P2-3 Financial statementsThe following amounts were taken from the accounting records of Dust, Sweep, RepeatServices, Inc., as of December 31, 20Y7. The company began its operations on January 1,20Y7.CashCommon stockDividendsFees earnedInterest expenseLand000.08Miscellaneous expenseNotes payableRent expenseSalaries expenseTaxes expenseUtilities expenseCashCommon stockDividendsInstructions1. 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, 20Y7.Fees earnedInterest expenseLand$ 10,00012,0002,200132,000000.001,08042,0003,02018,00015,00056,4008,30024,000P2-4 Financial statementsDust, Sweep, Repeat Services, Inc. began its operations on January 1, 20Y7 (see Prob-lem 2-3). After its second year of operations, the following amounts were taken from theaccounting records of Dust, Sweep, Repeat Services, Inc., as of December 31, 20Y8.000.00Miscellaneous expenseNotes payableRent expenseSalaries expenseTaxes expenseUtilities expenseaconi na vq79?$ 60,00010,000450,000sontled4,800160,00015,20080,00053,000202,00023,00065,00029onsistInstructions1. Prepare an income statement for the year ended December 31, 20Y8.2. Prepare a statement of stockholders' equity for the year ended December 31, 20Y8. (Note:The retained earnings at January 1, 20Y8, was $22,000.)3. Prepare a balance sheet as of December 31, 20Y8.4. Prepare a statement of cash flows for the year ended December 31, 20Y8. (Hint: You shouldcompare the asset and liability amounts of December 31, 20Y8, with those of December31, 20Y7, to determine cash used in investing and financing activities. See your solution toProblem 2-3 for the December 31, 20Y7, balance sheet amounts.)

Name: P2-3 Financial statementsThe following amounts were taken from the ac
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Description: P2-3 Financial statementsThe following amounts were taken from the accounting records of Dust, Sweep, RepeatServices, Inc., as of December 31, 20Y7. The company began its operations on January 1,20Y7.CashCommon stockDividendsFees earnedInterest expe

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P2-3 Financial statements snit bns and 42061 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 $ 10,000 12,000 2,200 132,000 1,080 42,000 3,020 18,000 15,000 56,400 8,300 24,000 anoltointant omaani no visp79 1 omnes ge S state Iefonanil 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, 20Y7.

P2-3 Financial statements snit bns and 42061 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 $ 10,000 12,000 2,200 132,000 1,080 42,000 3,020 18,000 15,000 56,400 8,300 24,000 anoltointant omaani no visp79 1 omnes ge S state Iefonanil 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, 20Y7.

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter5: Accounting For Retail Businesses

Section: Chapter Questions

Problem 6PB: Single-step income Statement and balance sheet Selected accounts and related amounts for Kanpur Co....

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