Chapter 2 Basic Accounting Systems: Cash Basis P2-3 Financial statements 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. Cash $ 60,000 Common stock 75,000 Dividends 15,000 Fees earned 620,000 Interest expense 4,800 Land 215,000 Miscellaneous expense 10,200 Notes payable 80,000 Rent expense 70,000 Salaries expense 272.000 Taxes expense 43,000 Utilities expense 85.000 Instructions Prepare an income statement for the year ending December 31, 2047 2. Prepare a statement of stockholders' equity for the year ending December 31, 2017 3. Prepare a balance sheet as of December 31, 2017 1. Prepare a statement of cash flows for the year ending December 31, 2017