Question - Longhorn Corporation provides low-cost food delivery services to senior citizens. At the end of the year, the company reports the following amounts:
Cash $ 1,240
Equipment 25,480
Accounts payable 3,520
Delivery expense 1,480
Salaries expense 4,600
Service revenues 62,800
Cost of goods sold (food expense) 50,800
Building 30,700
Supplies 2,300
Salaries payable 720
In addition, the company had common stock of $30,900 at the beginning of the year and issued an additional $3,460 during the year. The company also had retained earnings of $15,200 at the beginning of the year.
Required: Prepare the Income Statement for Longhorn Corporation.