Outsider Company is an investigative services firm that is owned
Outsider Company is an investigative services firm that is owned and operated by Walter Salva. On December 31, 2015, the end of the current fiscal year, the accountant for Outsider Company prepared an adjusted trial balance, which is shown below.
Instructions
1. Prepare a single-step income statement, statement of owner’s equity (no additional investments were made during the year), and a balance sheet as at December 31, 2015.
2. Journalize the entries that were required to close the accounts at December 31.
3. If Walter Salva, Capital decreased $40,000 after the closing entries were posted, and the withdrawals remained the same, what was the amount of net income or net loss?
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