Financial statements and closing entries Instructions Chart of Accounts Labels and Amount Descriptions Income Statement Statement of Owner's Equity Balance Sheet Journal Instructions Outreach Signals Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Outreach Signals Company prepared the following end-of-period spreadsheet at December 31, 20Y1, the end of the fiscal year: Outreach Signals Company End-of-Period Spreadsheet For the Year Ended December 31, 20Y1 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 20.500 20.500 Accounts Receivable 63,800 (a) 10.700 83,500 Prepaid Insurance 6.600 (b) 4.700 1.900 Supplies 4,700 (c) 3.540 1.180 Land 154,300 154,300 Building 787,000 787.000 Accumulated Depreciation-Building 402,000 (d) 14,200 416,200 Equipment 192.000 192,000 Accumulated Depreciation-Equipment 157,600 (e) 7.100 164.700 Accounts Payable 24,700 24,700 Salaries and Wages Payable (1) 7.700 7.700 Unearned Rent 3.300 (9) 2,000 1,300 Inez Villanueva, Capital 375,000 375.000 Inez Villanueva, Drawing 16,000 16.000 Fees Earned 612,000 (a) 10.700 631,700 Rent Revenue (g) 2,000 2.000 Salaries and Wages Expense 258,820 ) 7.700 284,520 Advertising Expense 34,200 34,200 Utilities Expense 17.900 17.900 Depreciation Expense-Building (d) 14,200 14,200 Repairs Expense 13,930 13,930 Depreciation Expense-Equipment (e) 7.100 7.100 Insurance Expense (b) 4.700 4,700 Supplies Expense (c) 3.540 3.540 Miscellaneous Expense 6,850 8.850 1,574,800 1,574,800 58,940 58,940 1,623,300 1,623,300 Required:
1. Prepare an income statement for the year ended December 31. Be sure to complete the statement heading. Refer to the Chart of Accounts and the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative. Expenses should be positive. You will not need to enter colons (-) on the income statement.
2. Prepare a statement of owner's equity for the year ended December 31. No additional investments were made during the year. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign
3. Prepare a balance sheet as of December 31. Fixed assets must be entered in order according to account number. Be sure to complete the statement heading. Refer to the Chart of Accounts and the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. You will not need to enter colons (-) or the word "Less" on the balance sheet; they will automatically insert where necessary. Enter all values as positive amounts.
4. Based upon the end-of-period spreadsheet, journalize the closing entries. Explanations should be omitted. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. 5. Prepare a post-closing trial balance.