Suspicions Company is an investigative services firm that is owned and operated by Curtis Graves. On November 30, 2010, the end of the current fiscal year, the accountant for Suspicions Company prepared an end-of-period spreadsheet (work sheet), a part of which is shown below.

Instructions1. 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 November 30.3. If Curtis Graves, Capital decreased $40,000 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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Suspicions Company End-of-Period Spreadsheet (Work Sheet) For the Year Ended November 30, 2010 Balance Sheet Income Statement Dr. Cr. Dr. Cr. 11,500 47,200 3,500 4,800 175,000 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries Payable Uneamed Rent Curtis Graves, Capital Curtis Graves, Drawing Service Fees Rent Revenue Salary Expense Rent Expense Supplies Expense Depreciation Expense-Equipment Utilities Expense Repairs Expense Ins urance Expense Miscellaneous Expense 55,200 6,000 1500 3,000 172,800 30,000 480,000 20,000 375,000 62,500 9,000 5,000 4,400 3,200 2,800 4.600 466,500 500,000 272,000 238,500 33.500 500.000 500.000 272.000 272,000 33500 Net income