Prepare an income statement for the year ending

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Reference no: EM131527189

Question: The following amounts were taken from the accounting records of Rainbow Consulting Services, Inc., as of July 31, 2007. Rainbow Consulting Services began its operations on August 1, 2006.

Capital stock $ 20,000

Cash 79,000

Dividends 50,000

Fees earned 676,600

Interest expense 9,600

Land 251,000

Miscellaneous expense 15,000

Notes payable 80,000

Rent expense 72,000

Salaries expense 160,000

Taxes expense 60,000

Utilities expense 80,000

Instructions

1. Prepare an income statement for the year ending July 31, 2007.

2. Prepare a retained earnings statement for the year ending July 31, 2007.

3. Prepare a balance sheet as of July 31, 2007.

4. Prepare a statement of cash flows for the year ending July 31, 2007.

Reference no: EM131527189

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