Chapter 1, Problem 1.3AP

Longhorn Corporation provides low-cost food delivery services to senior citizens. At the end of the year, the company reports the following amounts:

Cash	$ 1,200
Equipment	29,000
Accounts payable	4,400
Delivery expense	2,600
Salaries expense	5,500
Service revenue	$67,700
Cost of goods sold	53,400
(food expense)
Buildings	40,000
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 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.