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

Cash

Common stock

Dividends

Fees earned

Interest expense

Land

Miscellaneous expense

Notes payable

Rent expense

Salaries expense

Taxes expense

Utilities expense

17,000

Instructions

1. Prepare an income statement for the year ended December 31, 207.
2. Prepare a statement of stockholders' equity for the year ended December 31, 2087.
3. Prepare a balance sheet as of December 31, 2087.
4. Prepare a statement of cash flows for the year ended December 31, 20Y7.

P2-3 Financial statements The following amounts were taken from the accounting records of Dust, Sweep, Repeat Services, Inc., as of December 31,20Y7. The company began its operations on January 1, 207. Instructions 1. Prepare an income statement for the year ended December 31, 20Y7. 2. Prepare a statement of stockholders' equity for the year ended December 31, 20Y7. 3. Prepare a balance sheet as of December 31, 20Y7. 4. Prepare a statement of cash flows for the year ended December 31, 20 Y7