Chart of Accounts

Labels and Amount Descriptions

Income Statement

Statement of Owners Equity

Balance Sheet

Journal

Final Question

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Instructions

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	~	23,000
Accounts Receivable	~	68,000
Supplies	~	4,500
Prepaid Insurance	~	2,500
Building	~	444,000
Accumulated Depreciation-Building	~		45,000
Accounts Payable	~		11,200
Salaries Payable	~		2,900
Unearned Rent	~		1,500
Stacy Tanner, Capital	~		372,900
Stacy Tanner, Drawing	~	11,500
Service Fees	~		716,250
Rent Revenue	~		11,500
Salaries Expense	~	525,000
Rent Expense	~	46,000
Supplies Expense	~	10,500
Depreciation Expense-Building	~	8,100
Utilities Expense	~	7,350
Repairs Expense	~	2,500
Insurance Expense	~	2,300
Miscellaneous Expense	~	6,000
	~	1,161,250	1,161,250

Required:

1.

Prepare an income statement, a statement of owners 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.