Show me the steps to solve Foxy Investigative Services is an investigative services firm that is owned and operated by Shirley Vickers. On November $30,20$Y$8,$ 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 $30,20$Y$8$

~ Adjusted Trial Balance

Account Title ~ Dr$.$ Cr$.$

~

Cash ~ $28,000$

Accounts Receivable ~ $69,400$

Supplies ~ $4,500$

Prepaid Insurance ~ $2,500$

Building ~ $432,000$

Accumulated Depreciation$-$Building ~ $43,400$

Accounts Payable ~ $11,100$

Salaries Payable ~ $3,300$

Unearned Rent ~ $1,700$

Common Stock ~ $80,000$

Retained Earnings ~ $293,400$

Dividends ~ $11,400$

Service Fees ~ $707,150$

Rent Revenue ~ $11,400$

Salaries Expense ~ $522,100$

Rent Expense ~ $45,600$

Supplies Expense ~ $10,800$

Depreciation Expense$-$Building ~ $7,200$

Utilities Expense ~ $7,150$

Repairs Expense ~ $2,700$

Insurance Expense ~ $2,500$

Miscellaneous Expense ~ $5,600$

~ $1,151,4501,151,450$

Required:

$1.$

A$.$ Prepare an income statement for the year ended November $30,20$Y$8.$ 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 statement of stockholders$$ equity for the year ended November $30,20$Y$8.$ 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. 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 $30,20$Y$8.$ 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 $$33,000$ 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.