LAST STEP--- 1. Prepare a balance sheet as of June 30, 2016. Fixed assets must be entered in order according to account number. 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 (:) or the word "Less" on the balance sheet; they will automatically insert where necessary.

Finders Investigative Services

Balance Sheet

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13	Liabilities
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19	Owners equity
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START:--- Finders Investigative Services is an investigative services firm that is owned and operated by Stacy Tanner. On June 30, 2016, the end of thefiscal year, the accountant for Finders Investigative Services prepared an end-of-period spreadsheet, a part of which follows:

Finders Investigative Services
End-of-Period Spreadsheet
For the Year Ended June 30, 2016
~	Adjusted Trial Balance
Account Title	~	Dr.	Cr.
~
Cash	~	29,500
Accounts Receivable	~	70,200
Supplies	~	4,700
Prepaid Insurance	~	2,500
Building	~	438,500
Accumulated Depreciation-Building	~	42,200
Accounts Payable	~	11,700
Salaries Payable	~	3,400
Unearned Rent	~	1,900
Stacy Tanner, Capital	~	372,600
Stacy Tanner, Drawing	~	12,000
Service Fees	~	723,600
Rent Revenue	~	12,000
Salaries Expense	~	524,300
Rent Expense	~	48,000
Supplies Expense	~	10,800
Depreciation Expense-Building	~	7,500
Utilities Expense	~	7,200
Repairs Expense	~	2,900
Insurance Expense	~	2,800
Miscellaneous Expense	~	6,500
~	1,167,400	1,167,400

Required:
1.	Prepare an income statement, a statement of owners equity (no additional investments were made during the year), and a balance sheet. *
2.	Journalize the entries that were required to close the accounts at June 30. *
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? *Be sure to read the instructions for each financial statement carefully. Refer to the chart of accounts and the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries.

CHART OF ACCOUNTS

Finders Investigative Services

General Ledger

ASSETS
11	Cash
12	Accounts Receivable
13	Supplies
14	Prepaid Insurance
16	Building
17	Accumulated Depreciation-Building

LIABILITIES
21	Accounts Payable
22	Salaries Payable
23	Unearned Rent

EQUITY
31	Stacy Tanner, Capital
32	Stacy Tanner, Drawing
33	Income Summary

REVENUE
41	Service Fees
42	Rent Revenue

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

Labels--- Current assets Current liabilities Expenses For the Year Ended June 30, 2016 June 30, 2016 Property, plant, and equipment Revenues Amount Descriptions Add withdrawals Decrease in owners equity Increase in owners equity Less withdrawals Net income Net loss Stacy Tanner, capital, July 1, 2015 Stacy Tanner, capital, June 30, 2016 Total assets Total current assets Total expenses Total liabilities Total liabilities and owners equity Total property, plant, and equipment

Total revenues

1. Prepare an income statement for the year ended June 30, 2016. 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.

Finders Investigative Services

Income Statement

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1. Prepare a statement of owners equity for the year ended June 30, 2016. No additional investments were made during the year. If a net loss has been incurred or there has been a decrease in owners equity, 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.

Finders Investigative Services

Statement of Owners Equity

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