Lamp Light Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Lamp Light Company prepared the following end-of-period spreadsheet at December 31, 2016, the end of the fiscal year:

Lamp Light Company
End-of-Period Spreadsheet
For the Year Ended December 31, 2016
Unadjusted Trial Balance Adjustments Adjusted Trial Balance
Account Title Dr. Cr. Dr. Cr. Dr. Cr.
Cash 10,800.00 10,800.00
Accounts Receivable 38,900.00 (a) 11,300.00 50,200.00
Prepaid Insurance 4,200.00 (b) 3,000.00 1,200.00
Supplies 2,730.00 (c) 2,250.00 480
Land 98,000.00 98,000.00
Building 400,000.00 400,000.00
Accumulated Depreciation-Building 205,300.00 (d) 10,100.00 215,400.00
Equipment 101,000.00 101,000.00
Accumulated Depreciation-Equipment 85,100.00 (e) 6,680.00 91,780.00
Accounts Payable 15,700.00 15,700.00
Salaries and Wages Payable (f) 4,900.00 4,900.00
Unearned Rent 2,100.00 (g) 1,300.00 800
Ted Hickman, Capital 203,100.00 203,100.00
Ted Hickman, Drawing 10,000.00 10,000.00
Fees Earned 363,700.00 (a) 11,300.00 375,000.00
Rent Revenue (g) 1,300.00 1,300.00
Salaries and Wages Expense 163,100.00 (f) 4,900.00 168,000.00
Advertising Expense 21,700.00 21,700.00
Utilities Expense 11,400.00 11,400.00
Depreciation Expense-Building (d) 10,100.00 10,100.00
Repairs Expense 8,850.00 8,850.00
Depreciation Expense-Equipment (e) 6,680.00 6,680.00
Insurance Expense (b) 3,000.00 3,000.00
Supplies Expense (c) 2,250.00 2,250.00
Miscellaneous Expense 4,320.00 4,320.00
875,000.00 875,000.00 39,530.00 39,530.00 907,980.00 907,980.00
Required:

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.