Problem 1-5A Prepare financial statements (LO1-3)

Cornhusker Company provides the following information at the end of 2021.

Cash remaining	$	2,900
Rent expense for the year		5,100
Land that has been purchased		21,000
Retained earnings		10,500
Utility expense for the year		3,000
Accounts receivable from customers		5,300
Service revenue recognized during the year		27,500
Salary expense for the year		11,400
Accounts payable to suppliers		1,250
Dividends paid to shareholders during the year		1,300
Common stock that has been issued prior to 2021		16,000
Salaries owed at the end of the year		1,450
Insurance expense for the year		1,600
Retained earnings at the beginning of the year		5,400

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

Return to question 2 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. 10 points * Answer is not complete. 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 27,000 X $ Service Revenue Expenses: Rent Expense Salaries Expense Utilities Expense Insurance Expense 5,000 x 11,300 X 2,900 X 1,500 X Total Expenses Net Income 20,700 6,300 m No common stock is issued during 2021. 10 Required: points 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. % Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the statement of stockholders' equity for Cornhusker Company on December 31, 2021. CORNHUSKER COMPANY Statement of Stockholders' Equity For the year ended December 31, 2021 Common Retained Stock Earnings Beginning Balance Issuance of Common Stock Total Stockholders Equity Ending Balance Return to question 2 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. 10 points * Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the balance sheet for Cornhusker Company on December 31, 2021. CORNHUSKER COMPANY Balance Sheet December 31, 2021 Assets Liabilities Total Liabilities 0 Stockholders' Equity 0 Total Stockholders' Equity Total Liabilities and Stockholders Equity Total Assets $ 0 $ 0