Financial Statements The following amounts were taken from the accounting records for Hargrove Services, Inc., as of May 31, 20Y7. Hargrove Services began its operations on June 1, 20Y6.

Capital $30,000 Cash 62,000 Dividends 13,000 Fees Earned 300,000 Interest Expense 2,000 Land 98,000 Miscellaneous expense 8,000 Notes payable 30,000 Rent expense 28,000 Salaries expense 87,000 Taxes expense 22,000 Utilities expensive 40,000

Instructions: 1. Prepare an income statement for the year ending May 31, 20Y2. 2. Prepare a retained earnings statement for the year ending May 31, 20Y7. 3. Prepare a balance sheet as 6May 31, 20Y7. 4. Prepare a statement of cash flows for the year ending May 31, 20Y7