Question: The following amounts were taken from the accounting records of Lisko Services, Inc., as of December 31, 2007. Lisko Services began its operations on January 1, 2007.
Capital stock $ 14,000
Cash 38,500
Dividends 7,000
Fees earned 321,300
Interest expense 1,680
Land 105,000
Miscellaneous expense 9,520
Notes payable 21,000
Rent expense 33,600
Salaries expense 91,000
Taxes expense 25,200
Utilities expense 44,800
Instructions: 1. Prepare an income statement for the year ending December 31, 2007.
2. Prepare a retained earnings statement for the year ending December 31, 2007.
3. Prepare a balance sheet as of December 31, 2007.
4. Prepare a statement of cash flows for the year ending December 31, 2007.