Question: Longhorn Corporation provides low-cost food delivery services to senior citizens. At the end of the year, the company reports the following amounts:
In addition, the company had common stock of $30,000 at the beginning of the year and issued an additional $3,000 during the year. The company also had retained earnings of $16,200 at the beginning of the year.
Required: Prepare the income statement, statement of stockholders' equity, and balance sheet for Longhorn Corporation.