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$ 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
 
manish jayant 09-Sep-2020

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