Cornhusker Company provides the following information at the end of 2021. Cash remaining $3,800
Rent expense for the year 6,000
Land that has been purchased 20,000
Retained earnings 11,400
Utility expense for the year 3,900
Accounts receivable from customers 6,200
Service revenue recognized during the year 32,000
Salary expense for the year 12,300
Accounts payable to suppliers 1,700
Dividends paid to shareholders during the year 2,200
Common stock that has been issued prior to 2021 15,000
Salaries owed at the end of the year 1,900
Insurance expense for the year 2,500
Retained earnings at the beginning of the year 6,300

No common stock is issued during 2021.

Required:
a. Prepare the income statement for Cornhusker Company on December 31, 2021.
b. Prepare the statement of stockholders’ equity for Cornhusker Company on December 31, 2021.
c. Prepare the balance sheet for Cornhusker Company on December 31, 2021.

On february 3, smart company sold merchandise in the amount of $5,800 to truman company, with credit terms of 2/10, n/30. the cost of the items sold is $4,000. smart uses the perpetual inventory system and the gross method. truman pays the invoice on february 8, and takes the appropriate discount. the journal entry that smart makes on february 8 is:

4. suppose that pollution in a neighborhood comes from two factories, with marginal benefit curves given by mb1 = 12 – p1 and mb2 = 8 – p2. the level of pollution in the neighborhood is given by p = p1 + p2. the government wants to limit pollution by instituting a pollution-rights market. the government’s desired level of p is 10, so it prints 10 pollution rights and offers them for sale to the firms.a)find the equilibrium selling price of a pollution right, as well as the allocation of rights (and hence pollution levels) across the two factories. b)repeat part (a) for the case where the government’s desired level of pollution equals 14. c)comment on the usefulness of a pollution rights market in achieving efficient levels of pollution abatement.

Shelby company produces three products: product x, product y, and product z. data concerning the three products follow (per unit): product x product y product z selling price $ 85 $ 65 $ 75 variable expenses: direct materials 25.50 19.50 5.25 labor and overhead 25.50 29.25 47.25 total variable expenses 51.00 48.75 52.50 contribution margin $ 34.00 $ 16.25 $ 22.50 contribution margin ratio 40 % 25 % 30 % demand for the company’s products is very strong, with far more orders each month than the company can produce with the available raw materials. the same material is used in each product. the material costs $8 per pound, with a maximum of 4,400 pounds available each month. required: a. compute contribution margin per pound of materials used. (round your intermediate calculations and final answers to 2 decimal places.) contribution margin per pound product x $ product y $ product z $ b. which orders would you advise the company to accept first, those for product x, for product y, or for product z? which orders second? third? product x product y product z