary
$ 140,000.00
Retained earnings
$ 140,000.00
(Net Income balance closed)
4
Retained earnings
$ 10,000.00
Dividends
$ 10,000.00
(Dividends account closed)
Post Closing Trial Balance
Account Title
Dr.
Cr.
Cash
$ 10,800.00
Accounts Receivable
$ 50,200.00
Prepaid Insurance
$ 1,200.00
Supplies
$ 480.00
Land
$ 98,000.00
Building
$ 400,000.00
Accumulated Depreciation-Building
$ 215,400.00
Equipment
$ 101,000.00
Accumulated Depreciation-Equipment
$ 91,780.00
Accounts Payable
$ 15,700.00
Salaries and Wages Payable
$ 4,900.00
Unearned Rent
$ 800.00
Common Stock
$ 75,000.00
Retained Earnings
$ 258,100.00
TOTALs
$ 661,680.00
$ 661,680.00
Income Statement
For the Year Ended Dec 31, 2018
Revenues:
Fees Earned
$ 375,000.00
Rent Revenue
$ 1,300.00
Total Revenues
$ 376,300.00
Expenses:
Salaries and Wages Expense
$ 168,000.00
Advertising Expense
$ 21,700.00
Utilities Expense
$ 11,400.00
Depreciation Expense-Building
$ 10,100.00
Repairs Expense
$ 8,850.00
Depreciation Expense-Equipment
$ 6,680.00
Insurance Expense
$ 3,000.00
Supplies Expense
$ 2,250.00
Miscellaneous Expense
$ 4,320.00
Total Expenses
$ 236,300.00
Net Income
$ 140,000.00
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