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.
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
$1,300
Service revenue
Cost of goods sold (food expense)
Buildings
Supplies
Salaries payable
$ 71,700
54,200
22,000
Equipment
20,000
Accounts payable 2,600
Delivery expense
3,400
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:
1,600
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.
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