Island Corporation provides low-cost food delivery services to senior citizens. At the end of the year...

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Island Corporation provides low-cost food delivery services to senior citizens. At the end of the year on December 31, 2024, the company reports the following amounts: Cash Equipment Accounts payable Delivery expense Rent expense $1,400 25,000 3,600 1,800 4,700 Service revenue Salaries expense Buildings Supplies Salaries payable $63,700 52,600 32,000 2,600 800 In addition, the company had common stock of $32,000 at the beginning of the year and issued an additional $3,200 during the year. The company also had retained earnings of $16,800 at the beginning of the year. Required: 1. Prepare the income statement for Island Corporation. 2. Prepare the statement of stockholders' equity for Island Corporation. 3. Prepare the balance sheet for Island Corporation. Island Corporation provides low-cost food delivery services to senior citizens. At the end of the year on December 31, 2024, the company reports the following amounts: Cash Equipment Accounts payable Delivery expense Rent expense $1,400 25,000 3,600 1,800 4,700 Service revenue Salaries expense Buildings Supplies Salaries payable $63,700 52,600 32,000 2,600 800 In addition, the company had common stock of $32,000 at the beginning of the year and issued an additional $3,200 during the year. The company also had retained earnings of $16,800 at the beginning of the year. Required: 1. Prepare the income statement for Island Corporation. 2. Prepare the statement of stockholders' equity for Island Corporation. 3. Prepare the balance sheet for Island Corporation.

Answer rating: 100% (QA)

LONGHORN CORPORATION Income Statement For the year ended Dec 31 2021 Service Revenue 63700 Expenses ... View the full answer