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Longhorn Corporation provides low-cost food delivery services to senior citizens. At the end of the year on December 31, 2021, the company reports the following amounts: Cash$1,300
Service revenue$67,200
Equipment 28,500
Cost of goods sold (food expense) 53,300
Accounts payable 4,300
Buildings 39,000
Delivery expense 2,500
Supplies 3,300
Salaries expense 5,400
Salaries payable 900 In addition, the company had common stock of $39,000 at the beginning of the year and issued an additional $3,900 during the year. The company also had retained earnings of $18,000 at the beginning of the year. Required:
Problem 1: Prepare the income statement for Longhorn Corporation.
Problem 2: Prepare the statement of stockholders' equity for Longhorn Corporation.
Problem 3: Prepare the balance sheet for Longhorn Corporation.
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