Longhorn Corporation provides low-cost food delivery services to
senior citizens. At the end of the year, the company reports the
following amounts:
Cash | $ | 1,200 | Service revenue | $ | 66,200 | ||||
Equipment | 27,500 | Cost of goods sold (food expense) | 53,100 | ||||||
Accounts payable | 4,100 | Buildings | 37,000 | ||||||
Delivery expense | 2,300 | Supplies | 3,100 | ||||||
Salaries expense | 5,200 | Salaries payable | 700 | ||||||
In addition, the company had common stock of $37,000 at the
beginning of the year and issued an additional $3,700 during the
year. The company also had retained earnings of $17,700 at the
beginning of the year.
Required:
1. Prepare the income statement for Longhorn Corporation.
Required:
LONGHORN CORPORATION Income Statement
Expenses:
Total expenses:
Prepare the statement of stockholders’ equity for Longhorn
Corporation.
Prepare the balance sheet for Longhorn Corporation.
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 year on December 31, 2021, the company reports the following amounts: Cash $ 1,200 Service revenue $ 64,700 Equipment 26,000 Cost of goods sold (food expense) 52,800 Accounts payable 3,800 Buildings 34,000 Delivery expense 2,000 Supplies 2,800 Salaries expense 4,900 Salaries payable 700 In addition, the company had common stock of $34,000 at the beginning of the year and issued an additional $3,400 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 $ 1,200 Service revenue $ 64,700 Equipment 26,000 Cost of goods sold (food expense) 52,800 Accounts payable 3,800 Buildings 34,000 Delivery expense 2,000 Supplies 2,800 Salaries expense 4,900 Salaries payable 700 In addition, the company had common stock of $34,000 at the beginning of the year and issued an additional $3,400 during 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 Equipment Accounts payable Delivery expense Salaries expense $ 1,400 Service revenue 28,000 Cost of goods sold (food expense) 4,200 Buildings 2,400 Supplies 5,300 Salaries payable $66,709 53,200 38,000 3,200 800 In addition, the company had common stock of $38,000 at the beginning of the year and issued an additional $3,800 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 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....
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....
Please help 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 $70,700 21,000 Cost of goods sold (food expense) 54,000 24,000 1,800 800 2,800 Buildings 3,200 Supplies 6,100 Salaries payable In addition, the company had common stock of $24,000 at the beginning of the year and issued an additional $2,400 during the...