Lightworks Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Lightworks Company prepared the end-of-period spreadsheet (work sheet) shown below at July 31, 2010, the end of the current fiscal year:
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Instructions
1. Prepare an income statement for the year ended July 31.
2. Prepare a statement of owner's equity for the year ended July 31. No additional investments were made during the year.
3. Prepare a balance sheet as of July 31.
4. Based upon the end-of-period spreadsheet (work sheet), journalize the closing entries.
5. Prepare a post-closing trialbalance.