Homework Answers
Solution-
Balance Sheet of Sunland Book Shop as on april 30, 2021-
ASSETS-
| PARTICULARS | AMOUNT |
| CURRENT ASSESTS- | |
| Cash | 11,570.00 |
| Account Receivable | 7,840.00 |
| Supplies | 1,420.00 |
| TOTAL CURRENT ASSETS | 20,830.00 |
| Land | 48,600.00 |
| Equipment | 56,860.00 |
| Building | 1,09,590.00 |
| TOTAL | 2,15,050.00 |
| Total Assets | 2,35,880.00 |
Liabilities-
| Particulars | Amount |
| CURRENT LIABILITIES | |
| Notes Payble | 1,27,550.00 |
| Accounts Payble | 16,110.00 |
| Total Liabilites | 1,43,660.00 |
| Shareholder Equity | |
| Caoital | 92,220.00 |
| TOTAL LIABILITES and SHARE HOLDER EQUITY | 2,35,880.00 |
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Presented below is information related to Sunland Inc.
SUNLAND INC.
BALANCE SHEET
DECEMBER 31, 2020
Cash
$44,900
Notes payable (short-term)
$50,000
Receivables
$109,800
Accounts payable
32,000
Less: Allowance
15,100
94,700
Accrued liabilities
5,100
Inventory
171,200
Common stock (par $5)
261,800
Prepaid insurance
8,100
Retained earnings
141,000
Land
20,200
Equipment (net)
150,800
$489,900
$489,900
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INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 2020
Sales revenue
$1,401,600
Cost of goods sold
Inventory, Jan. 1, 2020
$199,600
Purchases
796,000
Cost...
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Presented below is information related to Sunland Inc.
SUNLAND INC.
BALANCE SHEET
DECEMBER 31, 2020
Cash
$44,900
Notes payable (short-term)
$50,000
Receivables
$109,800
Accounts payable
32,000
Less: Allowance
15,100
94,700
Accrued liabilities
5,100
Inventory
171,200
Common stock (par $5)
261,800
Prepaid insurance
8,100
Retained earnings
141,000
Land
20,200
Equipment (net)
150,800
$489,900
$489,900
SUNLAND INC.
INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 2020
Sales revenue
$1,401,600
Cost of goods sold
Inventory, Jan. 1, 2020
$199,600
Purchases
796,000
Cost...
Select the item that best completes each of the descriptions below. general categories a. Balance sheet accounts are arranged into b. Owner, capital and owner, withdrawals are examples of c. Accounts payable, unearned revenue, and note payable are examples of d Accounts receivable, prepaid accounts, supplies, and land are examples of e. A(n) accounts accounts accounts is a record of increases and decreases in a specific asset, liability, equity, revenue, or expense item Select the item that best completes each...
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INDE433 Assignment #1 The balance sheet items of the Original Mall Shop (arranged in alphabetical order) were as follows at the close of business on September 30, 2015: Accounts Payable.........$ 8,500 Accounts Receivable..... 1,250 Building . .. 45.500 Cash 7,400 Furniture and Fixtures 20.000 Land.. .......... .... Kay Martin Capital, Capital Notes Payable................ Supplies ....................... 555.000 54,000 ? 3.440 The transactions occurring during the first week of October were: Oct. 3 Martin invested an additional S 30,000 cash in the...
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