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Mather Services Company is a financial planning services firm owned and operated by Lee Mather. As of July 31 2012 the end of the current fiscal year, the accountant for Mather Services Company

Mather Services Company is a financial planning services firm owned and operated by Lee Mather. As of July 31, 2012, the end of the current fiscal year, the accountant for Mather Services Company prepared an end-of-period spreadsheet (work sheet), part of which is shown below.Instructions1. Prepare an income statement, a statement of owner’s equity (no additional investments were made during the year), and a balance sheet.2. Journalize the entries that were required to close the accounts at July 31.3. If the balance of Lee Mather, Capital increased $40,000 after the closing entries were posted, and the withdrawals remained the same, what was the amount of net income or netloss?
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May 14 2020 View more View Less

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