Help with this? Microsoft Excel? Obj 3 V1. Net income, 113,000 P2-3 Financial st

Question

Help with this? Microsoft Excel?

Obj 3 V1. Net income, 113,000 P2-3 Financial statements The following amounts were taken from the accounting records of Hargrove Services, Inc., as of May 31, 20Y7. Hargrove Services began its operations on June 1, 20Y6. Capital stock Cash Dividends Fees earned Interest expense Land Miscellaneous expense Notes payable Rent expense Salaries expense Taxes expense Utilities expense 30,000 62,000 13,000 300,000 2,000 98,000 8,000 30,000 28,000 87,000 22,000 40,000 Instructions 1. Prepare an income statement for the year ending May 31, 20Y2 2. Prepare a retained earnings statement for the year ending May 31, 20Y7 3. Prepare a balance sheet as of May 31, 20Y?7 4. Prepare a statement of cash flows for the year ending May 31, 20Y7

Explanation / Answer

1. HARGROVE SERVICES ,INC.

Income statement

for the year ended may ,31

Revenues:

Fees earned 300000

Expense:

Interest expense 2000

Miscellaneous expense 8000

Rent expense 28000

Salaries expense 87000

Utilities expense 40000

Tax expense 22000

Total expense 187000

Net income 113000

2. Retained Earning statement

Net income 113000

less: Dividend    (13000)

Retained earning ,May31 $100000

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