F Foxy Investigative Services End-of-Period Spreadsheet For the Year Ended November 30, 20Y8 A 1 2 4 Adjusted Trial Balance 6 Account Title Dr. Cr. 7 8 Cash 9 Accounts Receivable 10 Supplies 11 Prepaid Insurance 12 Building 13 Accumulated Depreciation–Building 14 Accounts Payable 15 Salaries Payable 16 Unearned Rent 17 Common Stock 18 Retained Earnings 19 Dividends 20 Service Fees 21 Rent Revenue 22 Salaries Expense 23 Rent Expense 24 Supplies Expense 25 Depreciation Expense–Building 26 Utilities Expense 27 Repairs Expense 28 Insurance Expense 29 Miscellaneous Expense 30 27,500 71,800 3,550 750 330,500 184, 100 16,100 6,600 1,500 40,000 70,300 30,000 675,500 9,000 435,000 55,000 11,850 10,000 8,800 4,250 3,000 11,100 1,003,100 1,003,100

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Financial statements and closing entries
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:

 

Instructions
1. Prepare an income statement, a statement of stockholders'
equity, and a balance sheet.
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, 20YS.
3. If Retained Earnings had instead decreased $46,000 after the
closing entries were posted, and the dividends remained the same,
what would have been the amount of net income or net loss?

F
Foxy Investigative Services
End-of-Period Spreadsheet
For the Year Ended November 30, 20Y8
A
1
2
4
Adjusted
Trial Balance
6 Account Title
Dr.
Cr.
7
8 Cash
9 Accounts Receivable
10 Supplies
11 Prepaid Insurance
12 Building
13 Accumulated Depreciation–Building
14 Accounts Payable
15 Salaries Payable
16 Unearned Rent
17 Common Stock
18 Retained Earnings
19 Dividends
20 Service Fees
21 Rent Revenue
22 Salaries Expense
23 Rent Expense
24 Supplies Expense
25 Depreciation Expense–Building
26 Utilities Expense
27 Repairs Expense
28 Insurance Expense
29 Miscellaneous Expense
30
27,500
71,800
3,550
750
330,500
184, 100
16,100
6,600
1,500
40,000
70,300
30,000
675,500
9,000
435,000
55,000
11,850
10,000
8,800
4,250
3,000
11,100
1,003,100 1,003,100
Transcribed Image Text:F Foxy Investigative Services End-of-Period Spreadsheet For the Year Ended November 30, 20Y8 A 1 2 4 Adjusted Trial Balance 6 Account Title Dr. Cr. 7 8 Cash 9 Accounts Receivable 10 Supplies 11 Prepaid Insurance 12 Building 13 Accumulated Depreciation–Building 14 Accounts Payable 15 Salaries Payable 16 Unearned Rent 17 Common Stock 18 Retained Earnings 19 Dividends 20 Service Fees 21 Rent Revenue 22 Salaries Expense 23 Rent Expense 24 Supplies Expense 25 Depreciation Expense–Building 26 Utilities Expense 27 Repairs Expense 28 Insurance Expense 29 Miscellaneous Expense 30 27,500 71,800 3,550 750 330,500 184, 100 16,100 6,600 1,500 40,000 70,300 30,000 675,500 9,000 435,000 55,000 11,850 10,000 8,800 4,250 3,000 11,100 1,003,100 1,003,100
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