Prepare a balance sheet, After its second year of

Prepare a balance sheet

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Reference no: EM131526444

Question: 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. (Note: The retained earnings at January 1, 2008, was $108,500.)

3. Prepare a balance sheet as of December 31, 2008.

4. Prepare a statement of cash flows for the year ending December 31, 2008.

Reference no: EM131526444

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