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Instructions Statement of Stacknolders' Eaunc hothuctions 1. Prepare an income statement for the year ended August 31, 20 Y5. Lght: Up Company maintains and repars waming lights, wuch as those found on radio towers and lighthouses. Upht-H-Up Company prepared the following end-of-period spreadsheet at August 31, 20Y5, the end of the fecal yes: 4. Based ipon the endiof period spradsheed joumalue the clowng eniries. Chart of Accounts CHART OF ACCOUNTS Light-It-Up Company General Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Prepaid Insurance 14 Supplies 15 Land 16 Building 17 Accumulated Depreciation-Bullding 18 Equipment 19 Accumulated Depreciation-Equipment LIABILITIES 21 Accounts Payable REVENUE 41 Fees Earned 42 Rent Revenue EXPENSES 51 Salaries and Wages Expense 52 Advertising Expense 53 Utilities Expense 54 Depreciation Expenso-Building 55 Repairs Expense 56 Depreciation Expense-Equipmerk 57 Insurance Expense 58 Supplies Expense Acrentinte Pavaks 15 ancial statements and closing entries Instructions Chart of Accounts Labels and Amount Descriptions Income Statoment Post-Closing Trial Balance POST-CLOSING TRIAL BALANCE August 31,20Y5 3 Prepaid Insurance 4 Supplies 5 Land 6 Building 7 Accumulated Depreciation-Building 1 Equipment 9. Accumulated Depreciation-Equipment 10 Accounts Payable Salaries and Wages Payable 12 Unearned Rent 13 Common Stock 14 Retained Earnings 15 Totals 3. Phepare a balance sheet as of August 31, 20Vrs Required: 1. Prepare an income statement for the year ended Auguit 31, zors. 2. Prepare a statement of stockholders' equity for the year ended August 31, 20Y5. During the yos, common stock of 525,000 was issued. 3. Prepare a balance shewt as of August 31, 20rs. 4. Based upon the end-of period spreadeheet jourrake the closing enties. 5. Prepare a post-closing trial balance Labels and Amount Descriptions Labeis Current assets Current liabilities August 31, 20Y5 Expenses For the Year Ended August 31, 20Y5 Propenty, plary, and equipment Revenues Amount Descriptions Book value-building Book value-equipment Balances, August 31, 20Y5 Balances, September 1, 20Y4 Issued common stock Dividends Net income Netloss Total assets Total current assets

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