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.