please fill it out in the same format. really important . Finders Investigative
ID: 2548276 • Letter: P
Question
please fill it out in the same format. really important .
Finders Investigative Services is an investigative services firm that is owned and operated by Stacy Tanner. On June 30, 2019, the 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. Cash Accounts Receivable Supplies Prepaid Insurance Building Accumulated Depreciation-Building Accounts Payable Salaries Payable Unearned Rent Stacy Tanner, Capital Stacy Tanner, Drawing Service Fees Rent Revenue Salaries Expense Rent Expense Supplies Expense Depreciation Expense-Building Utilities Expense 27,000 -71,400 4,400 -2,500 433,500 44,900 11,400 4,000 2,000 372,800 -11,700 714,000 11,700 525,900 -46,800 11,000 7,800 -7,600 3,000 2,000 6,200 Repairs Expense Insurance Expense Miscellaneous Expense 1,160,800 1,160,800Explanation / Answer
Answer
Income Statement
For the year Ended june 30, 2019
Revenues:
Service Fees
$ 7,14,000.00
Rent Revenue
$ 11,700.00
Total revenues
$ 7,25,700.00
Expenses:
Salaries expense
$ 5,25,900.00
Rent expense
$ 46,800.00
Supplies Expense
$ 11,000.00
Depreciation Expense-building
$ 7,800.00
Utilities Expense
$ 7,600.00
Repairs Expense
$ 3,000.00
insurance expense
$ 2,000.00
Miscellaneous Expense
$ 6,200.00
Total Expenses
$ 6,10,300.00
Net Income
$ 1,15,400.00
Statement of Owner's Equity
For the year Ended june 30, 2019
Stacy Tanner Capital July 1 2018
$ 3,72,800.00
Add: Net Income
$ 1,15,400.00
Total
$ 4,88,200.00
Less: Stacy Tanner Drawings
$ 11,700.00
Stacy Tanner capital June 30, 2019
$ 4,76,500.00
Balance Sheet
June 30, 2019
ASSETS
Current Assets:
Cash
$ 27,000.00
Accounts Receivables
$ 71,400.00
Supplies
$ 4,400.00
Prepaid Insurance
$ 2,500.00
Total current assets
$ 1,05,300.00
Property, Plant & Equipment:
Building
$ 4,33,500.00
(-) Accumulated Depreciation
$ (44,900.00)
Total Property, Plant & Equipment
$ 3,88,600.00
Total Assets
$ 4,93,900.00
LIABILITIES
Current Liabilities:
Accounts payable
$ 11,400.00
Salaries payable
$ 4,000.00
Unearned rent
$ 2,000.00
Total Liabilities
$ 17,400.00
Owner's Equity
Stacy Tanner capital June 30, 2019
$ 4,76,500.00
Total Liabilities & Owner's Equity
$ 9,70,400.00
Date
General Journal
Debit
Credit
June 30, 2019
Service Fees
$ 7,14,000.00
Rent Revenue
$ 11,700.00
Income Summary
$ 7,25,700.00
(revenue accounts closed)
June 30, 2019
Income Summary
$ 6,10,300.00
Salaries expense
$ 5,25,900.00
Rent expense
$ 46,800.00
Supplies Expense
$ 11,000.00
Depreciation Expense-building
$ 7,800.00
Utilities Expense
$ 7,600.00
Repairs Expense
$ 3,000.00
insurance expense
$ 2,000.00
Miscellaneous Expense
$ 6,200.00
(expenses account closed)
June 30, 2019
Income Summary
$ 1,15,400.00
Stacy tanner, Capital
$ 1,15,400.00
(Net income closed)
June 30, 2019
Stacy tanner, Capital
$ 11,700.00
Stacy tanner, Drawings
$ 11,700.00
(drawings t/f to Capital account)
If capital has decreased by $30000
Stacy Tanner Capital June 30, 2019 [calucated above]
$ 4,76,500.00
(-) Decreased
$ 30,000.00
New tanner Capital would have been
$ 4,46,500.00
(-) Opening balance [given]
$ 3,72,800.00
(-) Drawings
$ 11,700.00
Net Income would have been
$ 85,400.00
Hence, Net Income would have been $85,400.
Proof for above Net Income
Statement of Owner's Equity
0
Stacy Tanner Capital July 1 2018
$ 3,72,800.00
Add: Net Income
$ 85,400.00
Total
$ 4,58,200.00
Less: Stacy Tanner Drawings
$ 11,700.00
Stacy Tanner capital June 30, 2019
$ 4,46,500.00
Income Statement
For the year Ended june 30, 2019
Revenues:
Service Fees
$ 7,14,000.00
Rent Revenue
$ 11,700.00
Total revenues
$ 7,25,700.00
Expenses:
Salaries expense
$ 5,25,900.00
Rent expense
$ 46,800.00
Supplies Expense
$ 11,000.00
Depreciation Expense-building
$ 7,800.00
Utilities Expense
$ 7,600.00
Repairs Expense
$ 3,000.00
insurance expense
$ 2,000.00
Miscellaneous Expense
$ 6,200.00
Total Expenses
$ 6,10,300.00
Net Income
$ 1,15,400.00
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