Reference no: EM133124579
Question - Financial Statements - Dust, Sweep, Repeat Services, Inc. began its operations on January 1, 20Y7. The following amounts were taken from the accounting records as of December 31, 20Y7.
|
Cash
|
$12,000
|
|
Common stock
|
15,000
|
|
Dividends
|
3,000
|
|
Fees earned
|
124,000
|
|
Interest expense
|
960
|
|
Land
|
43,000
|
|
Miscellaneous expense
|
2,040
|
|
Notes payable
|
16,000
|
|
Rent expense
|
14,000
|
|
Salaries expense
|
54,400
|
|
Taxes expense
|
8,600
|
|
Utilities expense
|
17,000
|
After its second year of operations, the following amounts were taken from the accounting records of Dust, Sweep, Repeat Services, Inc., as of December 31, 20Y8.
|
Cash
|
?
|
|
Common stock
|
$55,000
|
|
Dividends
|
25,000
|
|
Fees earned
|
443,000
|
|
Interest expense
|
3,600
|
|
Land
|
170,000
|
|
Miscellaneous expense
|
6,900
|
|
Notes payable
|
60,000
|
|
Rent expense
|
50,000
|
|
Salaries expense
|
190,000
|
|
Taxes expense
|
32,500
|
|
Utilities expense
|
60,000
|
Required -
1. Prepare an income statement for the year ended December 31, 20Y8.
2. Prepare a statement of stockholders' equity for the year ended December 31, 20Y8.
3. Prepare a balance sheet as of December 31, 20Y8.
4. Prepare a statement of cash flows for the year ended December 31, 20Y8.