The following amounts were taken from the accounting records of Ferguson Services, Inc., as of May 31,
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.
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Step by Step Answer:
1 FERGUSON SERVICES INC Income Statement For the Year Ending May 31 2013 Revenues Fees earned 300000 ...View the full answer
