Prepare a statement of cash flows for the year ending December 31, 2004.
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The following amounts were taken from the accounting records of Nutrition Services Inc. as of December 31, 2004. Nutrition Services began its operations on January 1, 2004, and uses the cash basis of accounting.
Capital stock
$ 10,000
Cash
27,500
Dividends
5,000
Fees earned
229,500
Interest expense
1,200
Land
75,000
Miscellaneous expense
6,800
Notes payable
15,000
Rent expense
24,000
Salaries expense
65,000
Taxes expense
18,000
Utilities expense
32,000
Instructions
1. Prepare an income statement for the year ending December 31, 2004.
2. Prepare a retained earnings statement for the year ending December 31, 2004.
3. Prepare a balance sheet as of December 31, 2004.
4. Prepare a statement of cash flows for the year ending December 31, 2004.
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