Foxy Investigative Services is an investigative services firm that is owned and operated by Shirley Vickers. On November 30, 20Y8, the end of the fiscal year, the accountant for Foxy Investigative Services prepared an end-of-period spreadsheet, a part of which follows:Foxy Investigative ServicesEnd-of-Period SpreadsheetFor the Year Ended November 30, 20Y8 ~Adjusted Trial BalanceAccount Title~Dr.Cr. ~ Cash~21,000 Accounts Receivable~70,600 Supplies~4,700 Prepaid Insurance~2,500 Building~438,500 Accumulated Depreciation-Building~ 43,800Accounts Payable~ 11,700Salaries Payable~ 3,400Unearned Rent~ 1,900Common Stock~ 80,000Retained Earnings~ 295,000Dividends~12,000 Service Fees~ 711,800Rent Revenue~ 12,000Salaries Expense~524,300 Rent Expense~48,000 Supplies Expense~10,800 Depreciation Expense-Building~7,800 Utilities Expense~7,200 Repairs Expense~2,900 Insurance Expense~2,800 Miscellaneous Expense~6,500 ~1,159,6001,159,600 Required:1.A.Prepare an income statement for the year ended November 30, 20Y8. If a net loss has been incurred, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) on the income statement. Refer to the Chart of Accounts for exact wording of account titles.B.Prepare a statement of stockholders’ equity for the year ended November 30, 20Y8. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Refer to the Chart of Accounts for exact wording of account titles. Refer to the lists of Labels and Amount Descriptions for exact wording of the answer choices for text entries other than account names.C.Prepare a balance sheet as of November 30, 20Y8. Fixed assets must be entered in order according to account number. Be sure to complete the statement heading. You will not need to enter colons (:) or the word "Less" on the balance sheet; they will automatically insert where necessary. Refer to the Chart of Accounts for exact wording of account titles. Refer to the lists of Labels and Amount Descriptions for exact wording of the answer choices for text entries other than account names. For those boxes in which you must enter subtracted or negative numbers use a minus sign.2.Based upon the end-of-period spreadsheet, journalize the closing entries. Refer to the Chart of Accounts for exact wording of account titles.3.If Retained Earnings had instead decreased $37,000 after the closing entries were posted, and the dividends remained the same, what would have been the amount of net income or net loss? If required, use a minus sign to indicate a net loss.

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College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter5: Closing Entries And The Post-closing Trial Balance

Section: Chapter Questions

Problem 5PB: Toms Catering Services prepared the following work sheet for the year ended December 31, 20--....

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Foxy Investigative Services is an investigative services firm that is owned and operated by Shirley Vickers. On November 30, 20Y8, the end of the fiscal year, the accountant for Foxy Investigative Services prepared an end-of-period spreadsheet, a part of which follows:

Foxy Investigative Services

End-of-Period Spreadsheet

For the Year Ended November 30, 20Y8

Adjusted Trial Balance

Account Title

Dr.

Cr.

Cash

21,000

Accounts Receivable

70,600

Supplies

4,700

Prepaid Insurance

2,500

Building

438,500

Accumulated Depreciation-Building

43,800

Accounts Payable

11,700

Salaries Payable

3,400

Unearned Rent

1,900

Common Stock

80,000

Retained Earnings

295,000

Dividends

12,000

Service Fees

711,800

Rent Revenue

12,000

Salaries Expense

524,300

Rent Expense

48,000

Supplies Expense

10,800

Depreciation Expense-Building

7,800

Utilities Expense

7,200

Repairs Expense

2,900

Insurance Expense

2,800

Miscellaneous Expense

6,500

1,159,600

Required:

A.	Prepare an income statement for the year ended November 30, 20Y8. If a net loss has been incurred, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) on the income statement. Refer to the Chart of Accounts for exact wording of account titles.
B.	Prepare a statement of stockholders’ equity for the year ended November 30, 20Y8. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Refer to the Chart of Accounts for exact wording of account titles. Refer to the lists of Labels and Amount Descriptions for exact wording of the answer choices for text entries other than account names.
C.	Prepare a balance sheet as of November 30, 20Y8. Fixed assets must be entered in order according to account number. Be sure to complete the statement heading. You will not need to enter colons (:) or the word "Less" on the balance sheet; they will automatically insert where necessary. Refer to the Chart of Accounts for exact wording of account titles. Refer to the lists of Labels and Amount Descriptions for exact wording of the answer choices for text entries other than account names. For those boxes in which you must enter subtracted or negative numbers use a minus sign.

Based upon the end-of-period spreadsheet, journalize the closing entries. Refer to the Chart of Accounts for exact wording of account titles.

If Retained Earnings had instead decreased $37,000 after the closing entries were posted, and the dividends remained the same, what would have been the amount of net income or net loss? If required, use a minus sign to indicate a net loss.

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