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topjm [15]
2 years ago
6

Finders Investigative Services is an investigative services firm that is owned and operated by Stacy Tanner. On June 30, 2019, t

he 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 ~ 28,000
Accounts Receivable ~ 69,600
Supplies ~ 4,600
Prepaid Insurance ~ 2,500
Building ~ 439,500
Accumulated Depreciation-Building ~ 44,200
Accounts Payable ~ 11,700
Salaries Payable ~ 3,000
Unearned Rent ~ 2,000
Stacy Tanner, Capital ~ 373,800
Stacy Tanner, Drawing ~ 12,000
Service Fees ~ 718,000
Rent Revenue ~ 12,000
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
~ 1,164,700 1,164,700
Required:
(1) Prepare an income statement, a statement of owner’s equity (no additional investments were made during the year), and a balance sheet. *
(2) Journalize the entries that were required to close the accounts at June 30.
Business
1 answer:
ra1l [238]2 years ago
5 0

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

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Equivalent completed units = Completed units + WIP ending

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