Homework Answers
LONGHORN CORPORATION
Balance sheet
December 31,2021
| Assets | Liabilities | ||
| Cash | 1200 | Account payable | 4400 |
| Supplies | 3400 | Salaries payable | 800 |
| Equipment | 29000 | ||
| Building | 40000 | Total liabilities | 5200 |
| Stockholder's equity | |||
| Common Stock | 44000 | ||
| Retained earnings | 24400 | ||
| Total Stockholder's equity | 68400 | ||
| Total assets | 73600 | Total liabilities and stockholder's equity | 73600 |
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Cash Equipment Accounts payable Delivery expense Salaries expense $ 1,200 Service revenue 29,000 Cost of goods...
Cash Equipment Accounts payable Delivery expense Salaries expense $ 1,300 Service revenue 24,000 Cost of goods...
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...
Longhorn Corporation provides low-cost food delivery services to senior citizens. At the end of the year...
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 $ 1,200 Service revenue 29,000 cost of goods sold (food expense) 4,400 Buildings 2,600 Supplies 5,500 salaries payable $67,700 53,400 40,000 3,400 800 In addition, the company had common stock of $40,000 at the beginning of the year and issued an additional $4,000 during the year....
Equipment Accounts payable Delivery expense Salaries expense 23,000 cost of goods sold (food expense) 3,200 Buildings...
Equipment Accounts payable Delivery expense Salaries expense 23,000 cost of goods sold (food expense) 3,200 Buildings 2,800 Supplies 5,700 Salaries payable 53,600 28,000 2,200 900 In addition, the company had common stock of $28,000 at the beginning of the year and issued an ade The company also had retained earnings of $13,000 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...
Longhorn Corporation provides low-cost food delivery services to senior citizens. At the end of the year...
Longhorn Corporation provides low-cost food delivery services to senior citizens. At the end of the year on December 31, 2021, t company reports the following amounts: Cash Equipment Accounts payable Delivery expense Salaries expense $ 1,200 Service revenue 29,000 Cost of goods sold (food expense) 4,400 Buildings 2,600 Supplies 5,500 Salaries payable $67, 700 53,400 40,000 3,400 800 In addition, the company had common stock of $40,000 at the beginning of the year and issued an additional $4,000 during the...
Longhorn Corporation provides low-cost food delivery services to senior citizens. At the end of the year...
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 $ 1,200 Service revenue 29,000 cost of goods sold (food expense) 4.400 Buildings 2,600 Supplies 5,500 salarios payable $67.700 53.400 40.000 3.400 800 In addition, the company had common stock of $40,000 at the beginning of the year and issued an additional $4,000 during the year....
Longhorn Corporation provides low-cost food delivery services to senior citizens. At the end of the year...
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
$
1,200
Service revenue
$
63,200
Equipment
24,500
Cost of goods sold (food expense)
52,500
Accounts payable
3,500
Buildings
31,000
Delivery expense
1,700
Supplies
2,500
Salaries expense
4,600
Salaries payable
700
In addition, the company had common stock of $31,000 at the
beginning of the year and issued an additional $3,100 during the...
Longhorn corporation provides low cost food delivery services to senior citizens at the end of the...
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 68,200
https://newconnect.mheducation.com/flow/connect.htmi Longhorn Corporation provides low-cost food delivery services to senior citizens. At the end company reports the following amounts: $ 1,400 Service revenue 23,500 Cost of goods sold (food expense) 53,500 points Equirmemt Accountsg pavable 29,000 2,700 Supplies 5,600 Salaries payable 2. $68,200 Cash 3,300 Buildings 2,300 700 Delivery expense Salaries expense...
Longhorn Corporation provides low-cost food delivery services to senior citizens. At the end of the year...
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 $ 1,400 Service revenue $72,700 19,000 Cost of goods sold (food expense) 54,400 2,400 Buildings 20,000 3,600 Supplies 1,400 6,500 Salaries payable 700 In addition, the company had common stock of $20,000 at the beginning of the year and issued an additional $2,000 during the year....
Longhorn Corporation provides low-cost food delivery services to senior citizens. At the end of the year...
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 $ 1,200 Service revenue 21,000 Cost of goods sold (food expense) 2,800 Buildings 3,200 Supplies 6,100 Salaries payable $70,700 54,000 24,000 1,800 800 In addition, the company had common stock of $24,000 at the beginning of the year and issued an additional $2,400 during the year....
Problem 1-3A Prepare financial statements (LO1-3) Longhorn Corporation provides low-cost food delivery services to senior citizens....
Problem 1-3A Prepare financial statements (LO1-3) 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 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...
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...
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 $ 1,200 Service revenue 29,000 cost of goods sold (food expense) 4,400 Buildings 2,600 Supplies 5,500 salaries payable $67,700 53,400 40,000 3,400 800 In addition, the company had common stock of $40,000 at the beginning of the year and issued an additional $4,000 during the year....
Equipment Accounts payable Delivery expense Salaries expense 23,000 cost of goods sold (food expense) 3,200 Buildings 2,800 Supplies 5,700 Salaries payable 53,600 28,000 2,200 900 In addition, the company had common stock of $28,000 at the beginning of the year and issued an ade The company also had retained earnings of $13,000 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...
Longhorn Corporation provides low-cost food delivery services to senior citizens. At the end of the year on December 31, 2021, t company reports the following amounts: Cash Equipment Accounts payable Delivery expense Salaries expense $ 1,200 Service revenue 29,000 Cost of goods sold (food expense) 4,400 Buildings 2,600 Supplies 5,500 Salaries payable $67, 700 53,400 40,000 3,400 800 In addition, the company had common stock of $40,000 at the beginning of the year and issued an additional $4,000 during the...
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 $ 1,200 Service revenue 29,000 cost of goods sold (food expense) 4.400 Buildings 2,600 Supplies 5,500 salarios payable $67.700 53.400 40.000 3.400 800 In addition, the company had common stock of $40,000 at the beginning of the year and issued an additional $4,000 during the year....
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
$
1,200
Service revenue
$
63,200
Equipment
24,500
Cost of goods sold (food expense)
52,500
Accounts payable
3,500
Buildings
31,000
Delivery expense
1,700
Supplies
2,500
Salaries expense
4,600
Salaries payable
700
In addition, the company had common stock of $31,000 at the
beginning of the year and issued an additional $3,100 during the...
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 68,200
https://newconnect.mheducation.com/flow/connect.htmi Longhorn Corporation provides low-cost food delivery services to senior citizens. At the end company reports the following amounts: $ 1,400 Service revenue 23,500 Cost of goods sold (food expense) 53,500 points Equirmemt Accountsg pavable 29,000 2,700 Supplies 5,600 Salaries payable 2. $68,200 Cash 3,300 Buildings 2,300 700 Delivery expense Salaries expense...
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 $ 1,400 Service revenue $72,700 19,000 Cost of goods sold (food expense) 54,400 2,400 Buildings 20,000 3,600 Supplies 1,400 6,500 Salaries payable 700 In addition, the company had common stock of $20,000 at the beginning of the year and issued an additional $2,000 during the year....
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 $ 1,200 Service revenue 21,000 Cost of goods sold (food expense) 2,800 Buildings 3,200 Supplies 6,100 Salaries payable $70,700 54,000 24,000 1,800 800 In addition, the company had common stock of $24,000 at the beginning of the year and issued an additional $2,400 during the year....
Problem 1-3A Prepare financial statements (LO1-3) 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 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...
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