Please do not give solution in image format thanku 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$1,300Service revenueCost of goods sold (food expense)BuildingsSuppliesSalaries payable$ 71,70054,20022,000Equipment20,000Accounts payable 2,600Delivery expense3,400Salaries Expense6,300In addition, the company had common stock of $22,000 at the beginning of the year and issued an additional $2,200during the year. The company also had retained earnings of $9,400 at the beginning of the year.Required:1,6009001. 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.

The financial statements are prepared using the adjusted trial balance. The income statement and…

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 $ 1,300 Service revenue Cost of goods sold (food expense) Buildings Supplies Salaries payable 20,000 2,600 3,400 $ 71,700 54,200 22,000 1,600 Equipment Accounts payable Delivery expense Salaries Expense 6,300 In addition, the company had common stock of $22,000 at the beginning of the year and issued an additional $2,200 during the year. The company also had retained earnings of $9,400 at the beginning of the year. Required: 900 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 $ 1,300 Service revenue Cost of goods sold (food expense) Buildings Supplies Salaries payable 20,000 2,600 3,400 $ 71,700 54,200 22,000 1,600 Equipment Accounts payable Delivery expense Salaries Expense 6,300 In addition, the company had common stock of $22,000 at the beginning of the year and issued an additional $2,200 during the year. The company also had retained earnings of $9,400 at the beginning of the year. Required: 900 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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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