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

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

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Description: !Required information[The following information applies to the questions displayed below.]The following information for the year ended December 31, 2021, was reportedby Nice Bite, IncorporatedAccounts PayableAccounts ReceivableCash (balance on Janua

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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