Problem 1-5B Prepare financial statements (L01-3) Tar Heel Corporation provides the following information at the end of 2021 Salaries payable to workers at the end of the year Advertising expense for the year Building that has been purchased Supplies at the end of the year Retained earnings Utility expense for the year Note payable to the bank Service revenue recognized during the year Salary expense for the year Accounts payable to suppliers Dividends paid to shareholders during the year Connon stock that has been issued, including $5,000 that was issued this year Cash remaining Interest expense for the year Accounts receivable from customers Retained earnings at the beginning of the year $ 2,600 9,700 73,000 3,900 37,800 5,300 21,500 65,900 26,000 7,000 (?) 25,000 4,500 1,750 12,50 24,950 Required: 1. Prepare the income statement for the year ended December 31, 2021. 2. Prepare the statement of stockholders' equity for the year ended December 31, 2021 3. Prepare the balance sheet for the year ended December 31, 2021. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the statement of stockholders' equity for the year ended December 31, 2021. TAR HEEL CORPORATION Statement of Stockholders' Equity For the year ended December 31, 2021 Retained Total Interest expense for the year Accounts receivable from customers Retained earnings at the beginning of the year 1,750 12,500 24,95 Required: 1. Prepare the income statement for the year ended December 31, 2021 2. Prepare the statement of stockholders' equity for the year ended December 31, 2021. 3. Prepare the balance sheet for the year ended December 31, 2021 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the statement of stockholders' equity for the year ended December 31, 2021. TAR HEEL CORPORATION Statement of Stockholders' Equity For the year ended December 31, 2021 Total Retained Common Stock Stockholders Earnings Equity Beginning Balance issuance of Common Stock Add: Net Income Less: Dividends Ending Balanco Keldreu taring at the beg11111ng 01 the year Required: 1. Prepare the income statement for the year ended December 31, 2021 2. Prepare the statement of stockholders' equity for the year ended December 31, 2021. 3. Prepare the balance sheet for the year ended December 31, 2021. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the balance sheet for the year ended December 31, 2021. TAR HEEL CORPORATION Balance Sheet December 31, 2021 Assets Liabilities Total Liabilities 0 Stockholders' Equity Accounts Payable Accounts Receivable Advertising Expense Building 0 Total Stockholders' Equity Total Liabilities and Stockholders' Equity 0 $ 0
