Finders Investigative Services is an investigative services firm that is owned and operated by Stacy Tanner. On June 30, 2016, 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, 2016
	~	Adjusted Trial Balance
Account Title	~	Dr.	Cr.
	~
Cash	~	22,000
Accounts Receivable	~	68,400
Supplies	~	4,400
Prepaid Insurance	~	2,500
Building	~	433,500
Accumulated Depreciation-Building	~		42,800
Accounts Payable	~		11,400
Salaries Payable	~		4,000
Unearned Rent	~		2,000
Common Stock	~		80,000
Retained Earnings	~		293,400
Dividends	~	11,700
Service Fees	~		707,300
Rent Revenue	~		11,700
Salaries Expense	~	525,900
Rent Expense	~	46,800
Supplies Expense	~	11,000
Depreciation Expense-Building	~	7,600
Utilities Expense	~	7,600
Repairs Expense	~	3,000
Insurance Expense	~	2,000
Miscellaneous Expense	~	6,200
	~	1,152,600	1,152,600

Required:

1.

A.	Prepare an income statement for the year ended June 30, 2016. If a net loss has been incurred, enter that amount as a negative number using 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 other than account names. You will not need to enter colons (:) on the income statement.
B.	Prepare a retained earnings statement for the year ended June 30, 2016. If a net loss has been incurred or there has been a decrease in retained earnings, enter that amount as a negative number using 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.
C.	Prepare a balance sheet as of June 30, 2016. Fixed assets must be entered in order according to account number. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) or the word "Less" on the balance sheet; they will automatically insert where necessary.

2.

Based upon the end-of-period spreadsheet, journalize the closing entries.

3.

If Retained Earnings has instead decreased $33,000 after the closing entries were posted, and the dividends remained the same, what would have been the amount of net income or net loss? CHART OF ACCOUNTSFinders Investigative ServicesGeneral Ledger

	ASSETS
11	Cash
12	Accounts Receivable
13	Supplies
14	Prepaid Insurance
16	Building
17	Accumulated Depreciation-Building

	LIABILITIES
21	Accounts Payable
22	Salaries Payable
23	Unearned Rent

	EQUITY
31	Common Stock
32	Retained Earnings
33	Dividends
34	Income Summary

	REVENUE
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

Labels
Current assets
Current liabilities
Expenses
For the Year Ended June 30, 2016
June 30, 2016
Property, plant, and equipment
Revenues
Amount Descriptions
Add dividends
Decrease in retained earnings
Increase in retained earnings
Less dividends
Net income
Net loss
Retained earnings, July 1, 2015
Retained earnings, June 30, 2016
Total assets
Total current assets
Total expenses
Total liabilities
Total liabilities and stockholders equity
Total property, plant, and equipment
Total revenues
Total stockholders equity