Finders Investigative Services is an investigative services firm that is owned by Stacy Tanner. On June 30, 2019, the end of the fiscal year, the accountant for Finders Investigative Services prepared and 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 29,500 Accounts Receivable 70,200 Supplies 4,700 Prepaid Insurance 2,500 Building 438,500 Accumulated Depreciation-Building 42,200 Accounts Payable 11,700 Instructions Salaries Payable 3,400 Unearned Rent 1,900 372,600 Stacy Tanner, Capital Stacy Tanner, Drawing 12,000 Service Fees 723,600 Rent Revenue 12,000 Salaries Expense 524,300 Rent Expense 48,000 Supplies Expense 10,800 Depreciation Expense-Building 7,500 Utilities Expense 7,200 Repairs Expense 2,900 Insurance Expense 2,800 Instructions Depreciation Expense-Building 7,500 Utilities Expense 7,200 Repairs Expense 2,900 Insurance Expense 2,800 Miscelaneous Expense 6,500 1.167,400 1,167,400 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. Journalze 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 woukd have been the amount of net income or net koss? Be sure to read the instructions for each financial statement carefuly Refer to the chart of accounts and the ist of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries Chart of Accounts REVENUE ASSETS 41 Service Fees 11 Cash 42 Rent Revenue 12 Accounts Receivable 13 Supplies EXPENSES 14 Prepaid Insurance 51 Salaries Expense 16 Building 52 Rent Expense 17 Accumulated Depreciation-Building 53 Supplies Expense 54 Depreciation Expense-Building LIABILITIES 55 Utilities Expense 21 Accounts Payable 56 Repairs Expense 22 Salaries Payable 57 Insurance Expense 23 Unearned Rent 59 Miscellaneous Expense EQUITY 31 Stacy Tanner, Capital 32 Stacy Tanner, Drawing 33 Income Summary Labels and Amount Descriptions Labels Current assets Current liabilities Expenses For the Year Ended June 30, 2019 June 30, 2019 Property, plant, and equipment Revenues Amount Descriptions Decrease in owner's equity Increase in owner's equity Net income Labels and Amount Descriptions Net income Net loss Stacy Tanner, capital, July 1, 2018 Stacy Tanner, capital, June 30, 2019 Total assets Total current assets Total expenses Total liabilities Total labilities and owner's equity Total property, plant, and equipment Total revenues Withdrawals Anal Ouesion 3 I Stacy Tane, Captal has instead decreased $30,000 after the closing entries were posted, and the withdrawals remaned the same, what woukd have been the amount of net income or net koss? Enter a net loss as a negative amount using a minus sign S Income Statement Finders Investigative Services Income Statement (Label) 1 (Label) 4 S(Label) 7 10 11 13 1 Prepare a statement of owner's equity for the year ended June 30, 2019. No addtional investments were made during the year. For those boxes in which you must enter subtracted or negatve 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 Investigatve Services Statement of Owner's Equity Labet) SaienteniLOI OMnel S EQUity Balance Sheet Finders Investigative Services Balance Sheet (Label) Assets 2Label) abel 10 Balance Sheet 11 12 Liabilities 14 Label) 11 Owner's Equity 21 21 Journal 11 PAGE 11 12 JOURNAL ACCOUNTING EQUATION DESCRIPTION DATE DERIT POST, REF CREDIT LIABILITIES ASSETS 14 EQUITY Closing Entries 18 10
