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

Cash	$	1,200		Service revenue	$	66,200
Equipment		27,500		Cost of goods sold (food expense)		53,100
Accounts payable		4,100		Buildings		37,000
Delivery expense		2,300		Supplies		3,100
Salaries expense		5,200		Salaries payable		700

In addition, the company had common stock of $37,000 at the beginning of the year and issued an additional $3,700 during the year. The company also had retained earnings of $17,700 at the beginning of the year.

Required:

1. Prepare the income statement for Longhorn Corporation.

Required:

LONGHORN CORPORATION Income Statement

Expenses:

Total expenses:

Prepare the statement of stockholders equity for Longhorn Corporation.

Prepare the balance sheet for Longhorn Corporation.