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?

*Be sure to read the instructions for each financial statement carefully.

Chart of Accounts CHART OF ACCOUNTS Finders Investigative Services General Ledger ASSETS REVENUE 11 Cash 41 Service Fees 12 Accounts Receivable 42 Rent Revenue 13 Supplies 14 Prepaid Insurance EXPENSES 16 Building 51 Salaries Expense 17 Accumulated Depreciation-Building 52 Rent Expense 53 Supplies Expense LIABILITIES 54 Depreciation Expense-Building 21 Accounts Payable 55 Utilities Expense 22 Salaries Payable 56 Repairs Expense 23 Unearned Rent 57 Insurance Expense 59 Miscellaneous Expense EQUITY 31 Stacy Tanner, Capital 32 Stacy Tanner, Drawing 33 Income Summary Labels Current assets Current liabilities Expenses For the Year Ended June 30, 20 Y3 June 30,20Y3 Property, plant, and equipment Revenues Amount Descriptions Decrease in owner's equity Increase in owner's equity Net income Net loss Stacy Tanner, capital, July 1, 20Y2 Stacy Tanner, capital, June 30, 20Y3 Total assets Total current assets Total expenses Total liabilities Total liabilities and owner's equity Total property, plant, and equipment Total revenues Withdrawals 1. Prepare a statement of owner's equity for the year ended June 30, 20Y3. No additional investments were made during the year. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Balance Sheet (Label) Assets (Label) 3 4 5 6 7 8 (Label) 9 10 11 12 13 Liabilities 14 (Label) 15 16 17 18 19 Owner's Equity Question not attempted. 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? Enter a net loss as a negative amount using a minus sign