Question

Cornhusker Company provides the following information at the end of 2015.
Cash remaining .....................$ 4,800
Rent expense for the year .................7,000
Land that has been purchased .............21,000
Retained earnings ....................12,400
Utility expense for the year .............. 4,900
Accounts receivable from customers ........... 7,200
Service revenue earned during the year .........37,000
Salary expense for the year ..............13,300
Accounts payable to suppliers .............2,200
Dividends paid to shareholders during the year ......3,200
Common stock that has been issued prior to 2015 .....16,000
Salaries owed at the end of the year ...........2,400
Insurance expense for the year .............3,500

Required:
Prepare the income statement, statement of stockholders’ equity, and balance sheet for Cornhusker Company on December 31, 2015. No common stock is issued during 2015, and the balance of retained earnings at the beginning of 2015 equals $7,300.



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  • CreatedJuly 15, 2014
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