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.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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.
Transcribed Image Text: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.
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