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 Equipment Accounts payable Delivery expense Salaries expense $ 1,300 Service revenue $67,200 28,500 cost of goods sold (food expense) 53,300 4,300 Buildings 39,000 2,500 Supplies 3,300 5,400 Salaries payable 900 In addition, the company had common stock of $39,000 at the beginning of the year and issued an additional $3,900 during the year. The company also had retained earnings of $18,000 at the beginning of the year. Required: 1. Prepare the income statement for Longhorn Corporation 2. Prepare the statement of stockholders' equity for Longhorn Corporation, 3. Prepare the balance sheet for Longhorn Corporation Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the income statement for Longhorn Corporation LONGHORN CORPORATION Income Statement For the year ended Dec 31, 2021 Service revenue $ 67,200 Expenses Cost of goods sold Salaries expense Delivery expertise $ 53,300 5.400 2,500 Total expenses 61.200 Dru 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 Equipment Accounts payable Delivery expense Salaries expenso $ 1,300 Service revenue $67,200 28, 500 cost of goods sold (food expense) 53,300 4,300 Buildings 39,000 2,500 Supplies 3,300 5,400 salaries payable 900 In addition, the company had common stock of $39,000 at the beginning of the year and issued an additional $3,900 during the year. The company also had retained earnings of $18,000 at the beginning of the year. Required: 1. Prepare the income statement for Longhorn Corporation 2. Prepare the statement of stockholders' equity for Longhorn Corporation. 3. Prepare the balance sheet for Longhorn Corporation Complete this question by entering your answers in the tabs below. Required 1 required 2 Required 3 Prepare the statement of stockholders' equity for Longhorn Corporation LONGHORN CORPORATION Statement of Stockholders' Equity For the year ended Dec. 31, 2021 Retained Common Stock Earnings Beginning balance Assuance of common stock Add Net Income Ending balance Total Stockholders Equity Cash Equipment Accounts payable Delivery expense Salaries expense $ 1,300 Service revenue $67,200 28,500 cost of goods sold (food expense) 53,300 4,300 Buildings 39,000 2,500 Supplies 3,300 5,400 salaries payable 900 In addition, the company had common stock of $39,000 at the beginning of the year and issued an additional $3,900 during the year. The company also had retained earnings of $18,000 at the beginning of the year Required: 1. Prepare the income statement for Longhorn Corporation 2. Prepare the statement of stockholders' equity for Longhorn Corporation 3. Prepare the balance sheet for Longhorn Corporation Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the balance sheet for Longhorn Corporation. LONGHORN CORPORATION Balance Sheet Dec. 31, 2021 Assets Liabilities $ Cash Supplies 1,300 (Accounts payable 3,300 Salaries payable 4,300 900 Total abilities 5.200 Stockholders' Equity Common stock Retained earning Total stockholders' equity 0 Da SA
