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    Longhorn Corporation reported $6,200 in net income for 2021 on $67,700 in service revenue. Total expenses were $61,500, including $53,400 in cost of goods sold, $5,500 in salaries, and $2,600 in delivery costs. Stockholder's equity grew to $68,400, with common stock of $44,000 and retained earnings of $24,400.

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    Longhorn Corporation reported $6,200 in net income for 2021 on $67,700 in service revenue. Total expenses were $61,500, including $53,400 in cost of goods sold, $5,500 in salaries, and $2,600 in delivery costs. Stockholder's equity grew to $68,400, with common stock of $44,000 and retained earnings of $24,400.

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    12 views4 pages

    1 3a

    Uploaded by

    Tess Coary
    Longhorn Corporation reported $6,200 in net income for 2021 on $67,700 in service revenue. Total expenses were $61,500, including $53,400 in cost of goods sold, $5,500 in salaries, and $2,600 in delivery costs. Stockholder's equity grew to $68,400, with common stock of $44,000 and retained earnings of $24,400.

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    Download as XLSX, PDF, TXT or read online from Scribd
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    of 4

    Longhorn Corporation

    Income Statement
    For the year ended December 31, 2021

    Service Revenue 67,700

    Expenses
    Cost of Goods Sold 53,400
    Salaries Expense 5,500
    Delivery Expense 2,600
    Total Expenses 61,500

    Net Income 6,200

    Longhorn Corporation
    Statement of Stockholder's Equity
    For the year ended December 31, 2021

    Common Stock Reatined Earnings


    Beginning Balance 40,000 18,200
    Insurance of Common Stock 4,000
    Add: Net Income 6,200
    Less: Dividends

    Ending Balance 44,000 24,400

    Longhorn Corporation
    Balance Sheet
    As of 12/31/2021

    Assets Liabilities
    Cash 1,200 Accounts Payable
    Supplies 3,400 Salaries Payable
    Equipment 29,000 total liabilities
    Building 40,000
    Stockholder's Equity
    Common Stock
    Retained Earnings
    Total Stockholder's Equity

    Total Assets 73,600


    Total
    58,200
    4,000
    6,200

    68,400

    4,400
    800
    5,200

    44,000
    24,400
    holder's Equity 68,400

    73,600

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