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 28,000 Accounts Receivable 71,000 Supplies 4,700 Prepaid Insurance 2,500 Building 432,500 Accumulated Depreciation-Building 44,200 Accounts Payable 11,700 Salaries Payable 2,500 1,800 Unearned Rent Common Stock 80,000 Retained Earnings 293.600 Dividends 12,000 Service Fees 714,800 Rent Revenue 12,000 Salaries Expense 526,000 Rent Expense 48,000 Supplies Expense 11,000 Depreciation Expense-Building 7,000 Utilities Expense 7,300 Repairs Expense 2,800 Insurance Expense 2,000 Miscellaneous Expense 5,800 1,160,600 1,160,600 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 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 retained earnings statement for the year ended November 30, 2018. If a net loss is incurred or dividends were paid, enter that B. 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 $34,000 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. Financial statements and closing entries Instructions Chart of Accounts Income Statement 1A. Prepare an income statement for the year ended November 30, 2018. If a net loss has been Labels and Amount Descriptions Labels 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 Current assets other than account names. You will not need to enter colons () on the income statement. Refer to the Current liabilities Chart of Accounts for exact wording of account titles. Expenses For the Year Ended November 30, 2018 Foxy Investigative Services November 30, 2018 Income Statement Property, plant, and equipment (Label) Revenues 1 (Label) Amount Descriptions Change in retained earnings Dividends Net income Net loss 5 (Label) Retained earnings, December 1, 2017 Retained earnings, November 30, 2018 Total assets Total current assets Total expenses 10 Total liabilities 11 Total liabilities and stockholders' 12 equity 13 Total property, plant, and equipment 14 Total revenues 15 Total stockholders' equity Retained Earnings Statement 1B. 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) Final Question 3. If Retained Earnings had instead decreased $34,000 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