Finders Investigative Services is an investigative services firm that is owned and operated by Stacy Tanner. On June 30, 2019, the end of the fiscal 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, 2019   ~ Adjusted Trial Balance Account Title ~ Dr. Cr.   ~     Cash ~ 28,000   Accounts Receivable ~ 69,600   Supplies ~ 4,600   Prepaid Insurance ~ 2,500   Building ~ 439,500   Accumulated Depreciation-Building ~   44,200 Accounts Payable ~   11,700 Salaries Payable ~   3,000 Unearned Rent ~   2,000 Stacy Tanner, Capital ~   373,800 Stacy Tanner, Drawing ~ 12,000   Service Fees ~   718,000 Rent Revenue ~   12,000 Salaries Expense ~ 522,100   Rent Expense ~ 48,000   Supplies Expense ~ 10,800   Depreciation Expense-Building ~ 8,750   Utilities Expense ~ 7,150   Repairs Expense ~ 3,000   Insurance Expense ~ 2,500   Miscellaneous Expense ~ 6,200     ~ 1,164,700 1,164,700     Required: 1. Prepare an income statement, a statement of owner’s 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.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Finders Investigative Services is an investigative services firm that is owned and operated by Stacy Tanner. On June 30, 2019, the end of the fiscal 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, 2019
  ~ Adjusted Trial Balance
Account Title ~ Dr. Cr.
  ~    
Cash ~ 28,000  
Accounts Receivable ~ 69,600  
Supplies ~ 4,600  
Prepaid Insurance ~ 2,500  
Building ~ 439,500  
Accumulated Depreciation-Building ~   44,200
Accounts Payable ~   11,700
Salaries Payable ~   3,000
Unearned Rent ~   2,000
Stacy Tanner, Capital ~   373,800
Stacy Tanner, Drawing ~ 12,000  
Service Fees ~   718,000
Rent Revenue ~   12,000
Salaries Expense ~ 522,100  
Rent Expense ~ 48,000  
Supplies Expense ~ 10,800  
Depreciation Expense-Building ~ 8,750  
Utilities Expense ~ 7,150  
Repairs Expense ~ 3,000  
Insurance Expense ~ 2,500  
Miscellaneous Expense ~ 6,200  
  ~ 1,164,700 1,164,700
 
  Required:
1. Prepare an income statement, a statement of owner’s 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.
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