Financial statements and closing entries OBJ. 2, 3 Finders Investigative Services is an investigative services firm that is owned and operated by Stacy Tanner. On June 30, 2016, the end of the fiscal year, the accountant for Finders Investigative Services prepared an end-of-period spreadsheet, a part of which follows:

Instructions 1. Prepare an income statement, a retained earnings statement, and a balance sheet.
2. Journalize the entries that were required to close the accounts at June 30.
3. If Retained Earnings has instead decreased $30,000 after the closing entries were posted, and the dividends remained the same, what would have been the amount of net income or net loss?