Finders Investigative Services is an investigative services firmthat is owned and operated by Stacy Tanner. On June 30, 2016, theend of the fiscal year, the accountant for Finders InvestigativeServices prepared an end-of-period spreadsheet, a part of whichfollows:
Required:
Finders Investigative Services
End-of-Period Spreadsheet
For the Year Ended June 30, 2016
~
Adjusted Trial Balance
Account Title
~
Dr.
Cr.
~
Cash
~
20,300
Accounts Receivable
~
69,400
Supplies
~
4,600
Prepaid Insurance
~
2,500
Building
~
434,000
Accumulated Depreciation-Building
~
42,000
Accounts Payable
~
11,600
Salaries Payable
~
3,000
Unearned Rent
~
1,800
Stacy Tanner, Capital
~
372,000
Stacy Tanner, Drawing
~
11,900
Service Fees
~
708,650
Rent Revenue
~
11,900
Salaries Expense
~
523,900
Rent Expense
~
47,600
Supplies Expense
~
10,800
Depreciation Expense-Building
~
7,500
Utilities Expense
~
7,250
Repairs Expense
~
2,800
Insurance Expense
~
2,800
Miscellaneous Expense
~
5,600
~
1,150,950
1,150,950
1.
Prepare an income statement, a statement of ownerâs equity (noadditional investments were made during the year), and a balancesheet. *
2.
Journalize the entries that were required to close the accountsat June 30. *
3.
If Stacy Tanner, Capital has instead decreased $30,000 after theclosing 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 statementcarefully. Refer to the chart of accounts and the list of Labelsand Amount Descriptions provided for the exact wording of theanswer choices for text entries.
Finders Investigative Services is an investigative services firmthat is owned and operated by Stacy Tanner. On June 30, 2016, theend of the fiscal year, the accountant for Finders InvestigativeServices prepared an end-of-period spreadsheet, a part of whichfollows: Finders Investigative Services End-of-Period SpreadsheetFor the Year Ended June 30, 2016 ~ Adjusted Trial Balance AccountTitle ~ Dr. Cr. ~ Cash ~ 20,300 Accounts Receivable ~ 69,400Supplies ~ 4,600 Prepaid Insurance ~ 2,500 Building ~ 434,000Accumulated Depreciation-Building ~ 42,000 Accounts Payable ~11,600 Salaries Payable ~ 3,000 Unearned Rent ~ 1,800 Stacy Tanner,Capital ~ 372,000 Stacy Tanner, Drawing ~ 11,900 Service Fees ~708,650 Rent Revenue ~ 11,900 Salaries Expense ~ 523,900 RentExpense ~ 47,600 Supplies Expense ~ 10,800 DepreciationExpense-Building ~ 7,500 Utilities Expense ~ 7,250 Repairs Expense~ 2,800 Insurance Expense ~ 2,800 Miscellaneous Expense ~ 5,600 ~1,150,950 1,150,950 Required: 1. Prepare an income statement, astatement of ownerâs equity (no additional investments were madeduring the year), and a balance sheet. * 2. Journalize the entriesthat were required to close the accounts at June 30. * 3. If StacyTanner, Capital has instead decreased $30,000 after the closingentries were posted, and the withdrawals remained the same, whatwould have been the amount of net income or net loss? * Be sure toread the instructions for each financial statement carefully. Referto the chart of accounts and the list of Labels and AmountDescriptions provided for the exact wording of the answer choicesfor text entries.
Finders Investigative Services is an investigative services firmthat is owned and operated by Stacy Tanner. On June 30, 2016, theend of the fiscal year, the accountant for Finders InvestigativeServices prepared an end-of-period spreadsheet, a part of whichfollows:
Required: | |||||
---|---|---|---|---|---|
Finders Investigative Services | |||||
End-of-Period Spreadsheet | |||||
For the Year Ended June 30, 2016 | |||||
~ | Adjusted Trial Balance | ||||
Account Title | ~ | Dr. | Cr. | ||
~ | |||||
Cash | ~ | 20,300 | |||
Accounts Receivable | ~ | 69,400 | |||
Supplies | ~ | 4,600 | |||
Prepaid Insurance | ~ | 2,500 | |||
Building | ~ | 434,000 | |||
Accumulated Depreciation-Building | ~ | 42,000 | |||
Accounts Payable | ~ | 11,600 | |||
Salaries Payable | ~ | 3,000 | |||
Unearned Rent | ~ | 1,800 | |||
Stacy Tanner, Capital | ~ | 372,000 | |||
Stacy Tanner, Drawing | ~ | 11,900 | |||
Service Fees | ~ | 708,650 | |||
Rent Revenue | ~ | 11,900 | |||
Salaries Expense | ~ | 523,900 | |||
Rent Expense | ~ | 47,600 | |||
Supplies Expense | ~ | 10,800 | |||
Depreciation Expense-Building | ~ | 7,500 | |||
Utilities Expense | ~ | 7,250 | |||
Repairs Expense | ~ | 2,800 | |||
Insurance Expense | ~ | 2,800 | |||
Miscellaneous Expense | ~ | 5,600 | |||
~ | 1,150,950 | 1,150,950 | |||
1. | Prepare an income statement, a statement of ownerâs equity (noadditional investments were made during the year), and a balancesheet. * | ||||
2. | Journalize the entries that were required to close the accountsat June 30. * | ||||
3. | If Stacy Tanner, Capital has instead decreased $30,000 after theclosing entries were posted, and the withdrawals remained the same,what would have been the amount of net income or net loss?
|
Finders Investigative Services is an investigative services firmthat is owned and operated by Stacy Tanner. On June 30, 2016, theend of the fiscal year, the accountant for Finders InvestigativeServices prepared an end-of-period spreadsheet, a part of whichfollows: Finders Investigative Services End-of-Period SpreadsheetFor the Year Ended June 30, 2016 ~ Adjusted Trial Balance AccountTitle ~ Dr. Cr. ~ Cash ~ 20,300 Accounts Receivable ~ 69,400Supplies ~ 4,600 Prepaid Insurance ~ 2,500 Building ~ 434,000Accumulated Depreciation-Building ~ 42,000 Accounts Payable ~11,600 Salaries Payable ~ 3,000 Unearned Rent ~ 1,800 Stacy Tanner,Capital ~ 372,000 Stacy Tanner, Drawing ~ 11,900 Service Fees ~708,650 Rent Revenue ~ 11,900 Salaries Expense ~ 523,900 RentExpense ~ 47,600 Supplies Expense ~ 10,800 DepreciationExpense-Building ~ 7,500 Utilities Expense ~ 7,250 Repairs Expense~ 2,800 Insurance Expense ~ 2,800 Miscellaneous Expense ~ 5,600 ~1,150,950 1,150,950 Required: 1. Prepare an income statement, astatement of ownerâs equity (no additional investments were madeduring the year), and a balance sheet. * 2. Journalize the entriesthat were required to close the accounts at June 30. * 3. If StacyTanner, Capital has instead decreased $30,000 after the closingentries were posted, and the withdrawals remained the same, whatwould have been the amount of net income or net loss? * Be sure toread the instructions for each financial statement carefully. Referto the chart of accounts and the list of Labels and AmountDescriptions provided for the exact wording of the answer choicesfor text entries.