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Swanson Corporation provides low-cost food delivery services to senior citizens. At the end of the year on December 31, 2026, the company reports the following amounts: Cash Equipment Accounts payable Delivery expense Rent expense $ 1,300 24,000 3,400 Service revenue Salaries expense Buildings $ 62,700 52,400 30,000 1,600 Supplies 4,500 Salaries payable 2,400 900 In addition, the company had common stock of $30,000 at the beginning of the year and issued an additional $3,000 during the year. The company also had retained earnings of $16,200 at the beginning of the year. Required: 1. Prepare the income statement for Swanson Corporation. 2. Prepare the statement of stockholders' equity for Swanson Corporation. 3. Prepare the balance sheet for Swanson Corporation. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the statement of stockholders' equity for Swanson Corporation. SWANSON CORPORATION Statement of Stockholders' Equity For the year ended December 31, 2026 Beginning balance Issuance of common stock Add: Net income Common Stock Retained Earnings Total Stockholders' Equity 30,000 $ 16,200 $ 46,200 3,000 3,000 3,000 1,800 1,800 1,800

Swanson Corporation provides low-cost food delivery services to senior citizens. At the end of the year on December 31, 2026, the company reports the following amounts: Cash Equipment Accounts payable Delivery expense Rent expense $ 1,300 24,000 3,400 Service revenue Salaries expense Buildings $ 62,700 52,400 30,000 1,600 Supplies 4,500 Salaries payable 2,400 900 In addition, the company had common stock of $30,000 at the beginning of the year and issued an additional $3,000 during the year. The company also had retained earnings of $16,200 at the beginning of the year. Required: 1. Prepare the income statement for Swanson Corporation. 2. Prepare the statement of stockholders' equity for Swanson Corporation. 3. Prepare the balance sheet for Swanson Corporation. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the statement of stockholders' equity for Swanson Corporation. SWANSON CORPORATION Statement of Stockholders' Equity For the year ended December 31, 2026 Beginning balance Issuance of common stock Add: Net income Common Stock Retained Earnings Total Stockholders' Equity 30,000 $ 16,200 $ 46,200 3,000 3,000 3,000 1,800 1,800 1,800

SWFT Individual Income Taxes
SWFT Individual Income Taxes
43rd Edition
ISBN:9780357391365
Author:YOUNG
Publisher:YOUNG
Chapter19: Deferred Compensation
Section: Chapter Questions
Problem 35P
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Swanson Corporation provides low-cost food delivery services to senior citizens. At the end of the year on December 31, 2026, the company reports the following amounts: Cash Equipment Accounts payable Delivery expense Rent expense $ 1,300 24,000 3,400 Service revenue Salaries expense Buildings $ 62,700 52,400 30,000 1,600 Supplies 4,500 Salaries payable 2,400 900 In addition, the company had common stock of $30,000 at the beginning of the year and issued an additional $3,000 during the year. The company also had retained earnings of $16,200 at the beginning of the year. Required: 1. Prepare the income statement for Swanson Corporation. 2. Prepare the statement of stockholders' equity for Swanson Corporation. 3. Prepare the balance sheet for Swanson Corporation. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the statement of stockholders' equity for Swanson Corporation. SWANSON CORPORATION Statement of Stockholders' Equity For the year ended December 31, 2026 Beginning balance Issuance of common stock Add: Net income Common Stock Retained Earnings Total Stockholders' Equity 30,000 $ 16,200 $ 46,200 3,000 3,000 3,000 1,800 1,800 1,800
Transcribed Image Text:Swanson Corporation provides low-cost food delivery services to senior citizens. At the end of the year on December 31, 2026, the company reports the following amounts: Cash Equipment Accounts payable Delivery expense Rent expense $ 1,300 24,000 3,400 Service revenue Salaries expense Buildings $ 62,700 52,400 30,000 1,600 Supplies 4,500 Salaries payable 2,400 900 In addition, the company had common stock of $30,000 at the beginning of the year and issued an additional $3,000 during the year. The company also had retained earnings of $16,200 at the beginning of the year. Required: 1. Prepare the income statement for Swanson Corporation. 2. Prepare the statement of stockholders' equity for Swanson Corporation. 3. Prepare the balance sheet for Swanson Corporation. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the statement of stockholders' equity for Swanson Corporation. SWANSON CORPORATION Statement of Stockholders' Equity For the year ended December 31, 2026 Beginning balance Issuance of common stock Add: Net income Common Stock Retained Earnings Total Stockholders' Equity 30,000 $ 16,200 $ 46,200 3,000 3,000 3,000 1,800 1,800 1,800
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