Fairfield Services Company from Problem 4 3A prepared an end of period spread sheet
Fairfield Services Company, from Problem 4-3A, prepared an end-of-period spread-sheet (work sheet) a part of which is shown below, at December 31, 2015, the end of the current fiscal year (shown below).
In problem
1. Prepare an income statement, a statement of owner’s equity (no additional investments were made during the year), and a balance sheet as at December 31.
2. Journalize the entries that were required to close the accounts at December 31.
3. If the balance of John Fairfield, Capital increased $60,000 after the closing entries were posted, and the withdrawals remained the same, what would be the amount of net income or net loss?
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