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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 $ 1,400 Service revenue 19,000 Cost of goods sold (food expense) 2,400 Buildings 3,600 Supplies 6,500 salaries payable $72,700. 54,400 20,000 1,400 700 In addition, the company had common stock of $20,000 at the beginning of the year and issued an additional $2,000 during the year. The company also had retained earnings of $8,500 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 $ 1,400 Service revenue 19,000 Cost of goods sold (food expense) 2,400 Buildings 3,600 Supplies 6,500 salaries payable $72,700. 54,400 20,000 1,400 700 In addition, the company had common stock of $20,000 at the beginning of the year and issued an additional $2,000 during the year. The company also had retained earnings of $8,500 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.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 $ 1,400 Service revenue 19,000 Cost of goods sold (food expense). 2,400 Buildings 3,600 Supplies 6,500 salaries payable In addition, the company had common stock of $20,000 at the beginning of the year and issued an additional $2,000 during the year. The company also had retained earnings of $8,500 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the income statement for Longhorn Corporation. LONGHORN CORPORATION Income Statement For the year ended Dec. 31, 2021 Expenses: Total expenses < Required 1 $72,700 54,400 20,000 1,400 700 Required 2 >
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 $ 1,400 Service revenue 19,000 Cost of goods sold (food expense). 2,400 Buildings 3,600 Supplies 6,500 salaries payable In addition, the company had common stock of $20,000 at the beginning of the year and issued an additional $2,000 during the year. The company also had retained earnings of $8,500 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the income statement for Longhorn Corporation. LONGHORN CORPORATION Income Statement For the year ended Dec. 31, 2021 Expenses: Total expenses < Required 1 $72,700 54,400 20,000 1,400 700 Required 2 >
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