Prepare financial statements (LO1-3) Tar Heel Corporation provides the following information at the end of 2021. Salaries payable to workers at the end of the year $ 2,100
Advertising expense for the year 9,200
Building that has been purchased 68,000
Supplies at the end of the year 3,400
Retained earnings 34,800
Utility expense for the year 4,800
Note payable to the bank 19,000
Service revenue recognized during the year 63,400
Salary expense for the year 25,500
Accounts payable to suppliers 6,500
Dividends paid to shareholders during the year (?)
Common stock that has been issued, including $5,000 that was issued this year 25,000
Cash remaining 4,000
Interest expense for the year 1,500
Accounts receivable from customers 12,000
Retained earnings at the beginning of the year 22,200
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.