Longhorn Corporation provides low-cost food delivery services to senior citizens. At the end of the year, the company reports the following amounts:
Cash $1,200 Service revenue $67,700 Equipment 29,000 Cost of goods sold (food expense) 53,400 Accounts payable 4,400 Buildings 40,000 Delivery expense 2,600 Supplies 3,400 Salaries 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, statement of stockholders' equity, and balance sheet for Longhorn Corporation.
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