The following amounts were taken from the accounting records of Mallard Consulting Services Inc. as…

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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