Question

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-Perlod Spreadsheet For the Year Ended November 30, 2048 Adjusted Trial Balance Account Title Dr Cr Cash 23,000 Accounts Receivable 71,800 Supplies 4,500 Prepaid Insurance 2,500 Buliding 444,000 Accumulated Depreciation Building - 44,600 Accounts Payable 11,200

Answer 1

Answer:

Foxy investigation services
Income statement
For the Year Ended November 30, 20Y8
Revenue
Service fees		$    719,450
Rent revenue		$      11,500
Total Revenue (A)		$    730,950
Expenses:
Salaries expense	$    525,000
Rent expense	$      46,000
Supplies expense	$      10,500
Depreciation expense-building	$         7,400
Utility expense	$         7,350
Repairs expense	$         2,500
Insurance expense	$         2,300
Miscellaneous expense	$         6,000
Total Expense (B)		$    607,050
Net Income (A-B)		$    123,900

Foxy investigation services
Balance sheet
For the Year Ended November 30, 20Y8
Assets
Cash		$    23,000
Accounts Receivable		$    71,800
Supplies		$      4,500
Prepaid insurance		$      2,500
Building	$ 444,000
Less: Accumulated depreciation-building	$ (44,600)	$ 399,400
Total Assets		$ 501,200
Liabilities and stockholder's Equity
Current liabilities:
Accounts Payable	$   11,200
Salaries payable	$     2,900
Unearned rent	$     1,500
Total current liabilities		$    15,600
Shareholders equity:
Common stock	$   80,000
Retained earnings [293200+123900-11500]	$ 405,600
		$ 485,600
Total liabilities and shareholders equity		$ 501,200