Question

Cash Equipment Accounts payable Delivery expense Salaries expense $ 1,300 Service revenue 24,000 Cost of goods sold (food expense) 3,400 Buildings 1,600 Supplies 4,500 Salaries payable $ 62,700 52,400 30,000 2,400 900 In addition, the company had common stock of $30,000 at the beginning of the year and issued an additional $3,000 during the year. The company also had retained earnings of $16,200 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 Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity Total assets $ 0 $ 0 < Required 2 Required 3

Answer 1

Cash LONGHORN CORPORATION Balance Sheet Dec.31.2021 Assets Liabilities Current assets : Current Liabilities $ 1,300 Accounts Payable $ 3,400 Supplies $ 2,400 Salaries Payable $ 900 Total current assets $ 3.700 Total current Liabilities $ 4.300 Property. Plant and Equipment Long Term Liabilities S - Equipment Total liabilities S 4.300 Building $30,000 Stockholders' equity Total Property, plant and Equipment $54,000 | Common stock $33,000 Retained Earnings $20.400 Total stockholdes' equity $53,400 Total Assets $57,700 Total Liabilities and Stock holders' equity | $57,700

62,700 Working Notes: LONGHORN CORPORATION Income Statement Revenue Service Revenue Expenses : Cost of Goods Sold S 52.400 Delivery Expenses $ 1,600 Salaries Expenses S 4.500 Total expenses S Net Income S 58,500 4,200 equity LONGHORN CORPORATION Statement of stockholders' equity Total Retained Common stock stockholders' Earnings Beginning Balance S 30,000 S 16,200 S 46,200 Add: issue During the Years 3,000 $ 3,000 $ 33,000S 16,200 S 49,200 Add: Net Income - S 4.200 S 4,200 Ending Balance S 33.000 $ 20,400 $ 53,400 S