Prepare a statement of owners equity

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Reference no: EM132452151

Finders Investigative Services is an investigative services firm that is owned and operated by Stacy Tanner. On June 30, 2019, the end of the fiscal year the accountant for Finders Investigative Services prepared an end-of-period spreadsheet,

a part of which follows:

Finders Investigative Services
End-of-Period Spreadsheet
For the Year Ended June 30, 2019
~ Adjusted Trial Balance
Account Title ~ Dr. Cr. ~

Cash                                               ~ 23,600
Accounts Receivable                          ~ 68,400
Supplies                                          ~ 4,500
Prepaid Insurance                             ~ 2,500
Building                                           ~ 432,000
Accumulated Depreciation-Building       ~ 44,200
Accounts Payable                             ~ 11,100
Salaries Payable                               ~ 3,300
Unearned Rent                                 ~ 1,700
Stacy Tanner, Capital                        ~ 372,400
Stacy Tanner, Drawing                      ~ 11,400
Service Fees                                   ~ 703,750
Rent Revenue                                  ~ 11,400
Salaries Expense                              ~ 522,100
Rent Expense                                  ~ 45,600
Supplies Expense                             ~ 10,800
Depreciation Expense-Building            ~ 9,000
Utilities Expense                              ~ 7,150
Repairs Expense                              ~ 2,700
Insurance Expense                          ~ 2,500
Miscellaneous Expense                     ~ 5,600
                                                 ~ 1,147,850 1,147,850

Required:

Question 1. Prepare an income statement, a statement of owner's equity (no additional investments were made during the year), and a balance sheet.

Question 2. Journalize the entries that were required to close the accounts at June 30.

Question 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?

Be sure to read the instructions for each financial statement carefully. Refer to the chart of accounts and the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries.

Reference no: EM132452151

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