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Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac
Edition 26ISBN: 978-1337498159Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac
Edition 26ISBN: 978-1337498159 Exercise 37
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:
Instructions
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.
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
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:
Instructions
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.
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
Explanation
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Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac
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