The following information for the year ended December 31, 2021, was reported by Nice Bite, Incorporated Accounts Payable Accounts Receivable Cash (balance on January 1, 2021) Cash (balance on December 31, 2021) Common Stock Dividends Equipment Income Tax Expense Interest Expense Inventory Notes Payable Office Expense Prepaid Rent Retained Earnings (beginning) Salaries and Wages Expense Service Revenue Utilities Expense Salaries and Wages Payable Other cash flow information: Cash from issuing common stock Cash paid to reacquire common stock Cash paid for income taxes Cash paid to purchase long-term assets Cash paid to suppliers and employees Cash received from customers Required: 1. Prepare an income statement for 2021. $ 47,000 24,800 94,900 82,000 154,000 0 138,700 10,300 29,700 17,400 25,700 14,500 7,200 7,300 35,900 141,800 25,300 10,000 $ 23,000 25,700 11,200 54,400 85,600 141,000

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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Required information
[The following information applies to the questions displayed below.]
The following information for the year ended December 31, 2021, was reported
by Nice Bite, Incorporated
Accounts Payable
Accounts Receivable
Cash (balance on January 1, 2021)
Cash (balance on December 31, 2021)
Common Stock
Dividends
Equipment
Income Tax Expense
Interest Expense
Inventory
Notes Payable
Office Expense
Prepaid Rent
Retained Earnings (beginning)
Salaries and Wages Expense
Service Revenue
Utilities Expense
Salaries and Wages Payable
Other cash flow information:
Cash from issuing common stock
Cash paid to reacquire common stock.
Cash paid for income taxes
Cash paid to purchase long-term assets
Cash paid to suppliers and employees
Cash received from customers
Required:
1. Prepare an income statement for 2021.
NICE BITE, Incorporated
Income Statement
0
0
$ 47,000
24,800
94,900
82,000
154,000
0
138,700
10,300
29,700
17,400
25,700
14,500
7,200
7,300
35,900
141,800
25,300
10,000
$ 23,000
25,700
11, 200
54,400
85,600
141,000
Transcribed Image Text:! Required information [The following information applies to the questions displayed below.] The following information for the year ended December 31, 2021, was reported by Nice Bite, Incorporated Accounts Payable Accounts Receivable Cash (balance on January 1, 2021) Cash (balance on December 31, 2021) Common Stock Dividends Equipment Income Tax Expense Interest Expense Inventory Notes Payable Office Expense Prepaid Rent Retained Earnings (beginning) Salaries and Wages Expense Service Revenue Utilities Expense Salaries and Wages Payable Other cash flow information: Cash from issuing common stock Cash paid to reacquire common stock. Cash paid for income taxes Cash paid to purchase long-term assets Cash paid to suppliers and employees Cash received from customers Required: 1. Prepare an income statement for 2021. NICE BITE, Incorporated Income Statement 0 0 $ 47,000 24,800 94,900 82,000 154,000 0 138,700 10,300 29,700 17,400 25,700 14,500 7,200 7,300 35,900 141,800 25,300 10,000 $ 23,000 25,700 11, 200 54,400 85,600 141,000
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