Longhorn 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 $1,200 Service revenue $67,700 Equipment 29,000 Salaries expense 53,400 Accounts payable 4,400 Buildings 40,000 Delivery expense 2,600 Supplies 3,400 Rent expense 5,500 Salaries payable 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. The company also had retained earnings of $18,200 at the beginning of the year. Required: Prepare the income statement for Longhorn Corporation. Prepare the statement of stockholders' equity for Longhorn Corporation. Prepare the balance sheet for Longhorn Corporatio

Longhorn 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 $1,200 Service revenue $67,700 Equipment 29,000 Salaries expense 53,400 Accounts payable 4,400 Buildings 40,000 Delivery expense 2,600 Supplies 3,400 Rent expense 5,500 Salaries payable 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. The company also had retained earnings of $18,200 at the beginning of the year. Required: Prepare the income statement for Longhorn Corporation. Prepare the statement of stockholders' equity for Longhorn Corporation. Prepare the balance sheet for Longhorn Corporatio

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Description: Please do not give image format Longhorn 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 $1,200 Service revenue $67,700 Equipment 29,

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter9: Receivables

Section: Chapter Questions

Problem 27E

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