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4b. Please answer questions 1-3...Thank you :-) Finders Investigative Services is an investigative services firm that is owned and operated by Stacy Tanner. On June
4b. Please answer questions 1-3...Thank you :-)
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 24,600 Accounts Receivable 71,400 Supplies 4,700 Prepaid Insurance 2,500 Building 2 432,500 Accumulated Depreciation-Building ? 42,700 Accounts Payable ? 11,700 Salaries Payable ? 2,500 Unearned Rent > 1,800 ? Stacy Tanner, Capital 373,400 Stacy Tanner, Drawing 2 12,000 Service Fees 713,600 Rent Revenue ? 12,000 Salaries Expense 2 526,000 Supplies Expense 11,000 Depreciation Expense-Building 7,100 Utilities Expense 7,300 Repairs Expense 2,800 Insurance Expense 2,000 Miscellaneous Expense 5,800 1,157,700 1,157,700 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. CHART OF ACCOUNTS Finders Investigative Services General Ledger ASSETS 11 Cash REVENUE 41 Service Fees 42 Rent Revenue 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 16 Building 17 Accumulated Depreciation-Building EXPENSES 51 Salaries Expense 52 Rent Expense 53 Supplies Expense LIABILITIES 21 Accounts Payable 22 Salaries Payable 23 Unearned Rent 54 Depreciation Expense-Building 55 Utilities Expense 56 Repairs Expense 57 Insurance Expense 59 Miscellaneous Expense EQUITY 31 Stacy Tanner, Capital 32 Stacy Tanner, Drawing 33 Income SummaryStep by Step Solution
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