Foxy Investigative Services is an investigative services firm that is owned and operated by Shirley

Foxy Investigative Services is an investigative services firm that is owned and operated by Shirley Vickers. On November 30, 2018, 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, 2018 ~ 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 1,159,600 Required: 1. A. Prepare an income statement for the year ended November 30, 2018. 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 retained earnings statement for the year ended November 30, 2018. 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. Use the list of Labels and Amount Descriptions for the correct wording of text items. 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, 2018. 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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