Question
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
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.
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