nese items are taken from the financlal statements of Suniand Company at December 31 Buildings $99,452 Accounts receivable 11,844 Prepaid insurance 3,008 Cash 11,130 Equipment 77,456 Land 57,528 Insurance expense 733 Depreciation expense 4,982 Interest expense 2,444
nese items are taken from the financlal statements of Suniand Company at December 31 Buildings $99,452 Accounts receivable 11,844 Prepaid insurance 3,008 Cash 11,130 Equipment 77,456 Land 57,528 Insurance expense 733 Depreciation expense 4,982 Interest expense 2,444
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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I just got confused as to what I should lessen in the PPE part after land.

Transcribed Image Text:These items are taken from the financial statements of Sunland Company at December 31, 2022.
Buildings
$99,452
Accounts receivable
11,844
Prepaid insurance
3,008
Cash
11,130
Equipment
77,456
Land
57,528
Insurance expense
733
Depreciation expense
4,982
Interest expense
2,444
Common stock
56,400
Retained earnings (January 1, 2022)
37,600
Accumulated depreciation-buildings
42,864
Accounts payable
8,930
Notes payable
87,984
Accumulated depreciation-equipment
17,597
Interest payable
3,384
Service revenue
13,818

Transcribed Image Text:Prepare a classified balance sheet. Assume that $12,784 of the note payable will be paid in 2023. (List Current Assets in order of
liquidity and Property, Plant and Equipment in order of Land, Buildings and Equipment.)
SUNLAND COMPANY
Balance Sheet
December 31, 2022
Assets
Current Assets
Cash
$
11,130
Accounts Receivable
11,844
Prepaid Insurance
3,008
Total Current Assets
Property, Plant and Equipment
Land
57,528
Buildings
99,452
Less
Accumulated Depreciation-Equipment
17,597
%24
>
>
Expert Solution

Step 1
SUNLAND COMPANY
BALANCE SHEET
DEC 22, 2022
ASSETS
Current Assets | |||
Cash | 11,130 | ||
Accounts Receivable | 11,844 | ||
Prepaid Insurance | 3,008 | ||
Total Current Assets | 25,982 | ||
Property , Plant and Equipment | |||
Land | 57,528 | ||
Building | 99,452 | ||
Less: Accumulated depreciated - Buildings | 42,864 | 56,588 | |
Equipment | 77,456 |
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