oxy Investigative Services is an investigative services firm that is owned and operated by Shirley Vickers. On November 30, 20Y8, 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, 20Y8
	~	Adjusted Trial Balance
Account Title	~	Dr.	Cr.
	~
Cash	~	23,000
Accounts Receivable	~	71,800
Supplies	~	4,500
Prepaid Insurance	~	2,500
Building	~	444,000
Accumulated Depreciation-Building	~		44,600
Accounts Payable	~		11,200
Salaries Payable	~		2,900
Unearned Rent	~		1,500
Common Stock	~		80,000
Retained Earnings	~		293,200
Dividends	~	11,500
Service Fees	~		719,450
Rent Revenue	~		11,500
Salaries Expense	~	525,000
Rent Expense	~	46,000
Supplies Expense	~	10,500
Depreciation Expense-Building	~	7,400
Utilities Expense	~	7,350
Repairs Expense	~	2,500
Insurance Expense	~	2,300
Miscellaneous Expense	~	6,000
	~	1,164,350	1,164,350

Required:

1.

A.	Prepare an income statement for the year ended November 30, 20Y8.
B.	Prepare a statement of stockholders equity for the year ended November 30, 20Y8.
C.	Prepare a balance sheet as of November 30, 20Y8.

2.

Journalize the entries that were required to close the accounts at November 30, 20Y8. No additional common stock was issued during the year ended November 30, 20Y8.

3.

If Retained Earnings had instead decreased $40,000 after the closing entries were posted, and the dividends remained the same, what would have been the amount of net income or net loss?