Maurice Tutor

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    Argosy University/ Phoniex University/
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    Phoniex University
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Category > Accounting Posted 19 Aug 2017 My Price 13.00

Finders Investigative Services

Financial statements and closing entries

Finders Investigative Services is an investigative services firm that is owned and operated by Stacy Tanner. On June 30, 2016, the end of the fiscal year, the accountant for   Finders

Investigative Services prepared an end-of-period spreadsheet, a part of which follows:

 

 

 

 

 

 

A

F

G

1

Finders Investigative  Services

2

End-of-Period Spreadsheet

3

For the Year Ended June 30, 2016

4

 

Adju Trial Ba

ted lance

5

 

6

Account Title

 

Dr.

Cr.

7

 

 

8

Cash

 

28,000

 

9

Accounts Receivable

 

69,600

 

10

Supplies

 

4,600

 

11

Prepaid Insurance

 

2,500

 

12

Building

 

439,500

 

13

Accumulated Depreciation—Building

44,200

14

Accounts Payable

11,700

15

Salaries Payable

3,000

16

Unearned Rent

2,000

17

Common Stock

80,000

18

Retained Earnings

293,800

19

Dividends

 

12,000

 

20

Service Fees

718,000

21

Rent Revenue

12,000

22

Salaries Expense

 

522,100

 

23

Rent Expense

 

48,000

 

24

Supplies Expense

 

10,800

 

25

Depreciation Expense—Building

 

8,750

 

26

Utilities Expense

 

7,150

 

27

Repairs Expense

 

3,000

 

28

Insurance Expense

 

2,500

 

29

Miscellaneous Expense

 

      6,200

              

30

1,164,700

1,164,700

 
 

s

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 June 30.

3.     If Retained Earnings has instead decreased $30,000 after the closing entries were posted, and the dividends remained the same, what would have been the amount of net income or net loss?

Answers

Maurice Tutor
(5)
Status NEW Posted 19 Aug 2017 08:08 PM My Price 13.00

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