Prepare the income statement

Assignment Help Finance Basics

Reference no: EM131519359

Question: Tar Heel Corporation provides the following information at the end of 2012.

Salaries payable to workers at the end of the year $ 2,300

Advertising expense for the year 9,400

Building that has been purchased 70,000

Supplies at the end of the year 3,600

Retained earnings 36,000

Utility expense for the year 5,000

Note payable to the bank 20,000

Service revenue earned during the year 64,400

Salary expense for the year 25,700

Accounts payable to suppliers 6,700

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 4,200

Interest expense for the year 1,600

Accounts receivable from customers 12,200

Required: Prepare the income statement, statement of stockholders' equity, and balance sheet for Tar Heel Corporation on December 31, 2012. The balance of retained earnings at the beginning of the year equals $23,300.

Reference no: EM131519359

Questions Cloud

Calculate the missing amounts : Below are incomplete financial statements for Cyclone, Inc.

Difference between a qualitative and quantitative analysis : What is the difference between a qualitative and quantitative analysis

Categorize the type of economy that exists in your country : Categorize type of economy that exists in your selected country as closed, mixed, or market. Evaluate any competitors' existing production in chosen country.

Evaluate the proposed acquisition of a new special : You have been asked by the president of your company to evaluate the proposed acquisition of a new special-purpose truck for $70,000.

Prepare the income statement : Tar Heel Corporation provides the following information at the end of 2012.

Why the economic growth of the three countries varies : Discuss reasons why the economic growth of the three countries varies. How does international trade influence the strength of the economy worldwide?

The ibm design teams use of boothroyd-dewhurst dfma : What was the end result of the IBM design team's use of Boothroyd-Dewhurst DFMA principles, when they applied them to their LaserPrinter?

How can employees avoid biting on a phish : How can employees avoid "biting" on a "phish?" How should employees report phishing attacks? Why is immediate reporting critical to stopping the attackers?

Discuss the economic entity and monetary unit : The four underlying assumptions of generally accepted accounting principles are economic entity, monetary unit, periodicity, and going concern.

User Account

All Pages