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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
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 ~ 28,000
Accounts Receivable ~ 69,600
Supplies ~ 4,600
Prepaid Insurance ~ 2,500
Building ~ 439,500
Accumulated Depreciation-Building ~ 44,200
Accounts Payable ~ 11,700
Salaries Payable ~ 3,000
Unearned Rent ~ 2,000
Stacy Tanner, Capital ~ 373,800
Stacy Tanner, Drawing ~ 12,000
Service Fees ~ 718,000
Rent Revenue ~ 12,000
Salaries Expense ~ 522,100
Rent Expense ~ 48,000
Supplies Expense ~ 10,800
Depreciation Expense-Building ~ 8,750
Utilities Expense ~ 7,150
Repairs Expense ~ 3,000
Insurance Expense ~ 2,500
Miscellaneous Expense ~ 6,200
~ 1,164,700 1,164,700
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. 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.
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