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3 years ago

The following information is available for Sunland Company

Business

1 answer:

Oksanka [162]3 years ago

3 0

Answer:

Sunland Company

Balance Sheet as at December 31, 2022

ASSETS

Non - Current Assets

Equipment (net) 110,500

Total Non - Current Assets 110,500

Current Assets

Inventory 2,900

Supplies 3,740

Accounts receivable 3,400

Cash 6,200

Total Current Assets 16,240

Total Assets 126,740

EQUITY AND LIABILITIES

Equity

Common stock 50,600

Retained Earnings 36,660

(126,740 - 39,480 - 50,600)

Total Equity

Liabilities

Current liabilities

Accounts payable 4,800

Interest payable 520

Unearned service revenue 860

Salaries and wages payable 800

Total Current liabilities 6,980

Non - Current liabilities

Notes payable 32,500

Total Non - Current Liabilities 32,500

Total Liabilities 39,480

Total Equity and Liabilities 126,740

Explanation:

A Balance Sheet shows the Assets, Liabilities and Equity as at the Reporting date.

The Retained Earnings have been calculated as 126,740(Total Assets) - 39,480 (Total Liabilities) - 50,600 (Common Stock) = $50,600.

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