PR 4-1A Financial statements and closing entries Obj. 1, 2, 3 3. Total assets: L

Question

PR 4-1A Financial statements and closing entries Obj. 1, 2, 3 3. Total assets: Lamp Light Company maintains and repairs warning lights, such as those found on radio towers $354,500 and lighthouses. Lamp Light prepared the following end-of-period spreadsheet at December 31, 2018, the end of the fiscal year EXCEL TEMPLATE For the Year Ended December 31, 2018 Adjusted 6 Account Title Dr Cr 8 Cash 10,800 38,900 4 200 2,730 98,000 400.000 10,800 50,200 11,300 3,000 1,200 11 Supplies 12 Land 98,000 205.300 10,100 215,400 15 E 101,000 85.100 15,700 17 Accounts Payable 15,700 2.100 1.300 19 20 Common Stock 75,000 128,100 75,000 128,100 10.000 10,000 11,300 375,000 23 Fees E 24 Rent Revenue 363,700 25 Salaries &Wages Expense 163,100 21,700 11,400 4,900 168,000 10,100 8.850 6,680 3,000 2.250 4.320 10,100 29 Repairs Expense 30 Depr. Exp-Equipment 31 Insurance Expense 32 Supplies Expense 33 Misc. Expense 8,850 6,680 3,000 2,250 4.320 (Continued)

Explanation / Answer

1 Lamp Light Company Income Statement For the year ended December 31, 2018 In $ Fees Earned 375000 Rent Revenue 1300 Total Revenue 376300 Less : Expenses Salaries and Wages Expense 168000 Advertising Expense 21700 Utilities Expense 11400 Depreciation Expense 16780 Repairs Expense 8850 Insurance Expense 3000 Supplies Expense 2250 Misc. Expense 4320 236300 Net Income 140000 2 Lamp Light Company Retained Earnings Statement As on year ended December 31, 2018 Retained Earnings, Beginning 128100 Add : Net Income 140000 Less : Dividends 10000 Retained Earnings, Ending 258100 3 Lamp Light Company Balance Sheet As on year ended December 31, 2018 ASSETS In $ Current assets Cash $10,800 Accounts Receivable 50200 Supplies 480 Prepaid Insurance 1200 Total Current assets $62,680 Property, Plant and Equipment Land 98000 Building 400000 Less : Accumulated Depreciation 215400 184600 Equipment 101000 Less : Accumulated Depreciation 91780 9220 Total Fixed Assets 291820 Total Assets $354,500 LIABILITIES AND SHAREHOLDERS EQUITIES Current Liabilities Accounts Payable 15700 Salaries and wages payable 4900 Unearned Rent 800 Total Current Liabilities 21400 Common Stock 75000 Retained Earnings 258100 Total Shareholders Equity 333100 Total Liabilities and Shareholders Equity 354500 4 Fees Earned 375000 Rent Revenue 1300 To Income Summary 376300 Income Summary 236300 To Salaries and Wages Expense 168000 To Advertising Expense 21700 To Utilities Expense 11400 To Depreciation Expense 16780 To Repairs Expense 8850 To Insurance Expense 3000 To Supplies Expense 2250 To Misc. Expense 4320 Income Summary 140000 To Retained Earnings 140000 Retained Earnings 10000 To Cash 10000 5 Lamp Light Company Post Closing Trial Balance As on year ended December 31, 2018 Account Title Dr Cr Cash 10800 Accounts Receivable 50200 Prepaid Insurance 1200 Supplies 480 Land 98000 Building 400000 Accumulated Dep - Building 215400 Equipment 101000 Accumulated Dep - Building 91780 Accounts Payable 15700 Salaries and Wages Payable 4900 Unearned rent 800 Common Stock 75000 Retained Earnings 258100 Dividends 0 Fees Earned 0 Rent Revenue 0 Salaries and Wages Expense 0 Advertising Expense 0 Utilities Expense 0 Depreciation Expense 0 Repairs Expense 0 Insurance Expense 0 Supplies Expense 0 Misc. Expense 0 661680 661680

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