Question

value: 10.00 points Cornhusker Company provides the following information at the end of 2018. Cash remaining Rent expense for the year Land that has been purchased Retained earnings Utility expense for the year Accounts receivable from customers Service revenue earned 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 prior to 2018 Salaries owed at the end of the year Insurance expense for the year $ 4,200 6,400 21,000 11,800 4,300 6,600 34,000 12,700 1.900 2,600 16,000 2,100 2.900 No common stock is issued during 2018, and the balance of retained earnings at the beginning of 2018 equals $6,700. Required: 1. Prepare the income statement for Cornhusker Company on December 31, 2018 CORNHUSKER COMPANY Income Statement For the year ended December 31, 2018

Answer 1

Requirement (1)

Cornhusker Company
Income Statement
For the year ended December 31, 2018
Service Revenue earned during the year	34000
Total Revenue		34000
Expenses
Rent Expense	6400
Utility Expense	4300
Salary Expense	12700
Interest Expense	2900
Total Expenses		26300
Net Income for the year, carried to retained earnings		7700

Requirement (2)

Cornhusker Company
Statement of Stockholders equity
For the year ended December 31, 2018
	Common Stock	Retained earnings	Total Stockholders equity
Beginning Balance	16000	6700	22700
Add:
Net Income for the year	0	7700	7700
Less:
Dividend Issued and paid	0	2600	2600
Ending Balance	16000	11800	27800

Requirement (3)

Cornhusker Company
Balance Sheet
31-Dec-18
Assets		Liabilities
Cash	4200	Accounts Payable	1900
Land	21000	Salaries Owed	2100
Accounts receivable	6600
		Total Liabilities	4000
		Stockholders equity
		Common Stock	16000
		Retained earnings	11800
		Total Stockholders equity	27800
Total Assets	31800	Total Liabilities and Stockholders equity	31800