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:Foxy Investigative ServicesEnd-of-Period SpreadsheetFor the Year Ended November 30, 2018 ~Adjusted Trial BalanceAccount Title~Dr.Cr. ~ Cash~27,500 Accounts Receivable~71,800 Supplies~3,550 Prepaid Insurance~750 Building~330,500 Accumulated Depreciation-Building~ 184,100Accounts Payable~ 16,100Salaries Payable~ 6,600Unearned Rent~ 1,500Common Stock~ 40,000Retained Earnings~ 70,300Dividends~30,000 Service Fees~ 675,500Rent Revenue~ 9,000Salaries Expense~435,000 Rent Expense~55,000 Supplies Expense~11,850 Depreciation Expense-Building~10,000 Utilities Expense~8,800 Repairs Expense~4,250 Insurance Expense~3,000 Miscellaneous Expense~11,100 ~1,003,1001,003,100 Required:1.A.Prepare an income statement for the year ended November 30, 2018. 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 retained earnings statement for the year ended November 30, 2018. 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, 2018. 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 $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? If required, use a minus sign to indicate a net loss.CHART OF ACCOUNTSFoxy Investigative ServicesGeneral Ledger ASSETS11Cash12Accounts Receivable13Supplies14Prepaid Insurance17Building18Accumulated Depreciation-Building LIABILITIES21Accounts Payable22Salaries Payable23Unearned Rent EQUITY31Common Stock32Retained Earnings33Dividends34Income Summary REVENUE41Service Fees42Rent Revenue EXPENSES51Salaries Expense52Rent Expense53Supplies Expense54Depreciation Expense-Building55Utilities Expense56Repairs Expense57Insurance Expense59Miscellaneous ExpenseLabelsCurrent assetsCurrent liabilitiesExpensesFor the Year Ended November 30, 2018November 30, 2018Property, plant, and equipmentRevenuesAmount DescriptionsChange in retained earningsDividendsNet incomeNet lossRetained earnings, December 1, 2017Retained earnings, November 30, 2018Total assetsTotal current assetsTotal expensesTotal liabilitiesTotal liabilities and stockholders’ equityTotal property, plant, and equipmentTotal revenuesTotal stockholders’ equity 1A. Prepare an income statement for the year ended November 30, 2018. 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 notneed to enter colons (:) on the income statement. Refer to the Chart of Accounts for exact wording of account titles.Foxy Investigative ServicesIncome Statement(Label): (Label)25 (Label)10111213141518. Prepare a retained earnings statement for the year ended November 30, 2018. If a net loss is incurred or dividends were paid, enter that amount as a negativenumber 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 andAmount Descriptions for exact wording of the answer choices for text entries other than account names.Foxy Investigative ServicesRetained Earnings Statement(Label)10. Prepare a balance sheet as of November 30, 2018. 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 exactwording 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. Forthose boxes in which you must enter subtracted or negative numbers use a minus sign.Foxy Investigative ServicesBalance Sheet(Label)Assets2 (Label)a (Label)10111213Liabilities14 (Label) 14 (Label)1516171819Stockholders' Equity202122232. Based upon the end-of-period spreadsheet, jourmalize the closing entries. Refer to the Chart of Accounts for exact wording of account titles.PAGEJOURNALACCOUNTING EQUATIONDATEDESCRIPTIONPOST, REF.DEBITCREDITASSETSLIABILITIESEQClosing Entries24.101112131415173. If Retained Earnings had instead decreased 546,000 after the closing entries were posted, and the dividends remained the same, what would have been the amountof net income or net loss? If required, use a minus sign to indicate a net los

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: Foxy Investigative Services End-of-Period Spreadsheet For the Year Ended November 30, 2018 ~ Adjusted Trial Balance Account Title ~ Dr. Cr. ~ Cash ~ 27,500 Accounts Receivable ~ 71,800 Supplies ~ 3,550 Prepaid Insurance ~ 750 Building ~ 330,500 Accumulated Depreciation-Building ~ 184,100 Accounts Payable ~ 16,100 Salaries Payable ~ 6,600 Unearned Rent ~ 1,500 Common Stock ~ 40,000 Retained Earnings ~ 70,300 Dividends ~ 30,000 Service Fees ~ 675,500 Rent Revenue ~ 9,000 Salaries Expense ~ 435,000 Rent Expense ~ 55,000 Supplies Expense ~ 11,850 Depreciation Expense-Building ~ 10,000 Utilities Expense ~ 8,800 Repairs Expense ~ 4,250 Insurance Expense ~ 3,000 Miscellaneous Expense ~ 11,100 ~ 1,003,100 1,003,100 Required: 1. A. Prepare an income statement for the year ended November 30, 2018. 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 retained earnings statement for the year ended November 30, 2018. 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, 2018. 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.

