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, 2018 Adjusted Trial Balance Account Title Dr. Cr. Cash 28,000 Accounts Receivable 70.000 Supplies 4,600 Prepaid Insurance 2,500 Building 434,000 Accumulated Depreciation-Building 41,400 Accounts Payable 11,600 Salaries Payable 3,000 Uneamed Rent - 1,800 Common Stock 80,000 Retained Earnings 294,400 Dividends 11,900 Service Fees 716,650 Rent Revenue ! 11.900 Salaries Expense 523,900 Rent Expense 47,600 Supplies Expense 10.800 Depreciation Expense-Building 9,000 Utilities Expense 7.250 Repairs Expense 2.800 Insurance Expense 2.800 Miscellaneous Expense 5,600 1,160,750 1,160,750 Required: 1. A Prepare an income statement for the year ended November 30, 20Y8. 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. Refer to the Chart of Accounts for exact wording of account titles. Prepare a statement of stockholders' equity for the year ended November 30, 20Y8. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Refer to the Chart of Accounts for exact wording of account titles. Refer to the lists of Labels and Amount Descriptions for exact wording of the answer choices for text entries other than account names. Prepare a balance sheet as of November 30, 20Y8. Fixed assets must be entered in order according to account number. Be sure to complete the statement heading. You will not need to enter colons :) or the word "Less" on the balance sheet; they will automatically insert where necessary. Refer to the Chart of Accounts for exact wording of account titles. Refer to the lists of Labels and Amount Descriptions for exact wording of the answer choices for text entries other than account names. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Based upon the end-of-period spreadsheet, joumalize the closing entries. Refer to the Chart of Accounts for exact wording of account titles. * If Retained Earnings had instead decreased $31,000 after the closing entries were posted, and the dividends remained the same, what would have been the amount of net income or net loss? If required, use a minus sign to indicate a net loss. 2 CHART OF ACCOUNTSFoxy Investigative Services General Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid insurance 17 Building 18 Accumulated Depreciation Building LIABILITIES 21 Accounts Payable 23 Uneaned Rent EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends REVENUE 41 Service Fees 42 Rent Revenue EXPENSES 51 Sataries Expense 52 Rent Expense sa Supplies Expense 54 Depreciation Expense-Building 58 Expense 55 Repairs Expense 57 Insurance Expense 59 Miscellaneous Expense Current assets Current abilities Expenses For the Year Ended November 30, 2018 November 30, 20Y8 Property plant and equipment Revenues Amount Descriptions Balances, December 1, 2017 Balances. November 29, 2018 Dividende Net Income Not loss Total Totalcuments Total liabilities Total ties and stockholders equity Total property, plant and equipment 1A. Prepare an income statement for the year ended November 30, 2048. 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. Refer to the Chart of Accounts for exact wording of account titles. Foxy Investigative Services Income Statement + 5 1 30 10 15 18. Prepare a statement of stockholders' equity for the year ended November 30, 20Y8. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Refer to the Chart of Accounts for exact wording of account titles. Refer to the lists of Labels and Amount Descriptions for exact wording of the answer choices for text entries other than account names. Foxy Investigative Services Statement of Stockholders' Equity C Retained Er 10. Prepare a balance sheet as of November 30, 20Y8. Fixed assets must be entered in order according to account number. Be sure to complete the statement heading. You will not need to enter colons() or the word Less on the balance sheet: they will automatically insert where necessary. Refer to the Chart of Accounts for exact wording of account titles. Refer to the lists of Labels and Amount Descriptions for exact wording of the answer choices for text entries other than account names. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Foxy Investigative Services Balance Sheet 2. Based upon the end-of-period spreadsheet, journalize the closing entries. Refer to the Chart of Accounts for exact wording of account titles. ACCOUNTIFURION 2. Based upon the end-of-period spreadsheet, journalize the closing entries. Refer to the Chart of Accounts for exact wording of account titles. JOURNAL PAGE 11 ACCOUNTING EQUATION DATE DESCRIPTION POST. REF: DEBIT CREDIT ASSETS LIABILITIES EQUITY Closing Entries 3 4 5 6 7 10 12 13 14 3. If Retained Earnings had instead decreased $31,000 after the closing entries were posted, and the dividends remained the same, what would have been the amount of net income or net loss? If required, use a minus sign to indicate a net loss