The following summary information was reported by Lucus Rock, the sole proprietor of

Lucus Rock Company, for the year ending December 31, 2011, Amounts are in thousands (i.e., assets = $18,200,000).

Required:
Prepare the four basic financial statements for 2011:
a. Income statement.
b. Statement of owner's equity.
c. Balance sheet.
d. Statement of cash flows.

Transcribed Image Text:

Assets Liabilities Kevenue Expenses $18,200 13,750 10,500 9,200 500 L. Rock, capital, December 31, 2010 Cash flows from operating activities Cash flows from investing activities Cash flows from financing activities $3,500 1,600 (1,000) (900) L. Rock, drawings in 2011 1,000 700 Additional investment by owner Cash, December 31, 2010 Cash, December 31, 2011 during 2011 150