$ 1,300 Service revenue 27,000 Cost of goods sold (food expense) 4,000 Buildings 2,200 Supplies 5,100 Salaries payable $65,700 53,000 36,000 3,000 900 Cash Equipment Accounts payable Delivery expense Salaries expense In addition, the company had common stock of $36,000 at the beginning of the year and issued an additional $3,600 during the year. The company also had retained earnings of $17,400 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. Complete this question by entering your answers in the tabs below. Required 2 Required 3 Required 1 Prepare the statement of stockholders' equity for Longhorn Corporation. LONGHORN CORPORATION Statement of Stockholders' Equity For the year ended Dec. 31, 2021 Total Retained Common Stock Stockholders' Earnings Equity Beginning balance Ending balance Required 1 Required 3

$ 1,300 Service revenue 27,000 Cost of goods sold (food expense) 4,000 Buildings 2,200 Supplies 5,100 Salaries payable $65,700 53,000 36,000 3,000 900 Cash Equipment Accounts payable Delivery expense Salaries expense In addition, the company had common stock of $36,000 at the beginning of the year and issued an additional $3,600 during the year. The company also had retained earnings of $17,400 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. Complete this question by entering your answers in the tabs below. Required 2 Required 3 Required 1 Prepare the statement of stockholders' equity for Longhorn Corporation. LONGHORN CORPORATION Statement of Stockholders' Equity For the year ended Dec. 31, 2021 Total Retained Common Stock Stockholders' Earnings Equity Beginning balance Ending balance Required 1 Required 3

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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