Question
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
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 ~ 27,000 Accounts Receivable ~ 71,400 Supplies ~ 4,400 Prepaid Insurance ~ 2,500 Building ~ 433,500 Accumulated Depreciation-Building ~ 44,900 Accounts Payable ~ 11,400 Salaries Payable ~ 4,000 Unearned Rent ~ 2,000 Stacy Tanner, Capital ~ 372,800 Stacy Tanner, Drawing ~ 11,700 Service Fees ~ 714,000 Rent Revenue ~ 11,700 Salaries Expense ~ 525,900 Rent Expense ~ 46,800 Supplies Expense ~ 11,000 Depreciation Expense-Building ~ 7,800 Utilities Expense ~ 7,600 Repairs Expense ~ 3,000 Insurance Expense ~ 2,000 Miscellaneous Expense ~ 6,200 ~ 1,160,800 1,160,800 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.
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