Question

Cornhusker Company provides the following information at the end of 2021 Cash remaining Rent expense for the year Land that has been purchased Retained earnings Utility expense for the year Accounts receivable from customers 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 prior to 2021 Salaries owed at the end of the year Insurance expense for the year Retained earnings at the beginning of the year 3,200 5,400 21,000 10,800 3,300 5,600 29,000 11,700 1,400 1,600 16,000 1,600 1,900 5,700 No common stock is issued during 2021 Required: 1. Prepare the income statement for Cornhusker Company on December 31, 2021. 2. Prepare the statement of stockholders equity for Cornhusker Company on December 31, 2021. 3. Prepare the balance sheet for Cornhusker Company on December 31, 2021. Complete this question by entering your answers in the tabs below.
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Answer #1

Answer 1:

Income Statement:

CORNHUSKER COMPANY Income Statement For the year ended December 31, 2021 $29,000 Service Revenue Expense: Salary expense Rent expense Utility expense Insurance expense $11,700 $5,400 $3,300 $1,900 $22,300 $6,700 Total Expenses Income

Answer 2:

Statement of Stockholders' Equity:

CORNHUSKER COMPANY Statement of Stockholders Equity For the year ended December 31, 2021 Total Stockholders Equity Common Stock Retained Earnings $5,700 $6,700 $1,600 $16,000 Beginning Balance Income during the year Iivilcricl paicl clurigyr Ending Balance $21,700 $6,700 $1,600 $26,800 $16,000 $10,800

Answer 3:

Balance Sheet:

CORNHUSKER COMPANY Balance Sheet As of December 31, 2021 Assets Liabilities Cash Account receivables $3,200 Account payable $5,600 Salaries Payable Total Liabilities $1,400 $3,000 Land $21,000 Stockholders Equity $16,000 $10,800 $26,800 $29,800 Total Liabilities and Stockholders equity $29,800 Common Stock Retained earnings Total Stockholders equity Total Assets

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