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

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
100%

I just got confused as to what I should lessen in the PPE part after land. 

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: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
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
>
>
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    
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 5 steps

Blurred answer
Knowledge Booster
Types of Property
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education