Problem 1-5B Prepare financial statements (L01-3) Tar Heel Corporation provides the following inform

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Problem 1-5B Prepare financial statements (L01-3) Tar Heel Corporation provides the following information at the end of 2021.
Required 1 Required 2 Required 3 Prepare the income statement for the year ended December 31, 2021. ook TAR HEEL CORPORATION
required 1 Required 2 Required 3 repare the balance sheet for the year ended December 31, 2021. TAR HEEL CORPORATION Balance
Required 1 Required 2 Required 3 Prepare the statement of stockholders equity for the year ended December 31, 2021. TAR HEEL Problem 1-5B Prepare financial statements (L01-3) Tar Heel Corporation provides the following information at the end of 2021. Salaries payable to workers at the end of the year Advertising expense for the year Building that has been purchased Supplies at the end of the year Retained earnings Utility expense for the year Note payable to the bank Service revenue recognized during the year Salary expense for the year Accounts payable to suppliers Dividends paid to shareholders during the year Common stock that has been issued, including $6,000 that was issued this year Cash remaining Interest expense for the year Accounts receivable from customers Retained earnings at the beginning of the year $ 2,400 9,500 71,000 3,700 34,600 5,100 20,500 64,900 25,800 6,800 (?) 27,000 4,300 1,650 12,300 22,850 Required: 1. Prepare the income statement for the year ende. December 31, 2021 2. Prepare the statement of stockholders equity for the year ended December 31 20 3. Prepare the balance sheet for the year ended December 31, 202 20 Required 1 Required 2 Required 3 Prepare the income statement for the year ended December 31, 2021. ook TAR HEEL CORPORATION Income Statement For the year ended December 31, 2021 Service Revenue $ Print 64,900 erences A $ Expenses Advertising Expense Interest Expense Salaries Expense Utilities Expense 9,500 1.650 25,800 5.100 Total Expenses Net Income 42 050 22.850 Required 2 > required 1 Required 2 Required 3 repare the balance sheet for the year ended December 31, 2021. TAR HEEL CORPORATION Balance Sheet December 31, 2021 Assets Liabilities $ $ Cash Building Supplies Accounts Receivable 4,300 Accounts Payable 71,000 Note Payable 3.700 Salaries Payable 12,300 6,800 20,500 2,400 Total Liabilities 29.700 Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity Total Assets 191300 $ 29.700 Prey 2 of 2 !! Next Required 1 Required 2 Required 3 Prepare the statement of stockholders' equity for the year ended December 31, 2021. TAR HEEL CORPORATION Statement of Stockholders' Equity For the year ended December 31, 2021 Common Stock Retained Total Stockholders Equity $ 4,300 21,850 6.000 6.000 Beginning Balance ssuance of Common Stock Add Net Income ress: Dividends Ending Balance 22.850 of Required Required 3

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