Prepare a balance sheet.

Mather Services Company Balance Sheet July 31, 2014
Assets				Liabilities
Current assets:				Current liabilities:
SelectAccounts payableCashSalaries payableService feesUnearned rentItem 36				SelectAccounts payableAccounts receivableBuildingPrepaid insuranceRent revenueItem 38
SelectAccounts payableAccounts receivableDividendsSalaries payableUnearned rentItem 40				SelectAccounts receivableRent revenueRepairs expenseSalaries expenseSalaries payableItem 42
SelectCapital stockSalaries payableSuppliesSupplies expenseUtilities expenseItem 44				SelectAccounts receivableAccumulated depreciationPrepaid rentRent revenueUnearned rentItem 46
SelectAccumulated depreciationEquipmentInsurance expensePrepaid insuranceUnearned rentItem 48				Total liabilities
Total current assets
Property, plant and equipment:
SelectAccounts receivableCashLandService feesSuppliesItem 52				Stockholders' Equity
SelectAccounts payableAccumulated depreciationBuildingsDepreciation expense-buildingsService feesItem 54				SelectAccounts receivableCapital stockLandService feesSuppliesItem 56
SelectLess accounts payableLess accumulated depreciationLess cashLess depreciation expenseLess retained earningsItem 58				SelectAccounts receivableCashLandRetained earningsSuppliesItem 61
SelectAccounts payableDepreciation expense-equipmentDividendsEquipmentUnearned rentItem 63				Total stockholders'equity
SelectLess accounts payableLess accumulated depreciationLess cashLess depreciation expenseLess prepaid insuranceItem 66
Total property, plant and equipment
Total assets				Total liabilities and stockholders's equity

2. Journalize the entries that were required to close the accounts at July 31. For a compound transaction, if a box does not require an entry, leave it blank.

Date	Account	Debit	Credit
2014
July 31 Close revenues	SelectIncome SummaryMiscellaneous ExpenseRetained EarningsService FeesUtilities ExpenseItem 72
	SelectCashIncome SummaryInsurance ExpensePrepaid InsuranceRent RevenueItem 75
	SelectDividendsIncome SummaryRepairs ExpenseRetained EarningsService FeesItem 78
July 31 Close expenses	SelectAdvertising ExpenseIncome SummaryRent ExpenseRetained EarningsUnearned RentItem 81
	SelectAccounts ReceivableIncome SummaryRetained EarningsSalaries ExpenseSalaries PayableItem 84
	SelectAccumulated Depreciation-EquipmentDepreciation Expense-EquipmentEquipmentIncome SummaryLandItem 87
	SelectCashIncome SummaryRent ExpenseRent RevenueUnearned RentItem 90
	SelectIncome SummaryRetained EarningsService FeesSuppliesSupplies ExpenseItem 93
	SelectAccounts PayableBuildingIncome SummaryRent RevenueUtilities ExpenseItem 96
	SelectAccumulated Depreciation-EquipmentBuildingsDepreciation Expense-BuildingsIncome SummaryLandItem 99
	SelectAccounts PayableIncome SummaryLandPrepaid InsuranceRepairs ExpenseItem 102
	SelectAccounts ReceivableCapital StockIncome SummaryInsurance ExpensePrepaid InsuranceItem 105
	SelectCashEquipmentIncome SummaryMiscellaneous ExpenseSalaries PayableItem 108
July 31 Close income/loss	SelectAccounts PayableCashCapital StockDividendsIncome SummaryItem 111
	SelectIncome SummaryRetained EarningsService FeesUnearned RentWages PayableItem 113
Close dividends	SelectAccounts PayableCashDividendsRent RevenueRetained EarningsItem 115
	SelectCashDividendsIncome SummaryService feesSupplies ExpenseItem 117

3. If Retained Earnings has instead decreased $34,300 after the closing entries were posted, and the dividends remained the same, what would have been the amount of net income or net loss? $ SelectNet IncomeNet LossItem 120