Complete the following Problem(s): PR 4-1A. Please use the attached template that is provided to do this problem. WRD 26e_PR4-1A.xlsx (217.933 KB)Lamp Light Company maintains and repairs warning lights, such as those found on radio towers and lighthouse. Lamp Light Company prepared the following end of period spreadsheet at December 31, 2016, the end of the fiscal year.Lamp Light CompanyEnd-of-Period SpreadsheetFor the Year Ended December 31, 2016Unadjusted Trial BalanceAdjustmentsAdjusted Trial BalanceAccount TitleDr.Cr.Dr.Cr.Dr.Cr.Cash10,800.0010,800.00Accounts Receivable38,900.00(a) 11,300.0050,200.00Prepaid Insurance4,200.00(b) 3,000.001,200.00Supplies2,730.00(c) 2,250.00480Land98,000.0098,000.00Building400,000.00400,000.00Accumulated Depreciation-Building205,300.00(d) 10,100.00215,400.00Equipment101,000.00101,000.00Accumulated Depreciation-Equipment85,100.00(e) 6,680.0091,780.00Accounts Payable15,700.0015,700.00Salaries and Wages Payable(f) 4,900.004,900.00Unearned Rent2,100.00(g) 1,300.00800Ted Hickman, Capital203,100.00203,100.00Ted Hickman, Drawing10,000.0010,000.00Fees Earned363,700.00(a) 11,300.00375,000.00Rent Revenue(g) 1,300.001,300.00Salaries and Wages Expense163,100.00(f) 4,900.00168,000.00Advertising Expense21,700.0021,700.00Utilities Expense11,400.0011,400.00Depreciation Expense-Building(d) 10,100.0010,100.00Repairs Expense8,850.008,850.00Depreciation Expense-Equipment(e) 6,680.006,680.00Insurance Expense(b) 3,000.003,000.00Supplies Expense(c) 2,250.002,250.00Miscellaneous Expense4,320.004,320.00875,000.00875,000.0039,530.0039,530.00907,980.00907,980.00Required:1.Prepare an income statement for the year ended December 31, 2016. If a net loss has been incurred, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. 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, 2016. No additional investments were made during the year. No additional investments were made during the year. If a net loss has been incurred or there has been a decrease in owner’s equity, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items.3.Prepare a balance sheet as of December 31, 2016. Fixed assets must be entered in order according to account number. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) or the word “Less” on the balance sheet; they will automatically insert where necessary.4.Based upon the end-of-period spreadsheet, journalize the closing entries. Explanations should be omitted. If you are unsure of account titles, see the chart of accounts.5.Prepare a post-closing trial balance.
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