Accounting I

Sheet1

ACCT2301 PRINCIPLES OF ACCOUNTING I - Fall 2023
WEEK 13 - CP
Assignment due by Sunday, November 12, 2023
	Scerino
	Last Chance Company maintains and repairs warning lights, such as those found on radior towers
	and lighthouses. Last Chance Company prepared the following end-of-period spreadsheet at
	December 31, 20Y5, the end of the fiscal year:
	Last Chance Company
	End-of-Period Spreadsheet
	For the Year Ended December 31 , 20Y5
				Unadjusted				Adjusted
				Trial Balance		Adjustments		Trial Balance
	Account Title			Dr.	Cr.	Dr.	Cr.	Dr.	Cr.
	Cash			10,800				10,800
	Accounts receivable			38,900		9,100		48,000
	Prepaid Insurance			4,200			3,150	1,050
	Supplies			2,730			2,180	550
	Land			98,000				98,000
	Building			400,000				400,000
	Accum Depr.pBuilding				205,300		12,000		217,300
	Equipment			101,000				101,000
	Accum Depr.-Equipment				85,100		4,800		89,900
	Accounts Payable				15,700				15,700
	Salaries and Wages Payable						5,000		5,000
	Unearned Rent				2,100	1,100			1,000
	Common Stock				75,000				75,000
	Retained Earnings				128,100				128,100
	Dividends			10,000				10,000
	Fees Earned				363,700		9,100		372,800
	Rent Revenue						1,100		1,100
	Salaries and Wages Expense			158,100		5,000		163,100
	Advertising Expense			21,700				21,700
	Utilities Expense			16,400				16,400
	Depr. Exp-Building					12,000		12,000
	Repairs Expense			8,850				8,850
	Depr. Exp.-Equipment					4,800		4,800
	Insurance Expense					3,150		3,150
	Supplies Expense					2,180		2,180
	Misc Expense			4,320				4,320
				875,000	875,000	37,330	37,330	905,900	905,900
	Instructions:
1	Prepare an income statement for the year ended December 31.
	Last Chance Company
	Income Statement
	For the Year Ended December 31, 20Y5
	Revenues:
	Fees earned				$ - 0
	Rent revenue				- 0
	Total revenues					$ - 0
	Expenses:
	Salaries and wages expense				$ - 0
	Advertising expense				- 0
	Utilities expense				- 0
	Depreciation expense-building				- 0
	Repairs expense				- 0
	Depreciaiton expense-equipment				- 0
	Insurance expense				- 0
	Supplies				- 0
	Miscelaneous expense				- 0
	Total expenses
	Net income					$ - 0
2	Prepare a statement of owner's equity for the year ended December 31.
	During the year, common stock of $25,000 was issued.
	Last Chance Company
	Statement of Stockholders' Equity
	For the Year Ended December 31, 20Y5
				Common Stock	Retained Earnings	Total
	Balances, January 1, 20Y5			$ - 0	$ - 0	$ - 0
	Issued common stock			- 0	- 0	- 0
	Net income			- 0	- 0	- 0
	Dividends			- 0	- 0	- 0
	Balances, December 31, 20Y5			$ - 0	$ - 0	$ - 0
3	Prepare a balance sheet as of December 31, 20Y5
	Last Chance Company
	Balance Sheet
	December 31, 20Y5
	Assets
	Current assets:
	Cash					$ - 0
	Accounts receivable					- 0
	Prepaid insurance					- 0
	Supplies					- 0
	Total current assets						$ - 0
	Property, plant, and equipment:
	Land					$ - 0
	Building				$ - 0
	Accum depreciation-building				- 0
	Book value-building					- 0
	Equipment				$ - 0
	Accum depreciation-equipment				- 0
	Book value-equipment					- 0
	Total Property, plant & equipment						- 0
	Total assets						$ - 0
	Liabilities
	Current liabilities:
	Accounts Payable					- 0
	Salaries and wages payable					- 0
	Unearned rent					- 0
	Total Liabilities						$ - 0
	Stockholders' Equity
	Common stock					- 0
	Retained earnings					- 0
	Total stockholders' equity						- 0
	Total Liabilities & stockholders' equity						$ - 0