Finders Investigative Services is an investigative services firm that is owned and operated by Stacy Tanner. On June 30, 20Y3, the end of the fiscal year, the accountant for Finders Investigative Services prepared an end-of-period spreadsheet, a part of which follows:

Instructions

1. Prepare an income statement, a 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 Stacy Tanner, Capital has instead decreased $30,000 after the closing entries were posted, and the withdrawals remained the same, what would have been the amount of net income or net loss?

Transcribed Image Text:

F G Finders Investigative Services End-of-Period Spreadsheet For the Year Ended June 30, 20Y3 1 2 3 Adjusted 4 Trial Balance Cr. Dr. 6 Account Title 7 28,000 69,600 4,600 2,500 439,500 8 Cash 9 Accounts Receivable 10 Supplies 11 Prepaid Insurance 12 Building 13 Accumulated Depreciation-Building 14 Accounts Payable 15 Salaries Payable 16 Unearned Rent 17 Stacy Tanner, Capital 18 Stacy Tanner, Drawing 19 Service Fees 20 Rent Revenue 21 Salaries Expense 22 Rent Expense 23 Supplies Expense 24 Depreciation Expense-Building 25 Utilities Expense 26 Repairs Expense 27 Insurance Expense 28 Miscellaneous Expense 29 44,200 11,700 3,000 2,000 373,800 12,000 718,000 12,000 522,100 48,000 10,800 8,750 7,150 3,000 2,500 6,200 1,164,700 1,164,700