Question

3 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 2,800 5,000 19,000 10,400 2,900 5,200 27,000 11,300 1,200 1,200 14,000 1,400 1,500 5,300 points eBook Print References 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 Required 1 Required 2 Required 3

Answer 1

1)Income Statement of Cornhusker company on December 31,2021(amount in $)

CORNHUSKER COMPANY
Income Statement
For the year ended 31 December 2021
Revenue:
Service revenue(A)	27,000	27,000
Expenses:
Rent paid	5,000
Salary Expenses	11,300
Utility Expenses	2,900
Insurance Expenses	1,500
Total expenses(B)		20,700
Net Income(A-B)		6,300

2)Statement of Stockholders' Equity for Cornhusker Company for December 31,2021

CORNHUSKER COMPANY
Statement of Stockholders' Equity
For the year ended 31 December 2021
	Common Stock	Retained Earnings	Total Stockholders' Equity
Beginning Balance	14,000	5,300	19,300
Add:Net Income		6,300
		11,600
Less:Dividend Paid		1,200
Ending Balance	14,000	10,400	24,400

3)Balance Sheet for Cornhusker Company on December 31,2021

CORNHUSKER COMPANY
Balance Sheet
December 31,2021
Assets($)		Liabilities($)
Land	19,000	Accounts Payable	1,200
Accounts Receivables	5,200	Outstanding Salaries	1,400
Cash	2,800
		Total Liabilities(A)	2,600
		Stockholders' Equity
		Common Stock	14,000
		Retained Earnings	10,400
		Total Stockholders' Equity(B)	24,400
Total Assets	27,000	Total Liabilities and Stockholders' Equity (A+B)	27,000