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 $ 1,200 Service revenue $67,700Equipment 29,000 Cost of goods sold 53,400Accounts payable 4,400 (food expense)Delivery expense 2,600 Buildings 40,000Salaries expense 5,500 Supplies 3,400 Salaries payable 800In addition, the company had common stock of $40,000 at the beginning of the year and issued an additional $4,000 during the year. The company also had retained earnings of $18,200 at the beginning of the year.Required: Prepare the income statement, statement of stockholders’ equity, and 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 $ 1,200 Service revenue $67,700
Equipment 29,000 Cost of goods sold 53,400
Accounts payable 4,400 (food expense)
Delivery expense 2,600 Buildings 40,000
Salaries expense 5,500 Supplies 3,400
Salaries payable 800
In addition, the company had common stock of $40,000 at the beginning of the year and issued an additional $4,000 during the year. The company also had
Required:
Prepare the income statement, statement of
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