The following amounts were taken from the accounting records of Lisko

The following amounts were taken from the accounting records of Lisko Services, Inc., as of December 31, 2007. Lisko Services began its operations on January 1, 2007.
Capital stock ........... $ 14,000
Cash ............... 38,500
Dividends ............ 7,000
Fees earned ............. 321,300
Interest expense .......... 1,680
Land ............... 105,000
Miscellaneous expense ....... 9,520
Notes payable ............ 21,000
Rent expense ........... 33,600
Salaries expense ........... 91,000
Taxes expense ........... 25,200
Utilities expense ........... 44,800

Instructions
1. Prepare an income statement for the year ending December 31, 2007.
2. Prepare a retained earnings statement for the year ending December 31, 2007.
3. Prepare a balance sheet as of December 31, 2007.
4. Prepare a statement of cash flows for the year ending December 31, 2007.

Balance Sheet
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...