
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Question
I need help.

Transcribed Image Text:$ 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
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution
Trending nowThis is a popular solution!
Step by stepSolved in 3 steps with 3 images

Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- what exactly is a cookie jar reserve? Does using a cookie jar reserve follow GAAP? Does using a cookie jar reserve appear to be an ethical practice? Support your opinion. Your post should be more than a single sentence.arrow_forwardI NEED HELP ! PLEASEEEarrow_forwardCan someone please show me how to do this?arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education


Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,

Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON

Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education