Tar Heel Corporation provides the following information at the end of 2018. Salaries payable to workers at the end of the year $ 1,900 Advertising expense for the year 9,000 Building that has been purchased 66,000 Supplies at the end of the year 3,200 Retained earnings 35,600 Utility expense for the year 4,600 Note payable to the bank 18,000 Service revenue earned during the year 62,400 Salary expense for the year 25,300 Accounts payable to suppliers 6,300 Dividends paid to shareholders during the year ? Common stock that has been issued, including $4,000 that was issued this year 23,000 Cash remaining 3,800 Interest expense for the year 1,400 Accounts receivable from customers 11,800 The balance of retained earnings at the beginning of the year equals $23,100. Required: 1. Prepare the income statement for the year ended December 31, 2018. 2. Prepare the statement of stockholders’ equity for the year ended December 31, 2018. 3. Prepare the balance sheet for the year ended December 31, 2018.

Answer rating: 100% (QA)

1 Income Statement Service revenue earned during the year Less Operating Expenses Adve... View the full answer