E connect instructions I help Chapter 1 Assignment Save & ExtSubmt Question 7 (o

Question

E connect instructions I help Chapter 1 Assignment Save & ExtSubmt Question 7 (of 7 7. 6.00 points Longhorn Corporation provides low-cost food delivery services to senior citizens. Alt the end of the year, the company reports the following amounts $70,700 54,000 24,000 1,800 800 S 1,200 Service revenue Cash 21,000 Cost of goods sold (food expense) Accounts payable Delivery expense 2.800 Buldings 3,200 Supplies 6,100 Salaries payable Salaries expense In addition, the company had common stock of $24,000 at the beginning of the year and issued an additional $2,400 during the year. The company also had retained earnings of $10,600 at the beginning of the year Required: 1. Prepare the income statement for Longhorn Corporation. LONGHORN CORPORATION Income Statement $ 70,700 ervice revenue PDF 21

Explanation / Answer

Income statement Service revenue 70,700 Expenses: cost of goods sold 54,000 Salaries expense 6,100 Delivery Expense 3,200 total expenses 63,300 Net income 7,400

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