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Question - 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 $64,200
Equipment 25,500
Cost of goods sold (food expense) 52,700
Accounts payable 3,700
Buildings 33,000
Delivery expense 1,900
Supplies 2,700
Salaries expense 4,800
Salaries payable 900
In addition, the company had common stock of $33,000 at the beginning of the year and issued an additional $3,300 during the year. The company also had retained earnings of $16,800 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.
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