Respuesta :
Answer:
1. Longhorn Corporation
Income Statement
For the year ended December 31, 2021
Service Revenue $71,700
Cost of goods sold 54,200
Gross profit $17,500
Operating expenses:
Delivery expense 3,400
Salaries expense 6,300
Operating income $7,800
2. Longhorn Corporation
Stockholder's Equity
As of December 31, 2021
Capital Retained Earnings Total
1-Jan-21 $22,000 $9,400 $ 31,400
Issuance of share 2,200 2,200
Net income 7,800 7,800
31-Dec-21 $24,200 $17,200 $41,400
3. Longhorn Corporation
Balance Sheet
As of December 31, 2021
Asset
Current Assets
Cash $1,300
Supplies 1,600
Total current assets 2,900
Non-current assets
Equipment 20,000
Buildings 22,000
Total non-current assets 42,000
Total assets $44,900
Liabilities and Equity
Current liability
Accounts payable $2,600
Salaries payable 900
Total current liabilities $3,500
Total liabilities $3,500
Equity
Capital stock $24,200
Retained earnings 17,200
Total equity $41,400
Total liabilities and Equity $44,900
Explanation:
1. Income Statement
In preparation of Income statement, we must closed all nominal accounts with it starts from revenue and deduct all expenses to arrive the operating income. It is important that we never forget the headings consists of Name of the company, What schedule to prepare and what period it is applicable for.
2.Statement of changes in Equity
In preparation of statement of changes equity, all transaction affecting the corporation's capital will be presented here. Begins with the capital, add additional issuance and the net income for the period that will be closed to retained earnings.
3. Balance sheet
This schedule presents the corporations real accounts. Started from assets, liabilities and the Equity. It is important that we never forget the headings consists of Name of the company, What schedule to prepare and what period it is applicable for.
