Info-Mart Company is an investigative services firm that is owned and operated by Tom Wagner. On June 30, 2012, the end of the current fiscal year, the accountant for Info-Mart Company prepared an end-of-period spreadsheet, a part of which is shown below.

Instructions
1. Prepare an income statement, 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 Tom Wagner, Capital decreased $75,000 after the closing entries were posted, and the withdrawals remained the same, what was the amount of net income or netloss?

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Info-Mart Company End-of-Period Spreadsheet For the Year Ended June 30, 2012 Adjusted Trial Balance 6 Account Title 7 Cash 8 Accounts Receivable 20,000 1200 7,500 4,800 270,500 9 Supplies 10 Prepaid Insurance 11 Building 12 Accumulated Depreciation-Building 13 Accounts Payable 14 Salaries Payable 15 Unearned Rent 16 Tom Wagner, Capital 17 Tom Wagner, Drawing 18 Service Fees 19 Rent Revenue 20 Salaries Expense 21 Rent Expense 22 Supplies Expense 23 Depreciation Expense-Equipment 24 Utilities Expense 25 Repairs Expense 26 Insurance Expense 27 Miscellaneous Expense 28 55,200 6,000 1,500 3,000 255,300 50,000 500,000 25,000 350,000 一62.500 12,000 6,000 4,400 3,200 2,800 5,100