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Prepare the income statement for longhorn corporation.

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Reference no: EM132685202

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:

Question 1: Prepare the income statement for Longhorn Corporation.

Question 2: Prepare the statement of stockholders' equity for Longhorn Corporation.

Question 3: Prepare the balance sheet for Longhorn Corporation.

Reference no: EM132685202

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