Prepare a statement of cash flows for the year ending December 31, 2004.

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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