Math  /  Data

QuestionLonghorn Corp needs to prepare its income statement, stockholders' equity statement, and balance sheet using the following data:
Cash: \$1,200, Equipment: \$29,000, COGS: \$67,700, Accounts Payable: \$4,400, Buildings: \$53,400, Delivery Expense: \$2,600, Supplies: \$40,000, Salaries Expense: \$5,500, Salaries Payable: \$3,400, Common Stock: \$40,000 + \$4,000 issued, Retained Earnings: \$18,200.

Studdy Solution
Finally, we can prepare the balance sheet by equating the total assets to the total liabilities and stockholders' equity.
TotalAssets=TotalLiabilities+TotalStockholdersEquityTotal\, Assets = Total\, Liabilities + Total\, Stockholders'\, EquityAfter these calculations, we can prepare the income statement, the statement of stockholders' equity, and the balance sheet for Longhorn Corporation.

View Full Solution - Free
Was this helpful?

Studdy solves anything!

banner

Start learning now

Download Studdy AI Tutor now. Learn with ease and get all help you need to be successful at school.

ParentsInfluencer programContactPolicyTerms
TwitterInstagramFacebookTikTokDiscord