2023 Attached are 2 documents 1 is a Trial Balance that gives you the balances to use | Assignments Online
2023 Attached are 2 documents 1 is a Trial Balance that gives you the balances to use | Assignments Online
Assignments Online 2023 Business Finance
Attached are 2 documents:
1) is a Trial Balance that gives you the balances to use to prepare the financial statements;
2) is a Template that you can use, note there are drop down choices – but, you can definitely use your own on Excel or similar;
Here are the instructions:
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.
**Check Figure: Total assets: $354,500 – if you got this number, then you did the assignment correctly.
4. Based upon the end-of-period spreadsheet, journalize the closing entries.
5. Prepare a post-closing trial balance.
| Problem 4-1A | |||||||||||||||||||||||
| Name: | |||||||||||||||||||||||
| Section: | |||||||||||||||||||||||
| Score: | 0% | ||||||||||||||||||||||
| Key Code: | 2 | ||||||||||||||||||||||
| Instructions | |||||||||||||||||||||||
| Answers are entered in the cells with gray backgrounds. | |||||||||||||||||||||||
| Cells with non-gray backgrounds are protected and cannot be edited. | |||||||||||||||||||||||
| An asterisk (*) will appear to the right of an incorrect entry. | |||||||||||||||||||||||
| For correct grading in the trial balance, enter a zero in cells you would otherwise leave blank. | |||||||||||||||||||||||
| 1. | LAMP LIGHT COMPANY | ||||||||||||||||||||||
| Income Statement | |||||||||||||||||||||||
| For the Year Ended December 31, 2016 | |||||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||
| Total revenues | |||||||||||||||||||||||
| Expenses: | |||||||||||||||||||||||
| Total expenses | |||||||||||||||||||||||
| Net income | |||||||||||||||||||||||
| 2. | LAMP LIGHT COMPANY | ||||||||||||||||||||||
| Statement of Owner’s Equity | |||||||||||||||||||||||
| For the Year Ended December 31, 2016 | |||||||||||||||||||||||
| Ted Hickman, capital, January 1, 2016 | |||||||||||||||||||||||
| Ted Hickman, capital, December 31, 2016 | |||||||||||||||||||||||
| 3. | LAMP LIGHT COMPANY | ||||||||||||||||||||||
| Balance Sheet | |||||||||||||||||||||||
| December 31, 2016 | |||||||||||||||||||||||
| Assets | Liabilities | ||||||||||||||||||||||
| Current assets: | Current liabilities | ||||||||||||||||||||||
| Total liabilities | |||||||||||||||||||||||
| Total current assets | |||||||||||||||||||||||
| Property, plant, and equipment: | Owner’s Equity | ||||||||||||||||||||||
| Total property, plant, and equipment | |||||||||||||||||||||||
| Total assets | Total liabilities and owner’s equity | ||||||||||||||||||||||
| 4. | JOURNAL | ||||||||||||||||||||||
| Date | Description | Debit | Credit | ||||||||||||||||||||
| 2016 | Closing Entries | ||||||||||||||||||||||
| Dec. | 31 | ||||||||||||||||||||||
| 31 | |||||||||||||||||||||||
| Miscellaneous Expense | |||||||||||||||||||||||
| 31 | |||||||||||||||||||||||
| 31 | |||||||||||||||||||||||
| 5. | LAMP LIGHT COMPANY | ||||||||||||||||||||||
| Post-Closing Trial Balance | |||||||||||||||||||||||
| December 31, 2016 | |||||||||||||||||||||||
| Debit Balances |
Credit Balances |
||||||||||||||||||||||
| Cash | |||||||||||||||||||||||
| Accounts Receivable | |||||||||||||||||||||||
| Prepaid Insurance | |||||||||||||||||||||||
| Supplies | |||||||||||||||||||||||
| Land | |||||||||||||||||||||||
| Building | |||||||||||||||||||||||
| Accumulated Depreciation – Building | |||||||||||||||||||||||
| Equipment | |||||||||||||||||||||||
| Accumulated Depreciation – Equipment | |||||||||||||||||||||||
| Accounts Payable | |||||||||||||||||||||||
| Salaries & Wages Payable | |||||||||||||||||||||||
| Unearned Rent | |||||||||||||||||||||||
| Ted Hickman, Capital | |||||||||||||||||||||||
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