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 23,600 Accounts Receivable 68,400 Supplies 4,500 Prepaid Insurance 2,500 Building 432,000 Accumulated Depreciation-Building 44,200 Accounts Payable 2 11,100 Salaries Payable 3,300 Unearned Rent 1,700 Stacy Tanner, Capital 372,400 Stacy Tanner, Drawing 11,400 Service Fees 703,750 Rent Revenue 11,400 Salaries Expense 522,100 Rent Expense 45,600 Supplies Expense 10,800 Depreciation Expense-Building 9,000 Utilities Expense 1 7,150 Repairs Expense 2 2,700 ? Insurance Expense 2,500 Insurance Expense 2,500 Miscellaneous Expense 5,600 1,147,850 1,147,850 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. 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 55 Utilities 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 1. Prepare a statement of owner's equity for the year ended June 30, 2019. No additional investments were made during the year. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items. Finders Investigative Services Statement of Owner's Equity For the Year Ended June 30, 2019 1 Stacy Tanner, capital, July 1, 2018 2 Net income 3 Withdrawals 4 Increase in owner's equity 5 Stacy Tanner, capital, June 30, 2019 Finders Investigative Services Balance Sheet (Label) 1 Assets 2 (Label) 3 4 5 6 7 8 (Label) 9 10 11 12 13 Liabilities 14 (Label) 15 16 17 18 19 Owner's Equity 20 21 13 Liabilities 14 (Label) 15 16 17 18 19 Owner's Equity 20 21
