Reference no: EM132483395

Question - 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 $64,200

Equipment 25,500

Cost of goods sold (food expense) 52,700

Accounts payable 3,700

Buildings 33,000

Delivery expense 1,900

Supplies 2,700

Salaries expense 4,800

Salaries payable 900

In addition, the company had common stock of $33,000 at the beginning of the year and issued an additional $3,300 during the year. The company also had retained earnings of $16,800 at the beginning of the year.

Required -

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.