Problem 1-3A Prepare Financial Statements (LO1-3)

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Assigned Homework Soved Longhorn Corporation provides low-cost food delivery services to senior citizens. At the end of the year on December 31, company reports the following amounts: Cash Equipment Accounts payable Delivery expense Salaries expense $ 1,400 Service revenue 22,080 Cost of goods sold (food expense) 3,000 Buildings 3,000 Supplies 5,900 Salaries payable $69,700 53,800 26,eae 2,000 700 In addition, the company had common stock of $26,000 at the beginning of the year and issued an additional $2,600 during The company also had retained earnings of $12,100 at the beginning of the year. Required: ok 7 1. Prepare the income statement for Longhorn Corporation 2. Prepare the statement of stockholders' equity for Longhorn Corporation 3. Prepare the balance sheet for Longhorn Corporation. nces Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the income statement for Longhorn Corporation. LONGHORN CORPORATION Income Statement For the year ended Dec 31, 2021 Expenses: 0 Total expenses Next ASSI Seved Cash Equipment Accounts payable Delivery expense Salaries expense $ 1,480 Service revenue 22,800 Cost of goods sold (food expense) 3,000 Buildings 3,000 Supplies 5,900 salaries payable $69,700 53,800 26,000 2,000 700 in addition, the company had common stock of $26,000 at the beginning of the year and issued an additional $2,600 du The company also had retained earnings of $12,100 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 balance sheet for Longhorn Corporation. eBook Print Complete this question by entering your answers in the tabs below. References Required 1 Required 2 Required 3 Prepare the balance sheet for Longhorn Corporation. LONGHORN CORPORATION Balance Sheet Dec 31, 2021 Liabilities Assets Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity $ 0 Total assets