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: Foxy Investigative Services End-of-Period Spreadsheet For the Year Ended November 30, 2018 ~ Adjusted Trial Balance Account Title ~ Dr. Cr. ~ Cash ~ 27,500 Accounts Receivable ~ 71,800 Supplies ~ 3,550 Prepaid Insurance ~ 750 Building ~ 330,500 Accumulated Depreciation-Building ~ 184,100 Accounts Payable ~ 16,100 Salaries Payable ~ 6,600 Unearned Rent ~ 1,500 Common Stock ~ 40,000 Retained Earnings ~ 70,300 Dividends ~ 30,000 Service Fees ~ 675,500 Rent Revenue ~ 9,000 Salaries Expense ~ 435,000 Rent Expense ~ 55,000 Supplies Expense ~ 11,850 Depreciation Expense-Building ~ 10,000 Utilities Expense ~ 8,800 Repairs Expense ~ 4,250 Insurance Expense ~ 3,000 Miscellaneous Expense ~ 11,100 ~ 1,003,100 1,003,100 Required: 1. A. Prepare an income statement for the year ended November 30, 2018. 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 retained earnings statement for the year ended November 30, 2018. 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, 2018. 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.

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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Question

Foxy Investigative Services
End-of-Period Spreadsheet
For the Year Ended November 30, 2018
	~	Adjusted Trial Balance
Account Title	~	Dr.	Cr.
	~
Cash	~	27,500
Accounts Receivable	~	71,800
Supplies	~	3,550
Prepaid Insurance	~	750
Building	~	330,500
Accumulated Depreciation-Building	~		184,100
Accounts Payable	~		16,100
Salaries Payable	~		6,600
Unearned Rent	~		1,500
Common Stock	~		40,000
Retained Earnings	~		70,300
Dividends	~	30,000
Service Fees	~		675,500
Rent Revenue	~		9,000
Salaries Expense	~	435,000
Rent Expense	~	55,000
Supplies Expense	~	11,850
Depreciation Expense-Building	~	10,000
Utilities Expense	~	8,800
Repairs Expense	~	4,250
Insurance Expense	~	3,000
Miscellaneous Expense	~	11,100
	~	1,003,100	1,003,100

Required:

A.	Prepare an income statement for the year ended November 30, 2018. 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 retained earnings statement for the year ended November 30, 2018. 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, 2018. 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.

Based upon the end-of-period spreadsheet, journalize the closing entries. Refer to the Chart of Accounts for exact wording of account titles.

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? If required, use a minus sign to indicate a net loss.

CHART OF ACCOUNTS

Foxy Investigative Services

General Ledger

	ASSETS
11	Cash
12	Accounts Receivable
13	Supplies
14	Prepaid Insurance
17	Building
18	Accumulated Depreciation-Building

	LIABILITIES
21	Accounts Payable
22	Salaries Payable
23	Unearned Rent

	EQUITY
31	Common Stock
32	Retained Earnings
33	Dividends
34	Income Summary

	REVENUE
41	Service Fees
42	Rent Revenue

	EXPENSES
51	Salaries Expense
52	Rent Expense
53	Supplies Expense
54	Depreciation Expense-Building
55	Utilities Expense
56	Repairs Expense
57	Insurance Expense
59	Miscellaneous Expense

LabelsCurrent assetsCurrent liabilitiesExpensesFor the Year Ended November 30, 2018November 30, 2018Property, plant, and equipmentRevenuesAmount DescriptionsChange in retained earningsDividendsNet incomeNet lossRetained earnings, December 1, 2017Retained earnings, November 30, 2018Total assetsTotal current assetsTotal expensesTotal liabilitiesTotal liabilities and stockholders’ equityTotal property, plant, and equipmentTotal revenuesTotal stockholders’ equity

1A. Prepare an income statement for the year ended November 30, 2018. 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.
Foxy Investigative Services
Income Statement
(Label)
: (Label)
2
5 (Label)
10
11
12
13
14
15
18. Prepare a retained earnings statement for the year ended November 30, 2018. 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.
Foxy Investigative Services
Retained Earnings Statement
(Label)
10. Prepare a balance sheet as of November 30, 2018. 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.
Foxy Investigative Services
Balance Sheet
(Label)
Assets
2 (Label)
a (Label)
10
11
12
13
Liabilities
14 (Label)

14 (Label)
15
16
17
18
19
Stockholders' Equity
20
21
22
23
2. Based upon the end-of-period spreadsheet, jourmalize the closing entries. Refer to the Chart of Accounts for exact wording of account titles.
PAGE
JOURNAL
ACCOUNTING EQUATION
DATE
DESCRIPTION
POST, REF.
DEBIT
CREDIT
ASSETS
LIABILITIES
EQ
Closing Entries
2
4.
10
11
12
13
14
15
17
3. If Retained Earnings had instead decreased 546,000 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 los

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