Beacons Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Beacons Company prepared the following end-of-period spreadsheet at December 31, 20Y5, the end of the fiscal year.
Required:1. Prepare an income statement for the year ended December 31. 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.
2. Prepare a statement of owner’s equity for the year ended December 31. No additional investments were made during the year. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Be sure to complete the statement heading.
3. Prepare a balance sheet as of December 31. Fixed assets must be entered in order according to account number. Be sure to complete the statement heading. 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.