The following amounts were taken from the accounting records of Dust, Sweep, Repeat Services, Inc., as of

Question:

The following amounts were taken from the accounting records of Dust, Sweep, Repeat Services, Inc., as of December 31, 20Y7. The company began its operations on January 1, 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


Instructions

1. Prepare an income statement for the year ended December 31, 20Y7.

2. Prepare a statement of stockholders’ equity for the year ended December 31, 20Y7.

3. Prepare a balance sheet as of December 31, 20Y7.

4. Prepare a statement of cash flows for the year ended December 31, 20Y7.

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Related Book For  book-img-for-question

Survey Of Accounting

ISBN: 9780357132593

9th Edition

Authors: Carl S. Warren, Amanda Farmer

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