Reference no: EM132039687

Question - Tar Heel Corporation provides the following information at the end of 2012.

Salaries payable to workers at the end of the year $ 3,100

Advertising expense for the year 9,600

Building that has been purchased 70,600

Supplies at the end of the year 4,300

Retained earnings 36,400

Utility expense for the year 5,000

Note payable to the bank 18,900

Service revenue earned during the year 65,000

Salary expense for the year 26,300

Accounts payable to suppliers 7,000

Dividends paid to shareholders during the year (?)

Common stock that has been issued, including $5,000 that was issued this year 27,000

Cash remaining 4,400

Interest expense for the year 2,500

Accounts receivable from customers 13,100

Required: Prepare the following for Tar Heel Corporation on December 31, 2012. The balance of retained earnings at the beginning of the year equals $23,800.

(a) Income Statement.