The following amounts were taken from the accounting records of Russell Services, Inc. as of Dec 31, 2009. Russell Services began its operations on January 1, 2009. 1. Interest Expense $ 2,000 2. Land $ 98,000 3. Miscellaneous Expense $ 8,000 4. Taxes Expense $ 22,000 5. Rent Expense $ 28,000 6. Fees Earned $300,000 7. Salaries Expense $ 87,000 8. Dividends $ 13,000 9. Cash $ 62,000 10. Notes Payable $ 30,000 11. Capital Stock $ 30,000 12. Utilities Expense $ 40,000 Instructions: 1. Prepare an income statement for the year ending December 31, 2009. 2. Prepare a retained earnings statement for the year ending December 31, 2009. 3. Prepare a balance sheet as of December 31, 2009. 4. Prepare a statement of cash flows for the year ending December 31, 2009.

Answer rating: 100% (QA)

Income Statement Fees Earned 300000 LessOperating Expenses Rent Expenses 28000 87000 40000 8000 Sala... View the full answer