What would have been the amount of net income or net loss

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Reference no: EM13555755

A Financial statements and closing entries OBJ. 2, 3 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 as per below :

Iron side Security Services End-of-Period Spreadsheet For the Year Ended April 30, 2014


Adjusted


Trial Balance

Account Title

Dr.

Cr.




Cash

18,000


Accounts Receivable

37,200


Supplies

7,500


Prepaid Insurance

4,800


Building

240,500


Accumulated Depreciation-Building

55,200

Accounts Payable


6,000

Salaries Payable


1,500

Unearned Rent


3,000

Capital Stock


35,000

Retained Earnings


144,300

Dividends

10,000


Service Fees


480,000

Rent Revenue


25,000

Salaries Expense

336,000


Rent Expense

62,500


Supplies Expense

12,000


Depreciation Expense-Building

6,000


Utilities Expense

4,400


Repairs Expense

3,200


Insurance Expense

2,800


Miscellaneous Expense

5,100



750,000

750,000

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 net loss?

Reference no: EM13555755

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