Create a new t-account in excel titled income summary

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Reference no: EM132777545

Problem 1: Create a new T-account in Excel titled Income Summary.

Problem 2: Close out the revenue and expense accounts to the income summary account.

Problem 3: Close out the income summary account to the retained earnings account.

Problem 4: Once this has been completed, construct a simple income statement, balance sheet, and statement of cash flows.

Problem 5: Comment on what these financial statements tell you about your company. Did you make a profit or experience a loss? Are your cash flows coming from operations or financing?

Dakota Labs experienced the following events during 2018:

Beginning balances are: cash, $2,000; land, $12,000; common stock, $6,000; retained earnings, $8,000
Received $20,000 from the sale of common stock
Paid $12,000 cash for lab equipment
Provided services for $20,000 cash
Paid $1,000 for utilities expense
Paid $10,000 for wages expense
Provided services for $15,000 on account
Paid $8,000 for rent expense
Purchased $3,500 on account

Reference no: EM132777545

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