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  • You will use the information from the Dakota Labs Module 1 assignment to complete this project.
  • Create a new T-account in Excel titled Income Summary.
  • Close out the revenue and expense accounts to the income summary account.
  • Close out the income summary account to the retained earnings account.
  • Once this has been completed, construct a simple income statement, balance sheet, and statement of cash flows.
  • Comment on what these financial statements tell you about your company. Did you make a profit or experience a loss? Are your cash flows coming from operations or financing?
  • You will need the data from another question which I will post down below:
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  1. Dakota Labs experienced the following events during 2018:
    1. Beginning balances are: cash, $2,000; land, $12,000; common stock, $6,000; retained earnings, $8,000
    2. Received $20,000 from the sale of common stock
    3. Paid $12,000 cash for lab equipment
    4. Provided services for $20,000 cash
    5. Paid $1,000 for utilities expense
    6. Paid $10,000 for wages expense
    7. Provided services for $15,000 on account
    8. Paid $8,000 for rent expense
    9. Purchased $3,500 on account