FINANCE

Labels
Current assets
Current liabilities
Expenses
For the Year Ended November 30, 2018
November 30, 2018
Property, plant, and equipment
Revenues
Amount Descriptions
Change in retained earnings
Dividends
Net income
Net loss
Retained earnings, December 1, 2017
Retained earnings, November 30, 2018
Total assets
Total current assets
Total expenses
Total liabilities
Total liabilities and stockholders’ equity
Total property, plant, and equipment
Total revenues
Total stockholders’ equity

Income Statement

1A. 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.

Foxy Investigative Services

Income Statement

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

Retained Earnings Statement

1B. 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.

Foxy Investigative Services

Retained Earnings Statement

1

2

3

4

5

Balance Sheet

1C. 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.

Foxy Investigative Services

Balance Sheet

1

Assets

2

3

4

5

6

7

8

9

10

11

12

13

Liabilities

14

15

16

17

18

19

Stockholders’ Equity

20

21

22

23

Journal

2. Based upon the end-of-period spreadsheet, journalize the closing entries. Refer to the Chart of Accounts for exact wording of account titles.

PAGE 11

JOURNAL

ACCOUNTING EQUATION

DATEDESCRIPTIONPOST. REF.DEBITCREDITASSETSLIABILITIESEQUITY

1

Closing Entries

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

Final Question

3. If Retained Earnings had instead decreased $40,000 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.

Question 2

 

he unadjusted trial balance of Epicenter Laundry at June 30, 2018, the end of the fiscal year, follows:

Epicenter Laundry
UNADJUSTED TRIAL BALANCE
June 30, 2018

Order now and get 10% discount on all orders above $50 now!!The professional are ready and willing handle your assignment.

ORDER NOW »»