Question

oter 1 Quiz A Saved Tar Heel Corporation provides the following information at the end of 2021. 20 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 issued this year Cash remaining Interest expense for the year Accounts receivable from customers Retained earnings at the beginning of the year $ 1,600 8,700 63,000 2,900 33,800 4,300 16,500 60,900 25,000 6,000 (?) 23,000 3,500 1,250 11,500 21,450 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the income statement for the year ended December 31, 2021. TAR HEEL CORPORATION Income Statement For the year ended December 31, 2021

Answer 1

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Requirement (1) Requirement (3) Tar heel Corporation Income Statement For the Year Ended December 31, 2021 $ Service Revenue 60,900 Assets Cash Accounts Receivable Supplies Building Expenses ; Advertising Expense Interest Expense Salaries Expense Utilities Expense Tarheel Corporation Balance Sheet December 31, 2021. Liabilities $ 3,500 Accounts Payable $11,500 Notes Payable $ 2,900 Salaries Payable $ 63,000 Total Liabilties Stockholders Equity Common Stock Retained Earnings $ 6,000 $ 16,500 $ 1,600 $ $ $ $ 8,700 1,250 25,000 4,300 $ 24,100 Total Expense Net Income $ 23,000 $33,800 $ $ 39,250 21,650 Total Stockholders Equity $ 56,800 $ 80,900 Total Liabilties and stockholders Equity $ 80,900 Requirement (2) Beginning Balance Issuance of common stock Add : Net Income Less : Dividends Ending Balance Tarheel Corporation Statement of stockholders Equity For the Year Ended December 31,2021 Common Stock Retained Earnings Total stockholders Equity 19,000 $ 21,450 $ 40,450 4,000 4,000 $ 21,650 $ 21,650 $ (9,300) $ (9,300) $ 23,000 $ 33,800 56,800