Question
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
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 ~ 22,900 Accounts Receivable ~ 71,200 Supplies ~ 4,400 Prepaid Insurance ~ 2,500 Building ~ 437,000 Accumulated Depreciation-Building ~ 42,800 Accounts Payable ~ 11,400 Salaries Payable ~ 3,800 Unearned Rent ~ 2,500 Stacy Tanner, Capital ~ 372,500 Stacy Tanner, Drawing ~ 11,700 Service Fees ~ 713,150 Rent Revenue ~ 11,700 Salaries Expense ~ 524,000 Rent Expense ~ 46,800 Supplies Expense ~ 10,300 Depreciation Expense-Building ~ 7,300 Utilities Expense ~ 7,950 Repairs Expense ~ 3,500 Insurance Expense ~ 2,500 Miscellaneous Expense ~ 5,800 ~ 1,157,850 1,157,850 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?
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