40 AM Which financial statement would best indicate whether the company relies on debt or stockholders' equity to finance its assets? Income statement Shot Statement of cash flows Retained earnings statement Balance sheet Shot Sunland Company compiled the following financial information as of December 31, 2022: Service revenue Common stock Equipment Operating expenses Cash Dividends Supplies Accounts payable Accounts receivable Retained earnings, 1/1/22 $842000 177000 229000 747000 203000 59000 33000 112000 90000 442000 Sunland's assets on December 31, 2022 are: $1395000 $555000 $1005000 $458000 Whispering Winds Corp. has assets of $4236000, common stock of $1059000, and retained earnings of $698000. What are the creditors' claims on their assets? $2479000 $3809000 $1793000 $4663000 Use the following data to determine the total dollar amount of assets to be classified as investments. Sunland Company Balance Sheet December 31, 2022 $197000 Accounts payable Cash $207000 Accounts receivable 144000 Salaries and wages payable 30000 Inventory 158000 Mortgage payable 229500 Prepaid insurance 92100 Total liabilities $466500 Stock investments (long-term) 261000 Land 268000 Buildings $308000 Common stock $388100 Less: Accumulated depreciation (58500) 249500 Retained earnings 728000 Goodwill 213000 Total stockholders' equity $1116100 Total assets $1582600 Total liabilities and stockholders' equity $1582600 Collection of a $650 Accounts Receivable decreases an asset $650; decreases a liability $650. increases an asset $650; decreases a liability $650. decreases a liability $650; increases stockholders' equity $650. increases an asset $650; decreases an asset $650. Which of the following errors, each considered individually, would cause the trial balance to be out of balance? A transaction was not posted. A payment of $69 for supplies was posted as a debit of $96 to Supplies and a credit of $96 to Cash A payment of $150 to a creditor was posted as a debit to Accounts Payable and a debit of $150 to Cash Cash of $730 received from a customer on account was posted as a debit of $370 to Cash and as a credit of $370 to Accounts Payable. Cheyenne Corp purchased equipment for $13200 on December 1. It is estimated that annual depreciation on the computer will be $2640. If financial statements are to be prepared on December 31, the company should make the following adjusting entry: debit Depreciation Expense, $220;credit Accumulated Depreciation $220. debit Depreciation Expense. $2640, credit Accumulated Depreciation, $2640 debit Depreciation Expense, $10560; credit Accumulated Depreciation $10560, debit Equipment. $13200, credit Accumulated Depreciation, $13200 The Tamarisk, Inc. purchased $8840 worth of laundry supplies on June 2 and recorded the purchase as an asset on June 30, an inventory of the laundry supplies indicated only $1560 on hand. The adjusting entry that should be made by the company on June 30 is: debit Supplies, 57280 credit Supplies Expense, $7280 debit Supplies Expense, $1560; credit Supplies. $1560 debit Supplies Expense. $7280;credit Supplies, 57280. debit Supplies, $1560, credit Supplies Expense, $1560. 3 PM