Prepare a statement of cash flows for the year ending

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Reference no: EM131526436

Question: The following amounts were taken from the accounting records of Lisko Services, Inc., as of December 31, 2007. Lisko Services began its operations on January 1, 2007.

Capital stock $ 14,000

Cash 38,500

Dividends 7,000

Fees earned 321,300

Interest expense 1,680

Land 105,000

Miscellaneous expense 9,520

Notes payable 21,000

Rent expense 33,600

Salaries expense 91,000

Taxes expense 25,200

Utilities expense 44,800

Instructions: 1. Prepare an income statement for the year ending December 31, 2007.

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

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

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

Reference no: EM131526436

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