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Here are the incomplete financial statements for Sunland Company. Calculate the missing amounts. SUNLAND COMPANY Balance Sheet Assets Cash $29,500 Supplies (a) Equipment (net) begin{tabular}{l}
Here are the incomplete financial statements for Sunland Company.
Calculate the missing amounts.
SUNLAND COMPANY Balance Sheet Assets Cash $29,500 Supplies (a) Equipment (net) \begin{tabular}{l} 62,400 \\ \hline \\ \hline \hline \end{tabular} (b) Liabilities and Stockholders' Equity Liabilities Notes payable $22,400 Stockholders' Equity Common stock 37,800 Retained earnings (c) Total liabilities and stockholders' equity $ (d) SUNLAND COMPANY Income Statement Revenues $50,500 Depreciation expense (e) Salaries and wages expense 12,900 Interest expense 1,000 Net income $25,000 SUNLAND COMPANY Retained Earnings Statement Beginning retained earnings $ (f) Add: Net income (g) Less: Dividends Ending retained earnings $36,000Step by Step Solution
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