Homework Answers
1. Income Statement
| Income statement | |||
| Sales Revenue | 42000 | ||
| Cost of goods | 19000 | ||
| Gross Margin | 23000 | ||
| Rent Expense | (5000) | ||
| Interest Expenses | (100) | ||
| Tax Expenses | (1000) | (6100) | |
| Net Income | 16900 |
2. Statement of Equity
| Common Stock | 50000 |
| Add: Retained Earnings | 16400 |
| Total | 66400 |
3. Balance Sheet
| Assets | Dollars | |
| Current Assets | ||
| Cash | 17400 | |
| Inventory | 11000 | |
| Accounts Receivable | 10000 | |
| Total Current asset (a) | 38400 | |
| Tangible Assets | ||
| Equipment | 35000 | |
| Total Tangible Assets (b) | 35000 | |
| Total Assets (a+b) | 73400 | |
| Liabilities | ||
| Long term Liabilities | ||
| Bank Loan | 7000 | |
| Total Long term Liabilities | 7000 | |
| Total Liabilities(a) | 7000 | |
| Equity (b) | 66400 | |
| Total Liabilities and Equity (a+b) | 73400 |
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BALANCE SHEET
DECEMBER 31, 2020
Cash
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Notes payable (short-term)
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Receivables
$109,800
Accounts payable
32,000
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Prepaid insurance
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20,200
Equipment (net)
150,800
$489,900
$489,900
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Cost of goods sold
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Purchases
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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
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Accrued liabilities
5,100
Inventory
171,200
Common stock (par $5)
261,800
Prepaid insurance
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Retained earnings
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Equipment (net)
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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
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