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 Account Title Dr. Cr. Cash 22,000 Accounts Receivable 68,400 Supplies 4,400 Prepaid Insurance 2,500 Building 433,500 Accumulated Depreciation-Building 42,800 Accounts Payable 11,400 Salaries Payable 4,000 Unearned Rent 2,000 Common Stock ? 80,000 Retained Earnings 2 293,400 Dividends - 11,700 Service Fees 707,300 Rent Revenue 11,700 Salaries Expense 525,900 Rent Expense 46,800 Supplies Expense 11,000 Depreciation Expense-Building 7,600 Utilities Expense 7,600 Repairs Expense 3,000 Insurance Expense 2,000 Miscellaneous Expense 6,200 1,152,600 1,152,600 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. Use the list of Labels and Amount Descriptions for the correct wording of text items. 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 (:) 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 $33,000 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. art of Accounts CHART OF ACCOUNTS Foxy Investigative Services General Ledger ASSETS REVENUE 11 Cash 41 Service Fees 12 Accounts Receivable 42 Rent Revenue 13 Supplies 14 Prepaid Insurance EXPENSES 17 Building 51 Salaries Expense 18 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 Common Stock 32 Retained Earnings 33 Dividends 34 Income Summary 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 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 (Label) 1 (Label) 2 3 4 5 (Label) 6 7 8 9 10 11 12 13 14 15 Retained Earnings Statement 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. Use the list of Labels and Amount Descriptions for the correct wording of text items. 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 (Label) 1 2 3 4 5 10. 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() 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) 1 1 Assets 2 Label) 3 4 5 6 7 8 (Label) 9 10 11 12 13 Liabilities 14 (Label) 15 16 17 18 19 Stockholders' Equity 20 21 22 23 Journal 2. Based upon the end-of-period spreadsheet, journalize the closing entries. Refer to the Chart of Accounts for exact wording of account t JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 Closing Entries 2 3 3 4 4. 5 6 7 8 9 10 11 12 13 14 15 16 17 Final Question 3. If Retained Earnings had instead decreased $33,000 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