Instructions X 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 21,000 Accounts Receivable 70,600 Supplies 4,700 Prepaid Insurance 2,500 Building 438,500 Accumulated Depreciation-Building 43,800 Accounts Payable 11,700 Salaries Payable 3,400 Unearned Rent ? 1,900 Common Stock 80,000 x X Instructions Retained Earnings 295,000 Dividends 12,000 Service Fees 711,800 Rent Revenue 2 12,000 Salaries Expense 2 524,300 Rent Expense 48,000 Supplies Expense 10,800 Depreciation Expense-Building 7,800 Utilities Expense 7,200 Repairs Expense ? 2,900 Insurance Expense ? 2,800 Miscellaneous Expense 6,500 1,159,600 1,159,600 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 $37,000 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 Labels and Amount Descriptions CHART OF ACCOUNTS Foxy Investigative Services General Ledger Labels Current assets Current liabilities Expenses For the Year Ended November 30, 2018 November 30, 2018 Property, plant, and equipment REVENUE 41 Service Fees 42 Rent Revenue Revenues 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 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 EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends 34 Income Summary 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 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 5 (Label) 6 7 8 9 10 11 12 13 14 15 Retained Earnings Statement Balance Sheet X 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 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 than account names. Foxy Investigative Services Balance Sheet (Label) Foxy Investigative Services Retained Earnings Statement 1 Assets (Label) 2 (Label) 1 3 2 4 3 5 4 6 5 7 8 (Label) 9 10 11 12 13 Liabilities 14 (Label) Journal X Final Question 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 $37,000 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. PAGE 11 JOURNAL ACCOUNTING EQUATION $ DATE DESCRIPTION POST. REF DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Closing Entries 2 3 4 5 6 7 8 10 11 12 13 14 15 16 17