These items are taken from the financial statements of Sunland Corporation for the yearended December 31, 2024: Retained earnings, January 1 $486, 620 Supplies 290 Commonshares 174,000 Interest expense 7,250 Insurance expense 5,800 SUPPORT Accountsreceivable 64, 960 Land 307, 400 Salaries payable 55,970 Salaries expense 391,500 Tradinginvestments 116, 000 Supplies expense 1,450 Operating expense 126, 150 Buildings 188, 500Depreciation expense 8, 120 Accounts payable 34,800 Equipment 130, 500 SUPPORTDividends declared 11, 600 Accumulated depreciation - buildings 50, 750 Interest income1,740 Cash 49,300 Repairs and maintenance expense 10, 730 Prepaidinsurance 6, 960 Bankloan payable, due 2029 87,000 Service revenue 486, 910 Accumulated depreciatiortequipment53,650 Utilities expense 4, 930 Income tax expense 0 Additional information: 1. Sunlandstarted the year with $130, 500 of common shares and issued $43,500 of common sharesduring the year. 2. Sunland must pay $15, 950 of the bank loan payable in 2025. (a1) Preparea statement of income for the year. (Enter negative amounts using either a negative signpreceding the number eg. -45 or parentheses e.g. (45).)

Statement of Income -A business's revenue and spending breakdown is shown in a financial report…

These items are taken from the financial statements of Sunland Corporation for the year ended December 31, 2024: Retained earnings, January 1 $486, 620 Supplies 290 Common shares 174,000 Interest expense 7,250 Insurance expense 5,800 SUPPORT Accounts receivable 64, 960 Land 307, 400 Salaries payable 55,970 Salaries expense 391,500 Trading investments 116,000 Supplies expense 1,450 Operating expense 126, 150 Buildings 188, 500 Depreciation expense 8, 120 Accounts payable 34,800 Equipment 130, 500 SUPPORT Dividends declared 11, 600 Accumulated depreciation - buildings 50, 750 Interest income

These items are taken from the financial statements of Sunland Corporation for the year ended December 31, 2024: Retained earnings, January 1 $486, 620 Supplies 290 Common shares 174,000 Interest expense 7,250 Insurance expense 5,800 SUPPORT Accounts receivable 64, 960 Land 307, 400 Salaries payable 55,970 Salaries expense 391,500 Trading investments 116,000 Supplies expense 1,450 Operating expense 126, 150 Buildings 188, 500 Depreciation expense 8, 120 Accounts payable 34,800 Equipment 130, 500 SUPPORT Dividends declared 11, 600 Accumulated depreciation - buildings 50, 750 Interest 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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The Sheffield Corporation reports the following adjusted account balances, shown in alphabetical order, at the end of its fiscal year, March 31, 2024: Accounts payable $15, 400 Accounts receivable 30, 400 Accumulated depreciation-equipment 10, 200 Cash 20, 400 Common shares 13,600 Depreciation expense 6,800 Dividends declared 4, 400 Equipment 29, 450 Fees earned 111, 100 Income tax expense 7, 200 Income tax payable 6,950 Insurance expense 5, 900 Prepaid insurance 4,900 Rent expense 8, 400 Retained earnings 23,400 Salaries expense 51, 200 Salaries payable 5, 400 Supplies 5,800 Supplies expense 6, 400 Utilities expense 4, 800 During the year ended March 31, 2024, common shares were issued for $7,400. (a) Prepare a statement of income for the year.
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