Foxy Investigative Services is an investigative services firmthat is owned and operated by Shirley Vickers. On November 30,20Y8, the end of the fiscal year, the accountant for FoxyInvestigative Services prepared an end-of-period spreadsheet, apart of which follows:

Foxy Investigative Services End-of-Period Spreadsheet For theYear Ended November 30, 20Y8 ~ Adjusted Trial Balance Account Title~ Dr. Cr. ~

Cash ~ 28,000 Accounts Receivable ~ 71,000 Supplies ~ 4,700Prepaid Insurance ~ 2,500 Building ~ 432,500 AccumulatedDepreciation-Building ~ 44,200 Accounts Payable ~ 11,700 SalariesPayable ~ 2,500 Unearned Rent ~ 1,800 Common Stock ~ 80,000Retained Earnings ~ 293,600 Dividends ~ 12,000 Service Fees ~714,800 Rent Revenue ~ 12,000 Salaries Expense ~ 526,000 RentExpense ~ 48,000 Supplies Expense ~ 11,000 DepreciationExpense-Building ~ 7,000 Utilities Expense ~ 7,300 Repairs Expense~ 2,800 Insurance Expense ~ 2,000 Miscellaneous Expense ~ 5,800 ~1,160,600 1,160,600 Required:

1. A. Prepare an income statement for the year ended November30, 20Y8. If a net loss has been incurred, enter that amount as anegative number using a minus sign. Be sure to complete thestatement heading. Use the list of Labels and Amount Descriptionsfor the correct wording of text items other than account names. Youwill not need to enter colons (:) on the income statement. Refer tothe Chart of Accounts for exact wording of account titles.

B. Prepare a statement of stockholders’ equity for the yearended November 30, 20Y8. If a net loss is incurred or dividendswere paid, enter that amount as a negative number using a minussign. Be sure to complete the statement heading. Refer to the Chartof Accounts for exact wording of account titles. Refer to the listsof Labels and Amount Descriptions for exact wording of the answerchoices for text entries other than account names.

C. Prepare a balance sheet as of November 30, 20Y8. Fixed assetsmust be entered in order according to account number. Be sure tocomplete the statement heading. You will not need to enter colons(:) or the word "Less" on the balance sheet; they willautomatically insert where necessary. Refer to the Chart ofAccounts for exact wording of account titles. Refer to the lists ofLabels and Amount Descriptions for exact wording of the answerchoices for text entries other than account names. For those boxesin which you must enter subtracted or negative numbers use a minussign.

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

3. If Retained Earnings had instead decreased $34,000 after theclosing entries were posted, and the dividends remained the same,what would have been the amount of net income or net loss? Ifrequired, use a minus sign to indicate a net loss.