Question

Ironside Security Services is an investigative services firm that is owned and operated by Don Chadwell. On April 30, 2014, the end of the current fiscal year, the accountant for Ironside Security Services prepared an end-of-period spreadsheet, a part of which is shown below.


Instructions
1. Prepare an income statement, a retained earnings statement, and a balance sheet.
2. Journalize the entries that were required to close the accounts at April 30.
3. If Retained Earnings has instead decreased $47,500 after the closing entries were posted, and the dividends remained the same, what would have been the amount of net income or netloss?


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  • CreatedFebruary 28, 2014
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