Business, 18.12.2019 22:31, epmooneyham7372
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 $ 68,700
equipment 23,000 | cost of goods sold (food expense) 53,600
accounts payable 3,200 | buildings 28,000
delivery expense 2,800 | supplies 2,200
salaries expense 5,700 | salaries payable 900
in addition, the company had common stock of $28,000 at the beginning of the year and issued an additional $2,800 during the year. the company also had retained earnings of $13,000 at the beginning of the year.
required:
a) prepare the income statement for longhorn corporation.
b) prepare the statement of stockholders’ equity for longhorn corporation.
c) prepare the balance sheet for longhorn corporation.
Answers: 3
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Longhorn corporation provides low-cost food delivery services to senior citizens. at the end of the...
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