Question

Sunland Company compiled the following financial information as of December 31, 2017: Service revenue $842000 Common stock 177000 Equipment 229000 Operating expenses 747000 Cash 203000 Dividends 59000 Supplies 33000 Accounts payable 112000 Accounts receivable 90000 Retained earnings, 1/1/17 442000 Sunland assets on December 31, 2017 are:

Answer 1

Answer:

555,000

Explanation:

Sunlad assets on December 31 2017 can be calculated as follows

= equipment + cash + supplies + account receivables

= 229,000 + 203,000 + 33,000+ 90,000

= 555,000

Hence Sunland total assets in December 31 2017 is 555,000

Answer 2

Answer:

Sunland assets on December 31, 2017 are: $555,000

Explanation:

Assets are economic resources controlled by ab entity as a result of past events and these economic resources will be seen in increase of cash inflows in the business..

We have two types of assets for every business. The first group is of Long term nature known as the Non-current assets and the other group is of the Short term nature known as the Current Assets.

So for this question we need to add both the Non-current assets and the Current Assets to determine the total assets for Sunland Company.

Calculation of Total assets for Sunland Company:

Equipment                 229,000

Cash                           203,000

Supplies                       33,000

Accounts receivable   90,000

Total                           555,000