P1-5A Cornhusker Company provides the following information at the end of 2021. Cash remaining $4,800 Rent expense for the year 7,000 Land that has been purchased 21,000 Retained earnings 12,400 Utility expense for the year 4,900 Accounts receivable from customers 7,200 Service revenue recognized during the year 37,000 Salary expense for the year 13,300 Accounts payable to suppliers 2,200 Dividends paid to shareholders during the year 3,200 Common stock that has been issued prior to 2021 16,000 Salaries owed at the end of the year 2,400 Insurance expense for the year 3,500 Retained earnings at the beginning of the year 7,300
P1-5A Cornhusker Company provides the following information at the end of 2021. Cash remaining $4,800 Rent expense for the year 7,000 Land that has been purchased 21,000 Retained earnings 12,400 Utility expense for the year 4,900 Accounts receivable from customers 7,200 Service revenue recognized during the year 37,000 Salary expense for the year 13,300 Accounts payable to suppliers 2,200 Dividends paid to shareholders during the year 3,200 Common stock that has been issued prior to 2021 16,000 Salaries owed at the end of the year 2,400 Insurance expense for the year 3,500 Retained earnings at the beginning of the year 7,300
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
i dont know what would count as the revenue portion of the income statement. i need help just knowing where all these would go for and income statement, statement of
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Update :
A
P1-5A Cornhusker Company provides the following information at the end of 2021.
Cash remaining
$4,800
Rent expense for the year
7,000
Land that has been purchased
21,000
Retained earnings
12,400
Utility expense for the year
4,900
Accounts receivable from customers
7,200
Service revenue recognized during the year
37,000
Salary expense for the year
13,300
Accounts payable to suppliers
2,200
Dividends paid to shareholders during the year
3,200
Common stock that has been issued prior to 2021 16,000
Salaries owed at the end of the year
2,400
Insurance expense for the year
3,500
Retained earnings at the beginning of the year
7,300
Required:
Page 48
Prepare the income statement, statement of stockholders' equity, and balance sheet for Cornhusker Company on
December 31, 2021. No common stock is issued during 2021.
Identify underlving assumptions of GAAP (E LO1–7)
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