Chapter 4 Homework

Financial statements andclosing entries

Chrome File Edit View History Bookmarks Profiles Tab Window Help ~ [ Mon 3:00 PM Q DE ... Bb Lessons / Assignments - 20215 X CengageNOWv2 | Online teach X (24,354 unread) - rawan.shalal X + C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false F. Paused ... Reload this page Chapter 4 Homework eBook Print Item Financial statements and closing entries ? Instructions Chart of Accounts Labels and Amount Descriptions Income Statement Instructions X Finders Investigative Services is an investigative services firm that is owned and operated by Stacy Tanner. On June 30, 20Y3, 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, 20Y3 Adjusted Trial Balance Account Title Dr. Cr. Cash 28,000 Accounts Receivable 69,600 Supplies 4,600 Prepaid Insurance 2,500 Previous Next Assignment Score: 0.0% Email Instructor Save and Exit Submit Assignment for Grading WChrome File Edit View History Bookmarks Profiles Tab Window Help ~ [ Mon 3:00 PM Q DE ... Bb Lessons / Assignments - 20215 X CengageNOWv2 | Online teach X (24,354 unread) - rawan.shalal X + C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false F. Paused ... Chapter 4 Homework eBook Print Item Financial statements and closing entries ? Instructions Chart of Accounts Labels and Amount Descriptions Income Statement Instructions X Supplies 4,600 Prepaid Insurance 2,500 Building 439,500 Accumulated Depreciation-Building 44,200 Accounts Payable 11,700 Salaries Payable 3,000 Unearned Rent 2,000 Stacy Tanner, Capital 373,800 Stacy Tanner, Drawing 12,000 Service Fees 718,000 Rent Revenue 12,000 Salaries Expense 522, 100 Rent Expense 48,000 Previous Assignment Score: 0.0% Email Instructor Save and Exit Submit Assig W OChrome File Edit View History Bookmarks Profiles Tab Window Help ~ [ Mon 3:00 PM Q DE ... Bb Lessons / Assignments - 20215 X CengageNOWv2 | Online teach X (24,353 unread) - rawan.shalal x + C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false F. Paused ... Chapter 4 Homework eBook Print Item Financial statements and closing entries ? Instructions Chart of Accounts Labels and Amount Descriptions Income Statement Instructions X Rent Expense 48,000 Supplies Expense 10,800 Depreciation Expense-Building 8,750 Utilities Expense 7, 150 Repairs Expense 3,000 Insurance Expense 2,500 Miscellaneous Expense 6,200 1, 164,700 1, 164,700 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. Previous Assignment Score: 0.0% Email Instructor Save and Exit Submit Assig W OChrome File Edit View History Bookmarks Profiles Tab Window Help ~ [ Mon 3:00 PM Q DE ... 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Instructions Chart of Accounts Labels and Amount Descriptions Income Statement Chart of Accounts X CHART OF ACCOUNTS Finders Investigative Services General Ledger ASSETS REVENUE 11 Cash 41 Service Fees 12 Accounts Receivable 42 Rent Revenue 13 Supplies 14 Prepaid Insurance EXPENSES 16 Building 51 Salaries Expense 17 Accumulated Depreciation-Building 52 Rent Expense 53 Supplies Expense LIABILITIES 54 Depreciation Expense-Building 21 Accounts Payable 65 Utilities Expense 22 Salaries Payable 56 Repairs Expense 23 Unearned Rent 57 Insurance Expense Previous Next Assignment Score: 0.0% Email Instructor Save and Exit Submit Assignment for Grading WChrome File Edit View History Bookmarks Profiles Tab Window Help [ Mon 3:00 PM Q DE ... Bb Lessons / Assignments - 20215 X CengageNOWv2 | Online teach X (24,353 unread) - rawan.shalal X + v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false F. Paused ... Chapter 4 Homework eBook Print Item ? Chart of Accounts X 13 Supplies 14 Prepaid Insurance EXPENSES 16 Building 51 Salaries Expense 17 Accumulated Depreciation-Building 52 Rent Expense Supplies Expense LIABILITIES 54 Depreciation Expense-Building 21 Accounts Payable lities Expense 22 Salaries Payable 56 Repairs Expense 23 Unearned Rent 57 Insurance Expense 59 Miscellaneous Expense EQUITY 31 Stacy Tanner, Capital 32 Stacy Tanner, Drawing 33 Income Summary Previous E Assignment Score: 0.0% Email Instructor Save and Exit Submit Assig W OChrome File Edit View History Bookmarks Profiles Tab Window Help [ Mon 3:00 PM Q DE ... Bb Lessons / Assignments - 20215 X CengageNOWv2 | Online teach X (24,353 unread) - rawan.shalal X + - C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false F. Paused ... Chapter 4 Homework eBook Print Item Instructions Chart of Accounts Labels and Amount Descriptions Income Statement ? Labels and Amount Descriptions X Labels Current assets Current liabilities Expenses For the Year Ended June 30, 20Y3 June 30, 20Y3 Property, plant, and equipment Revenues Amount Descriptions Decrease in owner's equity Increase in owner's equity Net income Net loss Stacy Tanner, capital, July 1, 20Y2 Stacy Tanner, capital, June 30, 20Y3 Total assets Previous Next Assignment Score: 0.0% Email Instructor Save and Exit Submit Assignment for Grading WChrome File Edit View History Bookmarks Profiles Tab Window Help [ Mon 3:00 PM Q DE ... Bb Lessons / Assignments - 20215 X CengageNOWv2 | Online teach X (24,353 unread) - rawan.shalal x + v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false F. Paused ... Chapter 4 Homework eBook Print Item ? Labels and Amount Descriptions Revenue Amount Descriptions Decrease in owner's equity Increase in owner's equity Net income Net loss Stacy Tanner, capital, July 1, 20Y2 Stacy Tanner, capital, June 30, 20Y3 Total assets Total current assets Total expenses Total liabilities Total liabilities and owner's equity Total property, plant, and equipment Total revenues Withdrawals