Solution-Prepare the income statement for longhorn

Prepare the income statement for longhorn corporation

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Reference no: EM132039691

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

Cash $ 1,240

Equipment 25,480

Accounts payable 3,520

Delivery expense 1,480

Salaries expense 4,600

Service revenues 62,800

Cost of goods sold (food expense) 50,800

Building 30,700

Supplies 2,300

Salaries payable 720

In addition, the company had common stock of $30,900 at the beginning of the year and issued an additional $3,460 during the year. The company also had retained earnings of $15,200 at the beginning of the year.

Required: Prepare the Income Statement for Longhorn Corporation.

Reference no: EM132039691

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Prepare the income statement for longhorn corporation

Reference no: EM132039691

Reference no: EM132039691

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