1. Prepare an income statement for 2021. NICE BITE, Incorporated Income Statement For the Year Ended December 31, 2021 Revenues Service Revenue $ 139,800 Total Revenues 139,800 Expenses Office Expense 14,400 Income Tax Expense 10,200 Interest Expense 29,600 Dividends Utilities Expense 25,200 Salaries and Wages Expense 9,000 Total Expenses 88,400 Net Income $ 51,400
1. Prepare an income statement for 2021. NICE BITE, Incorporated Income Statement For the Year Ended December 31, 2021 Revenues Service Revenue $ 139,800 Total Revenues 139,800 Expenses Office Expense 14,400 Income Tax Expense 10,200 Interest Expense 29,600 Dividends Utilities Expense 25,200 Salaries and Wages Expense 9,000 Total Expenses 88,400 Net Income $ 51,400
Chapter17: Corporations: Introduction And Operating Rules
Section: Chapter Questions
Problem 48P
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Prepate an income statement for 2021.
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Required information
[The following information applies to the questions displayed below.]
The following information for the year ended December 31, 2021, was reported by Nice Bite, Incorporated
Accounts Payable
$ 46,000
Accounts Receivable
23,800
90,400
78,000
152,500
Cash (balance on January 1, 2021)
Cash (balance on December 31, 2021)
Common Stock
Dividends
Equipment
Income Tax Expense
137,700
10,200
Interest Expense
29,600
Inventory
Notes Payable
Office Expense
17,300
25,000
14,400
7,100
Prepaid Rent
Retained Earnings (beginning)
Salaries and Wages Expense
6,800
35,800
Service Revenue
139,800
25,200
9,000
Utilities Expense
Salaries and Wages Payable
Other cash flow information:
$ 22,000
24,500
11,100
53,400
84,400
139,000
Cash from issuing common stock
Cash paid to reacquire common stock
Cash paid for income taxes
Cash paid to purchase long-term assets
Cash paid to suppliers and employees
Cash received from customers](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F51535845-8e4c-44c4-a6be-da9a54d2bbef%2F407c512c-d892-48fe-aa52-b159cfb03333%2Fr663yx_processed.png&w=3840&q=75)
Transcribed Image Text:!
Required information
[The following information applies to the questions displayed below.]
The following information for the year ended December 31, 2021, was reported by Nice Bite, Incorporated
Accounts Payable
$ 46,000
Accounts Receivable
23,800
90,400
78,000
152,500
Cash (balance on January 1, 2021)
Cash (balance on December 31, 2021)
Common Stock
Dividends
Equipment
Income Tax Expense
137,700
10,200
Interest Expense
29,600
Inventory
Notes Payable
Office Expense
17,300
25,000
14,400
7,100
Prepaid Rent
Retained Earnings (beginning)
Salaries and Wages Expense
6,800
35,800
Service Revenue
139,800
25,200
9,000
Utilities Expense
Salaries and Wages Payable
Other cash flow information:
$ 22,000
24,500
11,100
53,400
84,400
139,000
Cash from issuing common stock
Cash paid to reacquire common stock
Cash paid for income taxes
Cash paid to purchase long-term assets
Cash paid to suppliers and employees
Cash received from customers
Transcribed Image Text:1. Prepare an income statement for 2021.
NICE BITE, Incorporated
Income Statement
For the Year Ended December 31, 2021
Revenues
Service Revenue
$
139,800
Total Revenues
139,800
Expenses
Office Expense
14,400
Income Tax Expense
10,200
Interest Expense
29,600
Dividends
Utilities Expense
25,200
Salaries and Wages Expense
9,000
Total Expenses
88,400
Net Income
$
51,400
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