Question

Foxy Investigative Services is an investigative services firm that is owned and operated by Shirley Vickers. On November 30, 20Y8, 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, 20Y8
	~	Adjusted Trial Balance
Account Title	~	Dr.	Cr.
	~
Cash	~	27,500
Accounts Receivable	~	71,800
Supplies	~	3,550
Prepaid Insurance	~	750
Building	~	330,500
Accumulated Depreciation-Building	~		184,100
Accounts Payable	~		16,100
Salaries Payable	~		6,600
Unearned Rent	~		1,500
Common Stock	~		40,000
Retained Earnings	~		70,300
Dividends	~	30,000
Service Fees	~		675,500
Rent Revenue	~		9,000
Salaries Expense	~	435,000
Rent Expense	~	55,000
Supplies Expense	~	11,850
Depreciation Expense-Building	~	10,000
Utilities Expense	~	8,800
Repairs Expense	~	4,250
Insurance Expense	~	3,000
Miscellaneous Expense	~	11,100
	~	1,003,100	1,003,100

Prepare a statement of stockholders’ equity for the year ended November 30, 20Y8. 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. 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

Statement of Stockholders’ Equity

For the Year Ended November 30, 20Y8 1 Common Stock Retained Earnings Total 2 Balances, December 1, 20Y7 3 Net Incomes 4 Dividends 5 Balances, November 30, 20Y8

Answer 1

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Foxy Investigative Services

To prepare Statement of shareholder's equity we first have to prepare Income statement.

Income Statement
Particulars	Amount $	Amount $
Service Fees	675,500.00
Rent Revenue	9,000.00
Total Revenue		684,500.00
Less: Expenses
Salaries Expense	435,000.00
Rent Expense	55,000.00
Supplies Expense	11,850.00
Depreciation Expense- Building	10,000.00
Utilities Expense	8,800.00
Repairs Expense	4,250.00
Insurance Expense	3,000.00
Miscellaneous Expense	11,100.00
Total Expense		539,000.00
Net Income		145,500.00
Statement of shareholder's equity	Common Stock	Retained Earnings	Total
Balances, December 1, 20Y7	40,000.00	70,300.00	110,300.00
Add: Net Income for the year	-	145,500.00	145,500.00
Less: Dividend	-	(30,000.00)	(30,000.00)
Balance at November 30, 20Y8	40,000.00	185,800.00	225,800.00