Homework 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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