Sun Feb 23 odule+4+Template+%28PR+04-1A%29 Insert Draw Page Layout Formulas Data Review A & atement of Owner's Equity C D E F G H I J KL Depreciation expense equipment Insurance expense M NO P 49647 3,000 Supplies expense 2,250 Miscellaneous expense 4,350 Total expenses 233,050 Net income BEACON SIGNALS COMPANY Statement of Owner's Equity For the Year Ended December 31, 2019 Sarah Colin, capital, January 1, 2019 Net income for the year Withdrawals Increase in owner's capital Sarah Colin, capital, December 31, 2019 Assets Current assets: Cash BEACON SIGNALS COMPANY Balance Sheet December 31, 2019 < Chapter+4+Problem.pdf да 69% OBJ. 1,2,3 PR 4-1A Financial statements and closing entries Beacon Signals Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Beacon Signals Company prepared the following end-of- period spreadsheet at December 31, 2019, the end of the fiscal year: 1 2 B C D Beacon Signals Company End-of-Period Spreadsheet E F G 3 For the Year Ended December 31, 2019 4 Unadjusted 5 6 Account Title Trial Balance Dr. Adjustments Adjusted Trial Balance Cr. Dr. Cr. Dr. Cr. 7 8 Cash 13,000 13,000 Accounts Receivable 40,500 (a) 12,500 53,000 10 Prepaid Insurance 4,200 (b) 3,000 1,200 11 Supplies 3,000 (c) 2,250 750 12 Land 98,000 98,000 13 Building 500,000 500,000 14 Accum. Depr.-Building 255,300 (d) 9,000 264,300 $238,100 15 Equipment 121,900 121,900 16 Accum. Depr.-Equipment 100,100 (e) 4,500 104,600 17 Accounts Payable 15,700 15,700 18 Salaries and Wages Payable (04,900 4,900 19 Unearned Rent 2,100 (g) 1,300 800 20 Sarah Colin, Capital 238,100 238,100 21 Sarah Colin, Drawing 10,000 10,000 22 Fees Earned 388,700 (a)12,500 401,200 23 Rent Revenue (g) 1,300 1,300 24 Salaries and Wages Expense 163,100 (04,900 168,000 25 Advertising Expense 21,700 21,700 26 Utilities Expense 11,400 11,400 27 Depr. Exp.-Building (9,000 9,000 28 Repairs Expense 8,850 8,850 29 Depr. Exp.-Equipment (e) 4,500 4,500 30 Insurance Expense (b) 3,000 3,000 31 Supplies Expense (c) 2,250 2,250 32 Misc. Expense 4,350 4,350 33 1,000,000 1,000,000 37,450 37,450 1,030,900 1,030,900 34 $13,000 Accounts receivable Prepaid insurance Supplies 53,000 1,200 750 Total current assets Property, plant, and equipment: Land Building $ 67,950 $ 98,000 $500,000 Accumulated depreciation 264,300 Equipment $121,900 Accumulated depreciation 104,600 Total property, plant, and equipment Total assets Liabilities • Pr. 4-1A + Instructions 1. Prepare an income statement for the year ended December 31. 2. Prepare a statement of owner's equity for the year ended December 31. No additional investments were made during the year. 3. Prepare a balance sheet as of December 31. 4. Based upon the end-of-period spreadsheet, journalize the closing entries. 5. Prepare a post-closing trial balance.

Sun Feb 23 odule+4+Template+%28PR+04-1A%29 Insert Draw Page Layout Formulas Data Review A & atement of Owner's Equity C D E F G H I J KL Depreciation expense equipment Insurance expense M NO P 49647 3,000 Supplies expense 2,250 Miscellaneous expense 4,350 Total expenses 233,050 Net income BEACON SIGNALS COMPANY Statement of Owner's Equity For the Year Ended December 31, 2019 Sarah Colin, capital, January 1, 2019 Net income for the year Withdrawals Increase in owner's capital Sarah Colin, capital, December 31, 2019 Assets Current assets: Cash BEACON SIGNALS COMPANY Balance Sheet December 31, 2019 < Chapter+4+Problem.pdf да 69% OBJ. 1,2,3 PR 4-1A Financial statements and closing entries Beacon Signals Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Beacon Signals Company prepared the following end-of- period spreadsheet at December 31, 2019, the end of the fiscal year: 1 2 B C D Beacon Signals Company End-of-Period Spreadsheet E F G 3 For the Year Ended December 31, 2019 4 Unadjusted 5 6 Account Title Trial Balance Dr. Adjustments Adjusted Trial Balance Cr. Dr. Cr. Dr. Cr. 7 8 Cash 13,000 13,000 Accounts Receivable 40,500 (a) 12,500 53,000 10 Prepaid Insurance 4,200 (b) 3,000 1,200 11 Supplies 3,000 (c) 2,250 750 12 Land 98,000 98,000 13 Building 500,000 500,000 14 Accum. Depr.-Building 255,300 (d) 9,000 264,300 $238,100 15 Equipment 121,900 121,900 16 Accum. Depr.-Equipment 100,100 (e) 4,500 104,600 17 Accounts Payable 15,700 15,700 18 Salaries and Wages Payable (04,900 4,900 19 Unearned Rent 2,100 (g) 1,300 800 20 Sarah Colin, Capital 238,100 238,100 21 Sarah Colin, Drawing 10,000 10,000 22 Fees Earned 388,700 (a)12,500 401,200 23 Rent Revenue (g) 1,300 1,300 24 Salaries and Wages Expense 163,100 (04,900 168,000 25 Advertising Expense 21,700 21,700 26 Utilities Expense 11,400 11,400 27 Depr. Exp.-Building (9,000 9,000 28 Repairs Expense 8,850 8,850 29 Depr. Exp.-Equipment (e) 4,500 4,500 30 Insurance Expense (b) 3,000 3,000 31 Supplies Expense (c) 2,250 2,250 32 Misc. Expense 4,350 4,350 33 1,000,000 1,000,000 37,450 37,450 1,030,900 1,030,900 34 $13,000 Accounts receivable Prepaid insurance Supplies 53,000 1,200 750 Total current assets Property, plant, and equipment: Land Building $ 67,950 $ 98,000 $500,000 Accumulated depreciation 264,300 Equipment $121,900 Accumulated depreciation 104,600 Total property, plant, and equipment Total assets Liabilities • Pr. 4-1A + Instructions 1. Prepare an income statement for the year ended December 31. 2. Prepare a statement of owner's equity for the year ended December 31. No additional investments were made during the year. 3. Prepare a balance sheet as of December 31. 4. Based upon the end-of-period spreadsheet, journalize the closing entries. 5. Prepare a post-closing trial balance.

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter14: Financial Statement Analysis

Section: Chapter Questions

Problem 14.9BE

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