Tar Heel Corporation provides the following information at the end of 2021. Salaries payable to workers at the end of the year Advertising expense for the year Building that has been purchased Supplies at the end of the year Retained earnings Utility expense for the year Note payable to the bank Service revenue recognized during the year Salary expense for the year Accounts payable to suppliers Dividends paid to shareholders during the year Common stock that has been issued, including $4,000 that was isued this year Cash remaining Interest expense for the year Accounts receivable from customers Retained earnings at the beginning of the year $ 2,500 9,600 72,000 3,800 39,200 5,200 21,000 65,400 25,900 6,900 (?) 23,000 4,400 1,700 12,400 26,400 Required: 1. Prepare the income statement for the year ended December 31, 2021. 2. Prepare the statement of stockholders' equity for the year ended December 31, 2021. 3. Prepare the balance sheet for the year ended December 31, 2021.
Tar Heel Corporation provides the following information at the end of 2021. Salaries payable to workers at the end of the year Advertising expense for the year Building that has been purchased Supplies at the end of the year Retained earnings Utility expense for the year Note payable to the bank Service revenue recognized during the year Salary expense for the year Accounts payable to suppliers Dividends paid to shareholders during the year Common stock that has been issued, including $4,000 that was isued this year Cash remaining Interest expense for the year Accounts receivable from customers Retained earnings at the beginning of the year $ 2,500 9,600 72,000 3,800 39,200 5,200 21,000 65,400 25,900 6,900 (?) 23,000 4,400 1,700 12,400 26,400 Required: 1. Prepare the income statement for the year ended December 31, 2021. 2. Prepare the statement of stockholders' equity for the year ended December 31, 2021. 3. Prepare the balance sheet for the year ended December 31, 2021.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 18P
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