Question

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 In addition, the company had common stock of $29,000 at the beginning of the year and issued an additional $2,900 The company also had retained earnings of $13,900 at the beginning of the year. quired: pare the income statement for Longhorn Corporation. re the statement of stockholders' equity for Longhorn Corporation. the balance sheet for Longhorn Corporation. uestion by entering your answers in the tabs below. Required 3 Longhorn Corporation. LONGHORN CORPORATION Balance Sheet Dec. 31, 2021 Liab 1.400Accounts payable 500(Salanes payable abilti

Answer 1

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Longhorn
Income Statement for the year ended
Particulars	Amount $	Amount $
Revenues
Service Revenue	68,200.00
Net Sales		68,200.00
Cost of goods sold		53,500.00
Gross profit		14,700.00
Expenses
Salaries Expense	5,600.00
Delivery Expense	2,700.00
Total Expense		8,300.00
Net Income		6,400.00
Statement of Stockholder equity for the year ended	Amount $	Amount $
Common Stock
Opening Balance	29,000.00
Add: Issued during the year	2,900.00
Closing		31,900.00
Retained Earnings
Opening Balance	13,900.00
Add: Net Income for the year	6,400.00
Less: Dividend	-
Closing Balance		20,300.00
Stockholder equity for the year ended		52,200.00

Balance Sheet as at December 31
Assets	Amount $
Cash	1,400.00
Supplies	2,300.00
Total Current Assets	3,700.00
Equipment	23,500.00
Building	29,000.00
Total Non Current Assets	52,500.00
Total Assets	56,200.00
Liabilities
Accounts Payable	3,300.00
Salaries Payable	700.00
Current Liabilities	4,000.00
Total Liabilities	4,000.00
Stockholders' Equity
Common Stock	31,900.00
Retained Earnings	20,300.00
Total Stockholders' Equity	52,200.00
Total Liabilities & Stockholders' Equity	56,200.00