(Solved): Light-It-Up Company maintains and repairs warning lights, such as those found on radio towers and li ...

Light-It-Up Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Light-It-Up Company prepared the following end-of-period spreadsheet at August 31, 20Y5, the end of the fiscal year: Required: 1. Prepare an income statement for the year ended August 31, 20 Y5. 2. Prepare a statement of stockholders' equity for the year ended August 31, 20Y5. During the year, common stock of \( \$ 20,000 \) was issued. 3. Prepare a balance sheet as of August 31, 20 Y5. 4. Based upon the end-of-period spreadsheet, journalize the closing entries. 5. Prepare a post-closing trial balance. Income Statement \begin{tabular}{|l|l|l|l|l|l|l|} \hline Common Stock & & 90,000 & & & & 90,000 \\ \hline Retained Earnings & & 126,430 & & & & 126,430 \\ \hline Dividends & 10,000 & & & & 10,000 & \\ \hline Fees Earned & & 363,100 & & 9,300 & & 372,400 \\ \hline Rent Revenue & & & & 1,100 & & 1,100 \\ \hline Salaries and Wages Expense & 158,500 & & 4,000 & & 162,500 & \\ \hline Advertising Expense & 21,300 & & & & 21,300 & \\ \hline Utilities Expense & 15,500 & & & & 15,500 & \\ \hline Depreciation Expense-Building & & & 13,000 & & 13,000 & \\ \hline Repairs Expense & 8,850 & & & & 8,850 & \\ \hline Depreciation Expense-Equipment & & & 4,800 & & 4,800 & \\ \hline Insurance Expense & & & 3,150 & & 3,150 & \\ \hline Supplies Expense & & & 2,180 & & 2,180 & \\ \hline Miscellaneous Expense & 4,000 & & & & 4,000 & \\ \hline & 887,730 & 887,730 & 37,530 & 37,530 & 918,830 & 918,830 \\ \hline \end{tabular} Required: \begin{tabular}{|l|l|l|l|l|l|l|} \hline & \multicolumn{6}{|c|}{For the Year Ended August 31, 20 Y5} \\ \hline & \multicolumn{2}{|c|}{Unadjusted Trial Balance} & \multicolumn{2}{|c|}{Adjustments} & \multicolumn{2}{|c|}{Adjusted Trial Balance} \\ \hline Account Title & Dr. & Cr. & Dr. & Cr. & Dr. & Cr. \\ \hline Cash & 10,400 & & & & 10,400 & \\ \hline Accounts Receivable & 39,900 & & 9,300 & & 49,200 & \\ \hline Prepaid Insurance & 4,500 & & & 3,150 & 1,350 & \\ \hline Supplies & 2,780 & & & 2,180 & 600 & \\ \hline Land & 98,000 & & & & 9)(1),000 & \\ \hline Building & 412,000 & & & & 412,000 & \\ \hline Accumulated Depreciation-Building & & 205,300 & & 13,000 & & 218,300 \\ \hline Equipment & 102,000 & & & & 102,000 & \\ \hline Accumulated Depreciation-Equipment & & 85,100 & & 4,800 & & 89,900 \\ \hline Accounts Payable & & 15,800 & & & & 15,800 \\ \hline Salaries and Wages Payable & & & & 4,000 & & 4,000 \\ \hline Unearned Rent & & 2,000 & 1,100 & & & 900 \\ \hline Common Stock & & 90,000 & & & & 90,000 \\ \hline \end{tabular}