Instructions Finders Investigative Services is an investigative services firm that is owned and operated by Stacy Tanner. On June 30, 2013, the end of the fiscal year, the accountant for Finders Investigative Services prepared an end-of-period spreadsheet, a part of which follows: Instructions End-of-Period Spreadsheet For the Year Ended June 30, 2013 Adjusted Trial Balance Account Title Dr. Cr. 2 Cash 23.000 Accounts Receivable ? 68,000 2 Supplies 4,500 Prepaid Insurance 2,500 2 Building 444.000 Accumulated Depreciation-Building 2 45,000 Accounts Payable 2 11.200 Salaries Payable 2. 2.900 Unearned Rent 2 1.500 Stacy Tanner. Capital 372.900 2 Stacy Tanner. Drawing 11.500 Service Fees ? 716,250 Rent Revenue 11,500 Salaries Expense 2 525.000 Rent Expense 48,000 2 Supplies Expense 2 10,500 Depreciation Expense-Building 8,100 Utilities Expense 2. 7,350 Repairs Expense 2 2.500 Insurance Expense 2.300 Miscellaneous Expense 8,000 1.161.250 1.161.250 Labels and Amount Descriptions Chart of Accounts Labels CHART OF ACCOUNTS Current assets Finders Investigative Services Current liabilities Expenses General Ledger For the Year Ended June 30, 2073 ASSETS REVENUE June 30, 20Y3 11 Cash 41 Service Fees Property, plant, and equipment 12 Accounts Receivable 42 Rent Revenue Revenues 13 Supplies 14 Prepaid Insurance EXPENSES Amount Descriptions Decrease in owner's equity Increase in owner's equity 51 Salaries Expense 16 Building 17 Accumulated Depreciation-Building 52 Rent Expense Net income 53 Supplies Expense Net loss LIABILITIES 54 Depreciation Expense-Building Stacy Tanner, capital, July 1, 20Y2 Stacy Tanner, capital, June 30, 20Y3 21 Accounts Payable 55 Utilities Expense 22 Salaries Payable Total assets 56 Repairs Expense 57 Insurance Expense 23 Unearned Rent Total current assets 59 Miscellaneous Expense Total expenses EQUITY Total liabilities 31 Stacy Tanner, Capital Total liabilities and owner's equity Total property, plant, and equipment 32 Stacy Tanner, Drawing 33 Income Summary Total revenues Withdrawals Statement of Owner's Equity 1. Prepare a statement of owner's equity for the year ended June 30, 2083. 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. Finders Investigative Services Statement of Owner's Equity (Label) 1 2 3 4 5 Balance Sheet 1. Prepare a balance sheet as of June 30, 20Y3. Fixed assets must be entered in order according to account number. Be sure to complete the statement heading. Refer to the Chart of Accounts and the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. You will not need to enter colons) or the word "Less" on the balance sheet; they will automatically insert where necessary. Enter all values as positive amounts. Finders Investigative Services Balance Sheet (Label) Assets 2 Label) 3 5 6 7 3 Label) 9 10 11 12 13 Liabilities 14 (Label) 15 16 17 18 19 Owner's Equity Journal 2. Based upon the end-of-period spreadsheet, journalize the closing entries. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. PAGE 11 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY Closing Entries 2 3 5 9 10 11 12 13 14 Final Question 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. $