Longhorn Corporation provides low-cost food delivery services to senior citizens. At the end of the year on December 31, 2021, the company reports the following amounts: Cash Equipment Accounts payable Delivery expense Salaries expense $ 1,200 Service revenue 19,500 Cost of goods sold (food expense) 2,500 Buildings 3,500 Supplies 6,400 Salaries payable $72,200 54,300 21,000 1,500 800 In addition, the company had common stock of $21,000 at the beginning of the year and issued an additional $2,100 during the year. The company also had retained earnings of $8,800 at the beginning of the year. Required: 1. Prepare the income statement for Longhorn Corporation. 2. Prepare the statement of stockholders' equity for Longhorn Corporation. 3. Prepare the balance sheet for Longhorn Corporation.
Longhorn Corporation provides low-cost food delivery services to senior citizens. At the end of the year on December 31, 2021, the company reports the following amounts: Cash Equipment Accounts payable Delivery expense Salaries expense $ 1,200 Service revenue 19,500 Cost of goods sold (food expense) 2,500 Buildings 3,500 Supplies 6,400 Salaries payable $72,200 54,300 21,000 1,500 800 In addition, the company had common stock of $21,000 at the beginning of the year and issued an additional $2,100 during the year. The company also had retained earnings of $8,800 at the beginning of the year. Required: 1. Prepare the income statement for Longhorn Corporation. 2. Prepare the statement of stockholders' equity for Longhorn Corporation. 3. Prepare the balance sheet for Longhorn Corporation.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Longhorn Corporation provides low-cost food delivery services to senior citizens. At the end of the year on December 31, 2021, the
company reports the following amounts:
Cash
Equipment
Accounts payable
Delivery expense
Salaries expense
$ 1,200 Service revenue
19,500 Cost of goods sold (food expense)
2,500 Buildings
3,500 Supplies
6,400 Salaries payable
$72,200
54,300
21,000
1,500
800
In addition, the company had common stock of $21,000 at the beginning of the year and issued an additional $2,100 during the year.
The company also had retained earnings of $8,800 at the beginning of the year.
Required:
1. Prepare the income statement for Longhorn Corporation.
2. Prepare the statement of stockholders' equity for Longhorn Corporation.
3. Prepare the balance sheet for Longhorn Corporation.
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