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i need help with this pls Longhorn Corporation provides low-cost food delivery services to senior citizens. At the end of the year, the company reports
i need help with this pls
Longhorn Corporation provides low-cost food delivery services to senior citizens. At the end of the year, the company reports the following amounts $ 69,700 53,800 26,000 2,000 700 Cash Equipment Accounts payable Delivery expense Salaries expense $ 1,400 Service revenue 22,000 Cost of goods sold (food expense) ,000 Buildings 3,000 Supplies 5,900 Salaries payable In addition, the company had common stock or $26,000 at the beginning of the year and issued an additional $2,600 during the year. The company also had retained earnings of $12,100 at the beginning of the year. Required 1. Prepare the income statement for Longhorm Corporation. LONGHORN CORPORATION Income Statement S 69,700 e revenue Expenses Cost of goods sold S 53,800 Salaries expense 5,900 Delivery expense 3,000 Total expenses 62,700 et income S 56,400 2. Prepare the statement of stockholders' equity for Longhorn Corporation. LONGHORN CORPORATION Statement of Stockholders' Equity Total RetainedStockholders' Earnings Common Stock Equity Beginning balance 26,000 Ending balance 3. Prepare the balance sheet for Longhorn Corporation. LONGHORN CORPORATION Balance Sheet Assets Liabilities Total liabilities Stockholders' Equity Total stockholders' equity Total assets Total liabilities and stockholders' equityStep by Step Solution
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