Homework SourseBeacon Signals Company maintains and repairs warning lights
?Beacon Signals Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Beacon Signals Company prepared the following end-ofperiod spreadsheet at December 31, 2019, fiscal year:
Beacon Signals Company End-of-Period Spreadsheet For the Year Ended December 31, 2019 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Account Title r. r. Dr. r. Cash 13,000.00 40,500.00 4,200.00 3,000.00 98,000.00 500,000.00 13,000.00 53,000.00 (b) 3,000.00 1,200.00 Accounts Receivable (a) 12,500.00 Prepaid Insurance Supplies Land (c) 2,250.00 750.00 98,000.00 500,000.00 Building Accumulated Depreciation-Building Equipment 255,300.00 (d) 9,000.00 264,300.00 121,900.00 121,900.00Solution
Beacon Signals Company
Income Statement
December 31st 2019
Fee Earned
$ 401,200.00
Operating Expenses
Salaries and wages Expenses
$ 168,000.00
Advertisement expenses
$ 21,700.00
Utilities Expenses
$ 11,400.00
Depreciation expenses-Building
$ 9,000.00
Repair Expenses
$ 8,850.00
Depreciation expenses-Equipment
$ 4,500.00
Insurance Expenses
$ 3,000.00
Supplies Expenses
$ 2,250.00
Miscellaneous Expenses
$ 4,350.00
$ 233,050.00
operating Income
$ 168,150.00
Add: Other Income
Rent Revenue
$ 1,300.00
Net Income
$ 169,450.00
Statement of Owner\'s equity
beginning balance jan 1
$ 228,100.00
Add: Net Income for the year
$ 169,450.00
Ending balance Dec 31
$ 397,550.00
Beacon Signals Company
Balance Sheet
December 31st 2019
Assets
Current Assets
Cash
$ 13,000.00
Accounts Receivables
$ 53,000.00
Prepaid Insurance
$ 1,200.00
Supplies
$ 750.00
Total Current Assets
$ 67,950.00
Fixed Assets
Land
$ 98,000.00
Building
$ 500,000.00
Less-Accumulated Depreciation
$ 264,300.00
$ 235,700.00
Equipment
$ 121,900.00
Less-Accumulated Depreciation
$ 104,600.00
$ 17,300.00
Total Fixed Assets
$ 351,000.00
Total Assets
$ 418,950.00
Liabilities
Current Liabilities
Accounts Payable
$ 15,700.00
Salaries and Wages payable
$ 4,900.00
Unearned rent
$ 800.00
Total Liabilities
$ 21,400.00
Owner\'s Equity
$ 397,550.00
Total Liability and Owner\'s Equity
$ 418,950.00
Journal
Transaction
Accounts Title
Debit
Credit
a
Accounts Receivable
$ 12,500.00
Fee Earned
$ 12,500.00
b
Insurance expenses
$ 3,000.00
Prepaid Insurance
$ 3,000.00
c
supplies expenses
$ 2,250.00
supplies
$ 2,250.00
d
Depreciation expenses-Building
$ 9,000.00
Accumulated Depreciation-Building
$ 9,000.00
e
Depreciation expenses-Equipment
$ 4,500.00
Accumulated Depreciation-Equipment
$ 4,500.00
f
Salaries and wages expenses
$ 4,900.00
salaries and wages payable
$ 4,900.00
g
Unearned rent
$ 1,300.00
Rent revenue
$ 1,300.00
Post Closing Trial Balance
Accounts Title
Debit
Credit
Cash
$ 13,000.00
Accounts Receivable
$ 53,000.00
Prepaid Insurance
$ 1,200.00
Supplies
$ 750.00
Land
$ 98,000.00
Building
$ 500,000.00
Accumulated depreciation-Building
$ 264,300.00
Equipment
$ 121,900.00
Accumulated depreciation-Equipment
$ 104,600.00
Accounts Payable
$ 15,700.00
Salaries and wages payable
$ 4,900.00
Unearned rent
$ 800.00
sarah Colin Capital
$ 397,550.00
Total
$ 787,850.00
$ 787,850.00
| Beacon Signals Company | ||
| Income Statement | ||
| December 31st 2019 | ||
| Fee Earned | $ 401,200.00 | |
| Operating Expenses | ||
| Salaries and wages Expenses | $ 168,000.00 | |
| Advertisement expenses | $ 21,700.00 | |
| Utilities Expenses | $ 11,400.00 | |
| Depreciation expenses-Building | $ 9,000.00 | |
| Repair Expenses | $ 8,850.00 | |
| Depreciation expenses-Equipment | $ 4,500.00 | |
| Insurance Expenses | $ 3,000.00 | |
| Supplies Expenses | $ 2,250.00 | |
| Miscellaneous Expenses | $ 4,350.00 | $ 233,050.00 |
| operating Income | $ 168,150.00 | |
| Add: Other Income | ||
| Rent Revenue | $ 1,300.00 | |
| Net Income | $ 169,450.00 |
