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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 $ 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
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 $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.
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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