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Equipment Accounts payable Delivery expense Salaries expense 23,000 cost of goods sold (food expense) 3,200 Buildings 2,800 S
Cash Equipment Accounts payable Delivery expense Salaries expense $ 1,300 Service revenue 23,000 Cost of goods sold (food exp
1. Prepare the income statement for Longhorn Corporation, 2. Prepare the statement of stockholders equity for Longhorn Corpo
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Longhorn
Income Statement for the year ended
Particulars Amount $ Amount $
Revenues
Service Revenue        68,700.00
Net Sales         68,700.00
Cost of goods sold         53,600.00
Gross profit         15,100.00
Expenses
Salaries Expense          5,700.00
Delivery Expense          2,800.00
Total Expense           8,500.00
Net Income           6,600.00
Statement of Stockholder equity for the year ended Amount $ Amount $
Common Stock
Opening Balance        28,000.00
Add: Issued during the year          2,800.00
Closing         30,800.00
Retained Earnings
Opening Balance        13,000.00
Add: Net Income for the year          6,600.00
Less: Dividend                       -  
Closing Balance         19,600.00
Stockholder equity for the year ended         50,400.00
Balance Sheet as at December 31
Assets Amount $
Cash            1,300.00
Supplies            2,200.00
Total Current Assets           3,500.00
Equipment         23,000.00
Building         28,000.00
Total Non Current Assets         51,000.00
Total Assets         54,500.00
Liabilities
Accounts Payable            3,200.00
Salaries Payable               900.00
Current Liabilities           4,100.00
Total Liabilities           4,100.00
Stockholders' Equity
Common Stock         30,800.00
Retained Earnings         19,600.00
Total Stockholders' Equity         50,400.00
Total Liabilities & Stockholders' Equity         54,500.00
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