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

~

20,300

Accounts Receivable

~

69,400

Supplies

~

4,600

Prepaid Insurance

~

2,500

Building

~

434,000

Accumulated Depreciation-Building

~

42,000

Accounts Payable

~

11,600

Salaries Payable

~

3,000

Unearned Rent

~

1,800

Stacy Tanner, Capital

~

372,000

Stacy Tanner, Drawing

~

11,900

Service Fees

~

708,650

Rent Revenue

~

11,900

Salaries Expense

~

523,900

Rent Expense

~

47,600

Supplies Expense

~

10,800

Depreciation Expense-Building

~

7,500

Utilities Expense

~

7,250

Repairs Expense

~

2,800

Insurance Expense

~

2,800

Miscellaneous Expense

~

5,600

~

1,150,950

1,150,950

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.