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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$1,400
Service revenue$66,700
Equipment 28,000
Cost of goods sold (food expense) 53,200
Accounts payable 4,200
Buildings 38,000
Delivery expense 2,400
Supplies 3,200
Salaries expense 5,300
Salaries payable 800 In addition, the company had common stock of $38,000 at the beginning of the year and issued an additional $3,800 during the year. The company also had retained earnings of $18,000 at the beginning of the year. Required:
Problem 1: Prepare the income statement for Longhorn Corporation.
Problem 2: Prepare the statement of stockholders' equity for Longhorn Corporation.
Problem 3: Prepare the balance sheet for Longhorn Corporation.
Financial Statement Analysis and Preparation
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