Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1) 2) Finders Investigative Services is an investigative services firm that is owned and operated by Stacy Tanner. On June 30, 2019, the end of

1)

image text in transcribedimage text in transcribed image text in transcribed

2)

image text in transcribed

image text in transcribed

Finders Investigative Services is an investigative services firm that is owned and operated by Stacy Tanner. On June 30, 2019, the end of the fiscal year, the accountant for Finders Investigative Services prepared an end-of-period spreadsheet, a part of which follows: Finders Investigative Services End-of-Period Spreadsheet For the Year Ended June 30, 2019 - Adjusted Trial Balance Account Title Dr. Cr. Cash 22,900 Accounts Receivable 71,200 Supplies 4,400 Prepaid Insurance 2,500 Building 437,000 Accumulated Depreciation-Building 42,800 Accounts Payable 11,400 Salaries Payable 3,800 Unearned Rent 2,500 Stacy Tanner, Capital 372,500 Stacy Tanner, Drawing 11,700 Service Fees 713,150 Rent Revenue 11,700 Salaries Expense 524,000 Rent Expense 46,800 Supplies Expense 10,300 Depreciation Expense-Building 7,300 Utilities Expense 7,950 Repairs Expense 3,500 Insurance Expense 2,500 Miscellaneous Expense 5,800 1,157,850 1,157,850 Required: 1. Prepare an income statement, a statement of owner's equity (no additional investments were made during the year), and a balance sheet.* 2. Journalize the entries that were required to close the accounts at June 30." 3. If Stacy Tanner, Capital has instead decreased $30,000 after the closing entries were posted, and the withdrawals remained the same, what would have been the amount of net income or net loss? "Be sure to read the instructions for each financial statement carefully. Refer to the chart of accounts and the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. Closing Entries After the accounts have been adjusted at April 30, the end of the fiscal year, the following balances were taken from the ledger of Nuclear Landscaping Co.: Felix Godwin, Capital $594,000 Felix Godwin, Drawing 35,000 Fees Earned 470,015 Wages Expense 360,000 86,400 Rent Expense 32,400 Supplies Expense Miscellaneous Expense 10,800 Journalize the two entries required to close the accounts. For a compound transaction, if an amount box does not require an entry, leave it blank. Apr 30 Felix Godwin, Capital Apr. 30

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

Explain the various techniques of Management Development.

Answered: 1 week ago