Longhom Corporation provides low-cost food delivery services to senior citizens. At the end of the year,...
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Longhom Corporation provides low-cost food delivery services to senior citizens. At the end of the year, the company reports the following amounts: Service revenue $ 70,700 Cash Equipment $ 1,200 21,000 2,800 Cost of goods sold (food expense) 54,000 Buildings Accounts payable Delivery expense 3,200 Supplies 24,000 1,800 800 Salaries expense 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 year. The company also had retained earnings of $10,600 at the beginning of the year. Required: 1. Prepare the income statement for Longhorn Corporation. LONGHORN CORPORATION Income Statement. Service revenue 70,700 Expenses: 63,300 7,400 Cost of goods sold Salaries expense Delivery expense Total expenses Net income S 54,000 6,100 3,200 S 2. Prepare the statement of stockholders' equity for Longhorn Corporation. LONGHORN CORPORATION Statement of Stockholders' Equity Common Stock Beginning balance $ 24,000 2,400 Issuance of common stock Add: Net income Add: Dividends Ending balance 3. Prepare the balance sheet for Longhorn Corporation. Assets Cash Supplies Buildings Equipment Total assets Retained Earnings $ LONGHORN CORPORATION Balance Sheet $ 1,200 Accounts payable 1,800 Salaries payable 24,000 21,000 Total liabilities Total Stockholders' Equity 48,000 Liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity Common stock Retained earnings $ 2,800 800 3,600 $ 3,600 Longhom Corporation provides low-cost food delivery services to senior citizens. At the end of the year, the company reports the following amounts: Service revenue $ 70,700 Cash Equipment $ 1,200 21,000 2,800 Cost of goods sold (food expense) 54,000 Buildings Accounts payable Delivery expense 3,200 Supplies 24,000 1,800 800 Salaries expense 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 year. The company also had retained earnings of $10,600 at the beginning of the year. Required: 1. Prepare the income statement for Longhorn Corporation. LONGHORN CORPORATION Income Statement. Service revenue 70,700 Expenses: 63,300 7,400 Cost of goods sold Salaries expense Delivery expense Total expenses Net income S 54,000 6,100 3,200 S 2. Prepare the statement of stockholders' equity for Longhorn Corporation. LONGHORN CORPORATION Statement of Stockholders' Equity Common Stock Beginning balance $ 24,000 2,400 Issuance of common stock Add: Net income Add: Dividends Ending balance 3. Prepare the balance sheet for Longhorn Corporation. Assets Cash Supplies Buildings Equipment Total assets Retained Earnings $ LONGHORN CORPORATION Balance Sheet $ 1,200 Accounts payable 1,800 Salaries payable 24,000 21,000 Total liabilities Total Stockholders' Equity 48,000 Liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity Common stock Retained earnings $ 2,800 800 3,600 $ 3,600
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Longhorn Co Income Statement for the year Ended December 31 2021 70700 54000 6100 3200 63300 ... View the full answer
Related Book For
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
Posted Date:
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