Instructions Chart Of Accounts Labels and Amount Descriptions Income Statement Retained Earnings Statement Balance S Instructions Foxy Investigative Services is an investigative services firm that is owned and operated by Shirley Vickers. On November 30, 2018, 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 Dr. Account Title Cr. Cash 27,500 Accounts Receivable 71,800 Supplies 3,550 750 Prepaid Insurance Building 330,500 184, 100 Accumulated Depreciation-Building Accounts Payable 16,100 Salaries Payable Unearned Rent Common Stock 6,600 1,500 40,000 70,300 Retained Earnings Dividends 30,000 Service Fees 675,500 9,000 Rent Revenue Salaries Expense 435,000 Rent Expense 55,000 11,850 Supplies Expense Depreciation Expense-Building Utilities Expense 10,000 8,800 Depreciation Expense-Building 10,000 Utilities Expense 8,800 Repairs Expense 4,250 3,000 Insurance Expense Miscellaneous Expense 11,100 1,003,100 1,003,100 Required: 1. A. Prepare an income statement for the year ended November 30, 2018. 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. B. Prepare a retained earnings statement for the year ended November 30, 2018. 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. C. Prepare a balance sheet as of November 30, 2018. 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 (1) 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. 2. Based upon the end-of-period spreadsheet journalize the closing entries. Refer to the Chart of Accounts for exact wording of account titles. 3. If Retained Earnings had instead decreased $46,000 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. Chart of Accounts CHART OF ACCOUNTS Foxy Investigative Services General Ledger REVENUE 41 Service Fees 42 Rent Revenue ASSETS 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 17 Building 18 Accumulated Depreciation-Building LIABILITIES 21 Accounts Payable 22 Salaries Payable 23 Unearned Rent EXPENSES 51 Salaries Expense 52 Rent Expense 53 Supplies Expense 54 Depreciation Expense-Building 55 Utilities Expense 56 Repairs Expense 57 Insurance Expense 59 Miscellaneous Expense EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends 34 Income Summary Labels and Amount Descriptions Labels Current assets Current liabilities Expenses For the Year Ended November 30, 2018 November 30, 2018 Property, plant, and equipment Revenues Amount Descriptions Change in retained earnings Dividends Net income Net loss Retained earnings, December 1, 2017 Retained earnings, November 30, 2018 Total assets Total current assets Total expenses Total liabilities Total liabilities and stockholders' equity Total property, plant, and equipment Total revenues Total stockholders' equity Income Statement 1A. Prepare an income statement for the year ended November 30, 2018. If a net loss has been incurred, enter that amount as a negative number 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 a 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 (Label) 1 Label) Label) Retained Earnings Statement 12 18. Prepare a retained earnings statement for the year ended November 30, 2018. 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 Retained Earnings Statement Balance Sheet 1C Prepare a balance sheet as of November 30, 2018. 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 (1) 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 (Label) Assets 2 Label) 8 Label) Liabilities 14 Label) Stockholders' Equity - Journal 2. Based upon the end-of-period spreadsheet journalize the closing entries. Refer to the Chart of Accounts for exact wording of account JOURNAL PAGE 11 ACCOUNTING EQUATION ASSETS LIABILITIESEQUITY DATE POST DEBIT CREDIT DESCRIPTION Closing Entries Final Question 3. If Retained Earnings had instead decreased $46,000 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. S