The following amounts were taken from the accounting records of

The following amounts were taken from the accounting records of Padget Home Services, Inc., as of December 31, 20Y7. Padget Home Services began its operations on January 1, 20Y7..

The following amounts were taken from the accounting records of


Instructions
1. Prepare an income statement for the year ending December 31, 20Y7.
2. Prepare a statement of stockholders' equity for the year ending December 31, 20Y7.
3. Prepare a balance sheet as of December 31, 20Y7.
4. Prepare a statement of cash flows for the year ending December 31, 20Y7.

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...