Previous Assignment Score: 0.0% Email Instructor Save and Exit Submit Assig W OChrome File Edit View History Bookmarks Profiles Tab Window Help ~ [ Mon 3:01 PM Q DE ... Bb Lessons / Assignments - 20215 X CengageNOWv2 | Online teach X (24,353 unread) - rawan.shalal X + v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false F. Paused ... Chapter 4 Homework eBook Print Item Instructions Chart of Accounts Labels and Amount Descriptions Income Statement ? Income Statement X 1. Prepare an income statement for the year ended June 30, 20Y3. Be sure to complete the statement heading. Refer to the Chart of Accounts and the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative. Expenses should be positive. You will not need to enter colons (:) on the income statement. Finders Investigative Services ome Statement (Label) 1 (Label) 2 4 5 (Label) 6 7 Previous Next Assignment Score: 0.0% Email Instructor Save and Exit Submit Assignment for Grading WChrome File Edit View History Bookmarks Profiles Tab Window Help ~ [ Mon 3:01 PM Q DE ... Bb Lessons / Assignments - 20215 X CengageNOWv2 | Online teach X (24,353 unread) - rawan.shalal X + v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false F. Paused ... Chapter 4 Homework eBook Print Item ? Income Statement X 3 5 (Label) 6 10 14 15 Previous Assignment Score: 0.0% Email Instructor Save and Exit Submit Assig W OChrome File Edit View History Bookmarks Profiles Tab Window Help ~ [ Mon 3:01 PM Q DE ... Bb Lessons / Assignments - 20215 X CengageNOWv2 | Online teach X (24,353 unread) - rawan.shalal X + C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false F. Paused ... Chapter 4 Homework eBook Print Item ? Statement of Owner's Equity X 1. Prepare a statement of owner's equity for the year ended June 30, 20Y3. No additional investments were made during the year. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Finders Investigative Services Statement of Owner's Equity (Label) un Previous Next Assignment Score: 0.0% Email Instructor Save and Exit Submit Assignment for Grading WChrome File Edit View History Bookmarks Profiles Tab Window Help ~ [ Mon 3:01 PM Q DE ... Bb Lessons / Assignments - 20215 X CengageNOWv2 | Online teach X (24,353 unread) - rawan.shalal x + C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false F. Paused ... Chapter 4 Homework eBook Print Item Financial statements and closing entries ? Instructions Chart of Accounts Labels and Amount Descriptions Income Statement Balance Sheet X 1. Prepare a balance sheet as of June 30, 20Y3. Fixed assets must be entered in order according to account number. Be sure to complete the statement heading. Refer to the Chart of Accounts and the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. You will not need to enter colons (:) or the word "Less" on the balance sheet; they will automatically insert where necessary. Enter all values as positive amounts. Finders Investigative Services Balance Sheet (Label) 1 Assets 2 (Label) 3 4 5 6 7 8 (Label) Previous Next Assignment Score: 0.0% Email Instructor Save and Exit Submit Assignment for Grading WChrome File Edit View History Bookmarks Profiles Tab Window Help ~ [ Mon 3:01 PM Q DE ... Bb Lessons / Assignments - 20215 X CengageNOWv2 | Online teach X (24,353 unread) - rawan.shalal x + C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false F. Paused ... Chapter 4 Homework eBook Print Item Financial statements and closing entries ? Instructions Chart of Accounts Labels and Amount Descriptions Income Statement Balance Sheet X 8 (Label) 9 10 11 12 13 Liabilities 14 (Label) 15 16 17 18 19 Owner's Equity 20 21 Previous Assignment Score: 0.0% Email Instructor Save and Exit Submit Assig W OChrome File Edit View History Bookmarks Profiles Tab Window Help ~ [ Mon 3:01 PM Q DE ... Bb Lessons / Assignments - 20215 X CengageNOWv2 | Online teach X (24,353 unread) - rawan.shalal x + C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false F. Paused ... Chapter 4 Homework eBook Print Item Financial statements and closing entries ? Instructions Chart of Accounts Labels and Amount Descriptions Income Statement Journal X 2. Based upon the end-of-period spreadsheet, journalize the closing entries. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. PAGE 11 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Closing Entries 2 1 00 Previous Next Assignment Score: 0.0% Email Instructor Save and Exit Submit Assignment for Grading PCB WChrome File Edit View History Bookmarks Profiles Tab Window Help ~ [ Mon 3:01 PM Q DE ... Bb Lessons / Assignments - 20215 X CengageNOWv2 | Online teach x (24,353 unread) - rawan.shalal X + - C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false F. Paused ... Chapter 4 Homework eBook Print Item Instructions Chart of Accounts Labels and Amount Descriptions Income Statement ? Journal X 4 5 6 10 00 12 13 14 Previous Assignment Score: 0.0% Email Instructor Save and Exit Submit Assig W OChrome File Edit View History Bookmarks Profiles Tab Window Help ~ [ Mon 3:01 PM Q DE ... Bb Lessons / Assignments - 20215 X CengageNOWv2 | Online teach X (24,353 unread) - rawan.shalal X + v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false F. Paused ... Chapter 4 Homework eBook Print Item Instructions Chart of Accounts Labels and Amount Descriptions Income Statement ? Statement of Owner's Equity Balance Sheet Journal Final Question Final Question X 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? If required, use the minus sign to indicate a net loss. $ Previous Next Assignment Score: 0.0% Email Instructor Save and Exit Submit Assignment for Grading W