Required: Calculate the missing amounts. Answer is complete and correct. CYCLONE, INC. Income Statement Year ended Dec. 31, 2021 $ Revenues 22,000 Expenses: $ Salaries 11.000 Rent 5,000 Advertising 3,000 Net income $3,000 Answer is complete and correct. CYCLONE, INC. Statement of Stockholders' Equity Year ended Dec. 31, 2021 Total Common Retained Stock Stockholders' Earnings Equity Beginning balance $ 12,000 $ 5,000 $ 17,000 Issuances of stock 1,000 1,000 Add: Net income 3,000 3,000 Less: Dividends 2,000 2,000 Ending balance $ 13,000 $ 6,000 $ 19,000 Assets Answer is complete and correct. CYCLONE, INC. Balance Sheet Dec. 31, 2021 Liabilities $ 1,200 Accounts payable 1,800 Stockholders' Equity 4,000 Common stock 14,000 Retained earnings Total liabilities and $ 21,000 stockholders' equity $ 2,000 Cash Supplies Land Building Total assets 13,000 6,000 $ 21,000 Required: 1. Prepare the income statement for Longhorn Corporation. 2. Prepare the statement of stockholders' equity for Longhorn Corporat 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 $ 69,700 Expenses: Cost of goods sold Salaries expense Delivery expense S 53,800 3,000 5,900 ation. Total expenses Net income 62,700 7,000 S 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 Total Stockholders' Equity Beginning balance Ending balance Required 1 Required 2 Required 3 Prepare the balance sheet for Longhorn Corporation. LONGHORN CORPORATION Balance Sheet Dec. 31, 2021 Assets Liabilities Total liablities 0 Stockholders' Equity Total stockholders' equity Totallables and stockholders equity 5 Total assets 0 $ a Required: Calculate the missing amounts. Answer is complete and correct. CYCLONE, INC. Income Statement Year ended Dec. 31, 2021 $ Revenues 22,000 Expenses: $ Salaries 11.000 Rent 5,000 Advertising 3,000 Net income $3,000 Answer is complete and correct. CYCLONE, INC. Statement of Stockholders' Equity Year ended Dec. 31, 2021 Total Common Retained Stock Stockholders' Earnings Equity Beginning balance $ 12,000 $ 5,000 $ 17,000 Issuances of stock 1,000 1,000 Add: Net income 3,000 3,000 Less: Dividends 2,000 2,000 Ending balance $ 13,000 $ 6,000 $ 19,000 Assets Answer is complete and correct. CYCLONE, INC. Balance Sheet Dec. 31, 2021 Liabilities $ 1,200 Accounts payable 1,800 Stockholders' Equity 4,000 Common stock 14,000 Retained earnings Total liabilities and $ 21,000 stockholders' equity $ 2,000 Cash Supplies Land Building Total assets 13,000 6,000 $ 21,000 Required: 1. Prepare the income statement for Longhorn Corporation. 2. Prepare the statement of stockholders' equity for Longhorn Corporat 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 $ 69,700 Expenses: Cost of goods sold Salaries expense Delivery expense S 53,800 3,000 5,900 ation. Total expenses Net income 62,700 7,000 S 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 Total Stockholders' Equity Beginning balance Ending balance Required 1 Required 2 Required 3 Prepare the balance sheet for Longhorn Corporation. LONGHORN CORPORATION Balance Sheet Dec. 31, 2021 Assets Liabilities Total liablities 0 Stockholders' Equity Total stockholders' equity Totallables and stockholders equity 5 Total assets 0 $ a
