Foxy investigative services is an investigative services firm that is owned and operated by Shirley Vickers on November 30th 20Y8 the end of the fiscal year the accountant for fast C investigative services prepare an end of period spreadsheet a part of which follows. Foxy investigative services End of period spreadsheet For year ended November 30, 20y8 ~ Adjusted trial balance Account tittle ~ Dr. Cr. Cash. ~ 28,000 Accounts receivable. ~ 69,400 Supplies. ~ 4,500 Prepaid insurance. ~ 2,500 Building. ~ 432,000 Accumulated depreciation Building ~ 43,400 Accounts payable ~ 11,100 Salaries payable. ~ 3,300 Unearned rent. ~ 1700 Common stock. ~ 80,000 Retained earnings. ~ 293,400 Dividends. ~ 11,400 Service fees. ~ 707,150 Rent revenue. ~ 11,400 Salaries expense. ~522,100 Rent expense. ~ 45,600 Supplies expense. ~ 10,800 Depreciation expense Building~ 7,200 Utilities expense. ~ 7,150 Repairs expense. ~ 2,700 Insurance expense. ~ 2,500 Miscellaneous expense.~ 5,600 ~ 1,151,450. 1,151,450 Required A. prepare an income statement for the year ended 30, 20y8. If a net loss husband inquired answered that amount as a negative number using a minus sign be sure to complete the statement heading. B. Prepare a statement of stockholders equity for the year ended November 30, 20y8. C. Prepare a balance sheet as of November 30, 20y8. Fixed assets must be entered in order according to account numbers be sure to complete the statement heading
The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time.
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally.
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.
Foxy investigative services is an investigative services firm that is owned and operated by Shirley Vickers on November 30th 20Y8 the end of the fiscal year the accountant for fast C investigative services prepare an end of period spreadsheet a part of which follows.
Foxy investigative services
End of period spreadsheet
For year ended November 30, 20y8
~ Adjusted
Account tittle ~ Dr. Cr.
Cash. ~ 28,000
Supplies. ~ 4,500
Prepaid insurance. ~ 2,500
Building. ~ 432,000
Accounts payable ~ 11,100
Salaries payable. ~ 3,300
Unearned rent. ~ 1700
Common stock. ~ 80,000
Dividends. ~ 11,400
Service fees. ~ 707,150
Rent revenue. ~ 11,400
Salaries expense. ~522,100
Rent expense. ~ 45,600
Supplies expense. ~ 10,800
Depreciation expense Building~ 7,200
Utilities expense. ~ 7,150
Repairs expense. ~ 2,700
Insurance expense. ~ 2,500
Miscellaneous expense.~ 5,600
~ 1,151,450. 1,151,450
Required
A. prepare an income statement for the year ended 30, 20y8. If a net loss husband inquired answered that amount as a negative number using a minus sign be sure to complete the statement heading.
B. Prepare a statement of
C. Prepare a
2. Based upon the end of period spreadsheet journalist the closing entries refer to the chart of accounts are exact wording of account titles
3. If retain earnings hat instead decrease $33000 after the closing entries were posted and the dividends remain the same what would have been the amount of net income or net loss if require use of minus sign to indicate a net loss
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