Answer:
Net Profit 121,500
Stacy Tanner, Capital 483,300
Explanation:
Finders Investigative Services
End-of-Period Income Statement
For the Year Ended June 30, 2019
Service Fees $ ~ 718,000
Rent Revenue ~ 12,000
730,000
Salaries Expense ~ 522,100
Rent Expense ~ 48,000
Supplies Expense ~ 10,800
Depreciation Expense-Building ~ 8,750
Utilities Expense ~ 7,150
Repairs Expense ~ 3,000
Insurance Expense ~ 2,500
Miscellaneous Expense ~ 6,200 608,500
Net Profit $121,500
Finders Investigative Services
End-of-Period Owner's Equity
For the Year Ended June 30, 2019
Stacy Tanner, Capital $ ~ 373,800
<u>Add Income 121,500 495,300 </u>
<u>Less Drawing 12,000</u>
<u><em>Stacy Tanner, Capital $ 483,300</em></u>
Finders Investigative Services
End-of-Period Balance Sheet
For the Year Ended June 30, 2019
Balance
Account Title ~ Dr. Cr. ~
Cash ~ 28,000
Accounts Receivable ~ 69,600
Supplies ~ 4,600
Prepaid Insurance ~ 2,500
Building ~ 395,300
Accounts Payable ~ 11,700
Salaries Payable ~ 3,000
Unearned Rent ~ 2,000
Stacy Tanner, Capital ~ 483,300
$ 500,000 $ 500,000
Journal Entries
1) Income Summary $ 608500 Dr
Salaries Expense ~ 522,100 Cr
Rent Expense ~ 48,000 Cr
Supplies Expense ~ 10,800 Cr
Depreciation Expense-Building ~ 8,750 Cr
Utilities Expense ~ 7,150 Cr
Repairs Expense ~ 3,000 Cr
Insurance Expense ~ 2,500 Cr
Miscellaneous Expense ~ 6,200 Cr
2) Service Fees $ ~ 718,000 Dr
Rent Revenue ~ 12,000 Dr
Income Summary $ 730,000 Cr
3) Income Summary $121,500 Dr
Stacy Tanner Capital Account $ 121,500 Cr
4) Stacy Tanner Capital Account $ 12,000 Dr
Stacy Tanner Drawings $ 12000 Cr
