Question

Exercise 3-05 A tabular analysis of the transactions made during August 2022 by Sunland Company during its first month of operations is shown below. Each increase and decrease in stockholders' equity is explained. Assets = Liabilities + A/R + Supp. + Equip. = Accounts Payable + Common Stock + Cash + Stockholders' Equity Retained Earnings Revenues - Expenses - Dividends 1. $16,000 $5,030 $3,050 $580 i " ; i $5,700 $9,200 Serv. Rev. $16,000 -1,980 -580 3,500 -2,100 -2,500 -830 550 -2,800 -2,100 -$2,500 Rent Exp. -$830 8. -550 -2,800 -400 Sal. Exp. Util. Exp. 400

Answer 1

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SUNLAND COMPANY
Income Statement
For the Month Ended August 31, 2022
Revenues
Service revenue		9200
Expenses
Rent expense	830
Salaries expense	2800
Utilities expense	400
Total expenses		4030
Net income		5170
SUNLAND COMPANY
Retained Earnings Statement
For the Month Ended August 31, 2022
Beginning balance		0
Add: Net income		5170
		5170
Less: Dividends		2500
Ending balance		2670
SUNLAND COMPANY
Balance Sheet
August 31, 2022
Assets
Current assets
Cash	9260
Accounts receivable	5150
Supplies	580
Total current assets		14990
Equipment		5030
Total assets		20020
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable		1350
Stockholders' Equity
Common stock	16000
Retained earnings	2670
Total stockholders' equity		18670
Total liabilities and stockholders' equity		20020