Cornhusker Company provides the following information at the end of

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.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...

Members

  • Access to 2 Million+ Textbook solutions
  • Ask any question from 24/7 available
    Tutors
$9.99
VIEW SOLUTION

OR

Non-Members

Get help from Accounting Tutors
Ask questions directly from Qualified Online Accounting Tutors .
Best for online homework assistance.