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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 earned during the year Salary expense f Accounts payable to suppliers Dividends paid to shareholders during the year Common stock that has been issued, including $5,000 that was issued this year Cash remaining Interest expense for the year Accounts receivable from customers 3,200 10,300 79,000 4,500 41,400 5,900 24,500 68,900 26,600 7,600 25,000 5,100 2,050 13,100 The balance of retained earnings at the beginning of the year equals $28,250 Required 1. Prepare the income statement for the year ended December 31, 2018 TAR HEEL CORPORATION Income Statement For the year ended December 31, 2018 Expenses Total expenses 0

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Income Statement for the year ended December 31, 2018 (in Dollars) Balance Sheet for the year ended December 31, 2018 (in Dollars) Assets Liabilities Cash Accounts Receivable Supplies Building 5,100.00 Accounts Payable INCOME Service Revenue Total Income 7,600.00 3,200.00 24,500.00 68,900.00 13,100.00 Salary Payable 68,900.00 4,500.00 Note Payable 79,000.00 FXPENSES Advertising Expense Utility Expense Salary Expense Interest Expense Total Expense Total Liabilities 35,300.00 10,300.00 5,900.00 26,600.0 Stockholders equity Common Stock 25,000.00 41,400.00 Retained Earnings 2,050.00 44,850.00 Total Stockholders equity 66,400.00 Net Income 24,050.00 Total 101,700.00 Total 101,700.00 Statement of Stockholders Equity for the year ended December 31, 2018( in Dollars) Retained Stockholders Equity Common Stock Earnings Beginning Balance Issuance of Common stock Add Net Income Less Dividend Ending Balance 20,000.00 5,000.00 48,250.00 5,000.00 24,050.00 10,900.00 66,400.00 28,250.00 24,050.00 10,900.00 1,400.00 25,000.00 Dividend Opening Retained EarningsNet Income Ending Retained Earnings

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