Question

The following amounts were taken from the accounting records of Ferguson Services, Inc., as of May 31, 2013. Ferguson Services began its operations on June 1, 2012.
Capital stock ..... $ 30,000
Cash ......... 62,000
Dividends ......... 13,000
Fees earned ...... 300,000
Interest expense ...... 2,000
Land .......... 98,000
Miscellaneous expense ... 8,000
Notes payable ...... 30,000
Rent expense ..... 28,000
Salaries expense .... 87,000
Taxes expense ...... 22,000
Utilities expense ..... 40,000

Instruction
1. Prepare an income statement for the year ending May 31, 2013.
2. Prepare a retained earnings statement for the year ending May 31, 2013.
3. Prepare a balance sheet as of May 31, 2013.
4. Prepare a statement of cash flows for the year ending May 31, 2013.



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  • CreatedFebruary 04, 2014
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