Longhorn corporation provides low-cost food delivery services to senior citizens. at the end of the year on december 31, 2021, the company reports the following amounts:

cash $ 1,300 | service revenue $ 68,700
equipment 23,000 | cost of goods sold (food expense) 53,600
accounts payable 3,200 | buildings 28,000
delivery expense 2,800 | supplies 2,200
salaries expense 5,700 | salaries payable 900

in addition, the company had common stock of $28,000 at the beginning of the year and issued an additional $2,800 during the year. the company also had retained earnings of $13,000 at the beginning of the year.

required:
a) prepare the income statement for longhorn corporation.
b) prepare the statement of stockholders’ equity for longhorn corporation.
c) prepare the balance sheet for longhorn corporation.

The business cycle is the periodic but irregular up-and-down movement in economic activity, measured by fluctuations in real gross domestic product (gdp) and other macroeconomic variables. a business cycle is typically characterized by four phases—recession, recovery, growth, and decline—that repeat themselves over time. economists note, however, that complete business cycles vary in length. the duration of business cycles can be anywhere from about two to twelve years, with most cycles averaging six years in length. some business analysts use the business cycle model and terminology to study and explain fluctuations in business inventory and other individual elements of corporate operations. but the term "business cycle" is still primarily associated with larger (industry-wide, regional, national, or even international) business trends.

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