Question

Cornhusker Company provides the following information at the end of 2021. 21 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 $ 3,500 5,700 21,000 11,100 3,600 5,900 30,500 12,000 1,550 1,900 16,000 1,750 2,200 6,000 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 Prepare the income statement for Cornhusker Company on December 31, 2021. CORNHUSKER COMPANY Income Statement For the year ended December 31, 2021 Mc Graw < Prev 21 of 21 Next

Answer 1

CORNHUSKER COMPANY Income Statement For the year ended 31 December 2021
Revenues:
- Service Revenue		$ 30,500
Expenses:
- Rent Expense	$ 5,700
- Salary Expense	$ 12,000
- Utility Expense	$ 3,600
- Insurance Expense	$ 2,200
Total Expenses		($ 23,500)
Net Income		$ 7,000
CORNHUSKER COMPANY Statement of Stockholders' Equity For the year ended 31 December 2021
	Common Stock	Retained Earnings	Total Stockholders' Equity
Beginning Balance	$ 16,000	$ 6,000	$ 22,000
Add:Net Income		$ 7,000	$ 7,000
Less:Dividends Paid		($ 1,900)	($ 1,900)
Ending Balance	$ 16,000	$ 11,100	$ 27,100
CORNHUSKER COMPANY Balance Sheet December 31,2021
Assets		Liabilities
Cash	$ 3,500	Accounts Payable	$ 1,550
Land	$ 21,000	Salaries Payable	$ 1,750
Accounts Receivables	$ 5,900
		Total Liabilities	$ 3,300
		Stockholders' Equity
		Common Stock	$ 16,000
		Retained Earnings	$ 11,100
		Total Stockholders' Equity	$ 27,100
Total Assets	$ 30,400	Total Liabilities and Stockholders' Equity	$ 30,400