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 InvestigativeServices End-of-PeriodSpreadsheet For the Year Ended June30, 2016 ~ Adjusted TrialBalance 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 ~ 1,151,450 1,151,450
Required: 1. A. Prepare an income statement forthe year ended June 30, 2016. If a net loss has been incurred,enter that amount as a negative number using a minus sign. Be sureto complete the statement heading. Use the list of Labels andAmount Descriptions for the correct wording of text items otherthan account names. You will not need to enter colons (:) on theincome statement. B. Prepare a retained earningsstatement for the year ended June 30, 2016. If a net loss has beenincurred or there has been a decrease in retained earnings, enterthat amount as a negative number using a minus sign. Be sure tocomplete the statement heading. Use the list of Labels and AmountDescriptions for the correct wording of text items. C. Prepare a balance sheet as ofJune 30, 2016. Fixed assets must be entered in order according toaccount number. Be sure to complete the statement heading. Use thelist of Labels and Amount Descriptions for the correct wording oftext items other than account names. You will not need to entercolons (:) or the word "Less" on the balance sheet; they willautomatically insert where necessary.
2. Based upon the end-of-periodspreadsheet, journalize the closing entries. 3. If Retained Earnings has instead decreased $33,000 after theclosing entries were posted, and the dividends remained the same,what would have been the amount of net income or net loss?
Trying to find out whats the income statement, RetainedEarnings Statement,Balance Sheet, Journal, and 3. IfRetained Earnings has instead decreased $33,000 after the closingentries were posted, and the dividends remained the same, whatwould have been the amount of net income or net loss? If required,use the minus sign to indicate a 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 InvestigativeServices | |||
| End-of-PeriodSpreadsheet | |||
| For the Year Ended June30, 2016 | |||
| ~ | Adjusted TrialBalance | ||
| 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 | |
| ~ | 1,151,450 | 1,151,450 | |
| Required: | |||||||
| 1. |
| ||||||
| 2. | Based upon the end-of-periodspreadsheet, journalize the closing entries. | ||||||
| 3. | If Retained Earnings has instead decreased $33,000 after theclosing entries were posted, and the dividends remained the same,what would have been the amount of net income or net loss? Trying to find out whats the income statement, RetainedEarnings Statement,Balance Sheet, Journal, and 3. IfRetained Earnings has instead decreased $33,000 after the closingentries were posted, and the dividends remained the same, whatwould have been the amount of net income or net loss? If required,use the minus sign to indicate a net loss. |
Related questions
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.
