1 answer

Here are incomplete financial statements for Sunland Company. Calculate the missing amounts. SUNLAND COMPANY Balance Sheet...

Question:

Here are incomplete financial statements for Sunland Company. Calculate the missing amounts. SUNLAND COMPANY Balance Sheet As
Notes payable $22,300 Stockholders Equity Common stock 39,000 Retained earnings 9740 (c) Total liabilities and stockholders
Here are incomplete financial statements for Sunland Company. Calculate the missing amounts. SUNLAND COMPANY Balance Sheet Assets Cash $29,300 Supplies (a) Equipment (net) 64,600 Total assets Liabilities and Stockholders' Equity Liabilities Notes payable $22,300 Stockholders' Equity Common stock 39,000 Retained earnings 9740 (c) Total liabilities and stockholders' equity $ | (d)
Notes payable $22,300 Stockholders' Equity Common stock 39,000 Retained earnings 9740 (c) Total liabilities and stockholders' equity $ SUNLAND COMPANY Income Statement Revenues $51,500 Depreciation expense Salaries and wages expense 11,700 Interest expense 1,800 Net income $24,600 SUNLAND COMPANY Retained Earnings Statement Beginning retained earnings Add: Net income Less: Dividends 5,600 Ending retained earnings $36,000

Answers

SUNLAND COMPANY
Balance Sheet
Assets
Cash $29300
Supplies 3400 (a)
Equipment (net) 64600
Total assets $97300 (b)
Liabilities and Stockholders' Equity
Liabilities
Notes payable $22300
Stockholders' Equity
Common stock 39000
Retained earnings 36000 (c)
Total liabilities and stockholders' equity $97300 (d)
SUNLAND COMPANY
Income Statement
Revenues $51500
Depreciation expense 13400 (e)
Salaries and wages expense 11700
Interest expense 1800
Net income $24600

Net income= Revenues-Depreciation expense-Salaries and wages expense-Interest expense

$24600= $51500-Depreciation expense-11700-1800

Depreciation expense= $51500-11700-1800-24600= $13400

SUNLAND COMPANY
Retained Earnings Statement
Beginning retained earnings $15200 (f)
Add: Net income 24600 (g)
Less: Dividends 5600
Ending retained earnings $36000

Net income is given in the Income Statement

So, Net Income= $24600

Ending retained earnings= Beginning retained earnings+Net income-Dividends

$36000= Beginning retained earnings+24600-5600

Beginning retained earnings= $36000-26400+5600= $15200

In Balance Sheet, Retained earnings is given wrong. In Retained earnings statement, ending retained earnings is given as $36000. So, in the Balance sheet, Retained earnings will be $36000

Total liabilities and stockholders' equity= Notes payable+Common stock+Retained earnings

= $22300+39000+36000= $97300

Total assets= Total liabilities and stockholders' equity= $97300

Total assets= Cash+Supplies+Equipment

$97300= $29300+Supplies+64600

Supplies= $97300-29300-64600= $3400

.

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