The following amounts were taken from the accounting records of Mallard Consulting Services Inc. as…
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The following amounts were taken from the accounting records of Mallard Consulting Services Inc. as of December 31, 2004. Mallard Consulting Services began its operations on January 1, 2004, and uses the cash basis of accounting.
Capital stock
$ 10,000
Cash
39,500
Dividends
25,000
Fees earned
338,300
Interest expense
4,800
Land
125,500
Miscellaneous expense
7,500
Notes payable
40,000
Rent expense
36,000
Salaries expense
80,000
Taxes expense
30,000
Utilities expense
40,000
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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