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ACC-371 EXAM 4 Question 13 The balance sheet data of Sunland Company at the end of 2021 and 2020 follow: 2021 2020 Cash Accounts
ACC-371 EXAM 4 Question 13 The balance sheet data of Sunland Company at the end of 2021 and 2020 follow: 2021 2020 Cash Accounts receivable (net) Inventory Prepaid expenses $ 102000 $ 141000 239000 180000 278000 179000 38000 107000 Buildings and equipment 358000 301000 Accumulated depreciation-buildings and equipment (71000) (33000) Land Totals 359000 $1303000 161000 $1036000 Accounts payable $270000 $220000 Accrued expenses 48000 74000 Notes payable-bank, long-term 169000 Mortgage payable 121000 Common stock, $10 par 833000 635000 Retained earnings (deficit) 31000 (62000) $1303000 $1036000 Land was acquired for $198000 in exchange for common stock, par $198000, during the year; all equipment purchased was for cash. Equipment costing $23000 was sold for $10000; book value of the equipment was $18000 and the loss was reported as an ordinary item in net income. Cash dividends of $32000 were charged to retained earnings and paid during the year; the transfer of net income to retained earnings was the only other entry in the Retained Earnings account. In the statement of cash flows for the year ended December 31, 2021, for Sunland Company: The net cash provided by operating activities was $95000. $111000. $125000. $103000.
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