Foxy Investigative Services is an investigative services firm that is owned and operated by Shirley Vickers. On November 30, 20Y8, the end of the fiscal year, the accountant for Foxy Investigative Services prepared an end-of-period spreadsheet, a part of which follows:

Foxy Investigative Services
End-of-Period Spreadsheet
For the Year Ended November 30, 20Y8
	~	Adjusted Trial Balance
Account Title	~	Dr.	Cr.
	~
Cash	~	21,000
Accounts Receivable	~	70,600
Supplies	~	4,700
Prepaid Insurance	~	2,500
Building	~	438,500
Accumulated Depreciation-Building	~		43,800
Accounts Payable	~		11,700
Salaries Payable	~		3,400
Unearned Rent	~		1,900
Shirley Vickers, Capital	~		375,000
Shirley Vickers, Drawing	~	12,000
Service Fees	~		711,800
Rent Revenue	~		12,000
Salaries Expense	~	524,300
Rent Expense	~	48,000
Supplies Expense	~	10,800
Depreciation Expense-Building	~	7,800
Utilities Expense	~	7,200
Repairs Expense	~	2,900
Insurance Expense	~	2,800
Miscellaneous Expense	~	6,500
	~	1,159,600	1,159,600

Required:

1.

A.	Prepare an income statement for the year ended November 30, 20Y8.
B.	Prepare a statement of owner's equity for the year ended November 30, 20Y8.
C.	Prepare a balance sheet as of November 30, 20Y8.

2.

Journalize the entries that were required to close the accounts at November 30, 20Y8.

3.

If Shirley Vickers, capital had instead decreased $37,000 after the closing entries were posted, and the owner withdrawals remained the same, what would have been the amount of net income or net loss?