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