Financial statements and closing entries Instructions 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: 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. Joumalize the entries that were required to close the accounts at June 30 * 3. If Stacy Tanner, Capital has instead decreased $30,000 arter the EHART OF ACCOUNTS Finders Investigative Services ceneral Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 16 Builiaing 17 Accumulated Depreciation-Building LIABILITIES 21 Accounts Payable 22 Salaries Payable 23 Uneamed Rent EQUITY REVEMUE 41 Service Fees 42 Rent Revenue EXPENSES 51 Salaries Expense 52 Rent Expense 53 Supplies Expense 54 Depreciation Expense- Building 55 Utilities Expense 56 Repairs Expense 57 Insurance Expense 59 Miscellaneous Expense 31 Stacy Tanner, Capilial 32 Stacy Tanner, Drawing 33 Income Summary Labels and Amouni Tresisinpunns 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 Total current assets Total expenses Total liabilities Total liabilities and owner's equity Total property, plant, and equipment Total revenues Withdrawals 1. Prepare a balance sheet as of June 30,20V3. Fixed asseis 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 che 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. Income Statement 1. Prepare an income statement for the year ended June 30, 20 V3. Be sure to complete the stafement 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 uniess the amount is a caiculation that results in a negative amount. For example Met ioss should be negative. Expenses should be positive. You will not need to enter colons () on the income statement. Financial statements and closing entries Statement of Owner's Equity 1. Prepare a slatement of owner's equity for the year ended June 30,20Y3. No aditional investments were made during the year. Be sure to complete the statement heading. Riefer to the fist 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. nancial statements and closing entries Joumal 2. Based upon the end-of-period spreadsheet, joumalize the closing entries Refer to the chart of accounts for the exact wording of the account tifles cNOW joumais do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries cNow journals will automaticaily indent a credit entry when a credit amount is entered. 3. If Stacy Tanner, Gapital has instead decreased $30,000 after the closing entries were posted, and the whthrrawals remained the same, what would have been the amount of net income or net ioss? Enter a net ioss as a negative amount using a minus sign