After its second year of operations, the following amounts were taken from the accounting records of Lisko Services, Inc., as of December 31, 2008. Lisko Services began its operations on January 1, 2007.
|
Capital stock
|
$ 35,000
|
|
Cash
|
?
|
|
Dividends
|
21,000
|
|
Fees earned
|
355,740
|
|
Interest expense
|
2,240
|
|
Land
|
196,000
|
|
Miscellaneous expense
|
9,800
|
|
Notes payable
|
28,000
|
|
Rent expense
|
39,200
|
|
Salaries expense
|
98,000
|
|
Taxes expense
|
28,000
|
|
Utilities expense
|
50,400
|
Instructions
1. Prepare an income statement for the year ending December 31, 2008.
2. Prepare a retained earnings statement for the year ending December 31, 2008.
3. Prepare a balance sheet as of December 31, 2008.
4. Prepare a statement of cash flows for the year ending December 31, 2008.