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
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Assignment #1
Problem #1
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.
Please prepare the above documents.
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