Depreciation expense Insurance expense (a1) Salaries expense Utilities expense Interest expense Interest income Land Mortgage payable Additional information: 6,000 2,900 173,300 4,400 9.500 700 173,500 209.200 1. Sunland started the year with $29,800 of common shares and issued $23,800 more during the year. 2. Sunland must pay $41,800 of the mortgage payable next year in 2025. Prepare a statement of income for the year. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) SUNLAND LIMITED Statement of Income

Depreciation expense Insurance expense (a1) Salaries expense Utilities expense Interest expense Interest income Land Mortgage payable Additional information: 6,000 2,900 173,300 4,400 9.500 700 173,500 209.200 1. Sunland started the year with $29,800 of common shares and issued $23,800 more during the year. 2. Sunland must pay $41,800 of the mortgage payable next year in 2025. Prepare a statement of income for the year. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) SUNLAND LIMITED Statement of Income

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

These items are taken from the financial statements of Sunland Limited for the year ended December 31, 2024:
Cash
Buildings
Accumulated depreciation-equipment
Accounts payable
Salaries payable
Common shares
Accumulated depreciation-buildings.
Accounts receivable
Prepaid insurance
Equipment
Income tax expense
Long-term investments
Retained earnings, January 1
(a1)
Dividends declared
Service revenue
Depreciation expense
Insurance expense
Salaries expense
Utilities expense
Interest expense
Interest income
Land
Mortgage payable
Additional information:
$12,500
125,000
22,800
11.080
7.300
53,600
14.300
8.900
300
38,100
6,880
23,800
40,500
4,200
229,800
6,000
2,900
173,300
4,400
9,500
700
173.500
209,200
1. Sunland started the year with $29,800 of common shares and issued $23,800 more during the year.
2. Sunland must pay $41,800 of the mortgage payable next year in 2025.
Prepare a statement of income for the year. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or
parentheses e.g. (45).)
SUNLAND LIMITED
Statement of Income

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