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Longhorn Corporation provides low-cost food delivery services to senior citizens. At the end of the year on December 31, 2024, the company reports the following amounts:

Longhorn Corporation provides low-cost food delivery services to senior citizens. At the end of the year on December 31, 2024, the company reports the  following amounts:

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:

  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.

Solutions

Expert Solution

LONGHORN CORPORATION
Income Statement
For the year ended December 31, 2024
$67,700
Expenses:
$53,400
5,500
2,600
Total expenses 61,500
$6,200
LONGHORN CORPORATION
Statement of Stockholders’ Equity
For the year ended December 31, 2024
Common Stock Retained Earnings Total Stockholders’ Equity
Beginning balance $40,000 $18,200 $58,200
4,000 4,000
6,200 6,200
Ending balance $44,000 $
LONGHORN CORPORATION
Balance Sheet
December 31, 2024
Assets Liabilities
$1,200 $4,400
3,400 800
29,000
40,000
Total liabilities 5,200
Stockholders’ Equity
44,000
24,400
Total stockholders’ equity 68,400
Total assets $73,600 Total liabilities and stockholders’ equity $73,600
LONGHORN CORPORATION
Income Statement
For the year ended December 31, 2024
$67,700
Expenses:
$53,400
5,500
2,600
Total expenses 61,500
$6,200
LONGHORN CORPORATION
Statement of Stockholders’ Equity
For the year ended December 31, 2024
Common Stock Retained Earnings Total Stockholders’ Equity
Beginning balance $40,000 $18,200 $58,200
4,000 4,000
6,200 6,200
Ending balance $44,000 $
LONGHORN CORPORATION
Balance Sheet
December 31, 2024
Assets Liabilities
$1,200 $4,400
3,400 800
29,000
40,000
Total liabilities 5,200
Stockholders’ Equity
44,000
24,400
Total stockholders’ equity 68,400
Total assets $73,600 Total liabilities and stockholders’ equity $73,600

devender singh answered 3 years ago
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