Sunland Corporations trial balance at December 31, 2022, is presented below. All 2022 transactions have been recorded except for the items described below.
Current Attempt in Progress Sunland Corporation's trial balance at December 31, 2022, is presented below. All 2022 transactions have been recorded except for the items described below. Debit Credit Cash $29,580 Accounts Receivable 59,160 Inventory 26,332 Land 75,400 Buildings 110,200 Equipment 46,400 Allowance for Doubtful Accounts Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Accounts Payable Interest Payable Dividends Payable Unearned Rent Revenue Bonds Payable (10%) $522 34,800 16,704 22,388 -0- -0- 9,280 58,000 Bonds Payable (10%) Preferred Stock ($20 par) Paid-in Capital in Excess of Par-Preferred Stock Common Stock ($10 par) Paid-in Capital in Excess of Par-Common Stock Retained Earnings Treasury Stock Cash Dividends Sales Revenue Rent Revenue Bad Debt Expense Interest Expense Cost of Goods Sold Depreciation Expense Other Operating Expenses Salaries and Wages Expense Total -0- -0- -0- -0- 464,000 -0- 45,240 75,400 $931,712 58,000 -0- -0- 34,800 6,960 87,058 661,200 -0- $931,712 Unrecorded transactions and adjustments: 1. On January 1, 2022, Sunland issued 1,160 shares of $20 par, 6% preferred stock for $25,520. 2. On January 1, 2022, Sunland also issued 1,160 shares of common stock for $26,680. 3. Sunland reacquired 348 shares of its common stock on July 1, 2022, for $49 per share. 4. On December 31, 2022, Sunland declared the annual cash dividend on the preferred stock and a $1.50 per share dividend on the outstanding common stock, all payable on January 15, 2023. 5. Sunland estimates that uncollectible accounts receivable at year-end are $5,916. 6. The building is being depreciated using the straight-line method over 30 years. The salvage value is $5,800. 7. The equipment is being depreciated using the straight-line method over 10 years. The salvage value is $4,640. 8. The unearned rent was collected on October 1, 2022. It was receipt of 4 months' rent in advance (October 1, 2022 through January 31, 2023). 9. The 10% bonds payable pay interest every January 1. The interest for the 12 months ended December 31, 2022, has not been paid or recorded. (Ignore income taxes.) Prepare journal entries for the transactions and adjustment listed above. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. Cash 25520 Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Cash 26680 Common Stock Paid-in Capital in Excess of Par-Common Stock Treasury Stock 17052 Cash Cash Dividends 36830 2. 3. 4. Dividends Payable 23200 2320 11600 15080 17052 36830 5. 6. 7. 8. 9. Bad Debt Expense Allowance for Doubtful Accounts Depreciation Expense Accumulated Depreciation-Buildings Depreciation Expense Accumulated Depreciation-Equipment Unearned Rent Revenue Rent Revenue Interest Expense Interest Payable 040 IN Prepare an updated December 31, 2022, trial balance, reflecting the journal entries in part(a). SUNLAND CORPORATION Adjusted Trial Balance Debit $ V $ Credit ? LA Prepare a multiple-step income statement for the year ending December 31, 2022. (List other revenues before other expenses.) SUNLAND CORPORATION Income Statement $ $ $ Prepare a retained earnings statement for the year ending December 31, 2022. (List items that increase retained earning first.) SUNLAND CORPORATION Retained Earnings Statement $ v: M:[ $ Prepare a classified balance sheet as of December 31, 2022. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment. Enter account name only and do not provide descriptive information.) SUNLAND CORPORATION Balance Sheet Assets $ S $ Liabilities and Stockholders' Equity $ $
