## Financial Data and Task Overview for Sunland Company### OverviewThis section provides financial data for Sunland Company as of April 30, 2022, including details necessary for preparing income and retained earnings statements.### Financial Information- **Accounts Payable:** $878- **Accounts Receivable:** $870- **Accumulated Depreciation—Equipment:** $1,200- **Cash:** $1,370- **Common Stock:** $17,600- **Cost of Goods Sold:** $10,040- **Depreciation Expense:** $340- **Dividends:** $1,040- **Equipment:** $2,450- **Goodwill:** $1,900- **Income Tax Expense:** $170- **Income Taxes Payable:** $140- **Insurance Expense:** $500- **Interest Expense:** $310- **Inventory:** $1,010- **Investment in Land:** $1,620- **Land:** $2,700- **Mortgage Payable (Long-term):** $4,500- **Notes Payable (Short-term):** $290- **Prepaid Insurance:** $420- **Retained Earnings (Beginning):** $1,800- **Salaries and Wages Expense:** $2,360- **Salaries and Wages Payable:** $280- **Sales Revenue:** $5,280- **Stock Investments (Short-term):** $1,300### Instructions for Income Statement PreparationPrepare an income statement for Sunland Company for the year ended April 30, 2022. Enter negative amounts using either a negative sign or parentheses (e.g., -45 or (45)).#### Income Statement Components- **Revenue**- **Expenses** (includes cost of goods sold, depreciation, taxes, insurance, interest, and salaries)- **Net Income/Loss**### Instructions for Retained Earnings Statement PreparationPrepare a retained earnings statement for Sunland Company for the year ended April 30, 2022. List items that increase retained earnings first.#### Retained Earnings Statement Components- **Beginning Retained Earnings**- **Net Income from Income Statement**- **Dividends**- **Ending Retained Earnings**### Tools Provided- Editable income and retained earnings statement templates- eTextbook and Media- ### Sunland Company Financial Information**As of April 30, 2022**#### Balance Sheet Information:- **Liabilities:** - Accounts payable: $878 - Income taxes payable: $140 - Mortgage payable (long-term): $4,500 - Notes payable (short-term): $62 - Salaries and wages payable: $220- **Assets:** - Accounts receivable: $870 - Accumulated depreciation—equipment: $700 - Cash: $1,370 - Inventory: $1,010 - Investment in land: $16,720 - Land: $2,700 - Prepaid insurance: $60 - Stock investments (short-term): $1,300- **Equity:** - Common stock: $17,600 - Retained earnings (beginning): $1,800#### Income Statement Information:- **Revenue and Gains:** - Sales revenue: $5,800 - **Expenses and Losses:** - Cost of goods sold: $1,040 - Depreciation expense: $340 - Dividends: $310 - Equipment: $2,950 - Goodwill: $1,900 - Income tax expense: $170 - Insurance expense: $300 - Interest expense: $510 - Salaries and wages expense: $650### Instruction for Preparing the Income Statement:Prepare an income statement for Sunland Company for the year ended April 30, 2022. When entering negative amounts, use either a negative sign (e.g., -45) or parentheses (e.g., (45)).This exercise aids in understanding how to compile financial statements using given data for a company at the end of its fiscal year.

Financial statements together present the summary of financial information of the entity. The main…

Answered: Prepare an income statement for Sunland…

Business

Accounting

Prepare an income statement for Sunland Company for the year ended April 30, 2022.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Swifty Park, a public camping ground near the Four Corners National Recreation Area, has compiled the following financial information as of December 31, 2022 Revenues during 2022-camping fees $145,600 Revenues during 2022-general store 48,880 Accounts payable 11,440 Cash on hand 20,800 Original cost of equipment. 109,720 Fair value of equipment 145,600 Notes payable Expenses during 2022 Supplies on hand Common stock Retained earnings $62,400 156,000 2,600 20,800 ?
Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round answers to 1 decimal place, e.g. 48.5 %.) SHERIDAN CORPORATION Condensed Income Statements For the Years Ended December 31
please solve this question
Please help
Forecast Income Statement and Balance Sheet Following are the income statement and balance sheet for Medtronic PLC. Note: Complete the entire question using the following Excel template: Excel Template. Then enter the answers into the provided spaces below with two decimal places. Medtronic PLC Consolidated Statement of Income $ millions, For Fiscal Year Ended April 26, 2019 Net sales $30,557 Costs and expenses Cost of products sold 9,155 Research and development expense 979 Selling, general, and administrative expense 10,418 Amortization of intangible assets 1,764 Restructuring charges, net 83 Certain litigation charges, net 166 Other operating expense, net 258 Operating profit 7,734 Other nonoperating income, net (157) Interest expense 1,444 Income before income taxes 6,447 Income tax provision 547 Net income 5,900 Net income loss attributable to noncontrolling interests (19) Net income attributable to Medtronic $5,881…
At September 30, 2022, the end of the first year of operations at Lukancic Incorporated, the firm's accountant neglected to accrue payroll taxes of $2, 189 that were applicable to payrolls for the year then ended. Exercise 7 - 9 (Algo) Part c c. Assume that when the payroll taxes were paid in October 2022, the payroll tax expense account was charged. Assume that at September 30, 2023, the accountant again neglected to accrue the payroll tax liability, which was $2,660 at that date. Determine the income statement and balance sheet effects of not accruing payroll taxes at September 30 2023
Make a Horizontal Analysis and briefly explain the findings.
True or False? You can construct a sources and use statement for 2021 if you have a company's year-end balance sheets for 2021 and 2022
Abcde Trading has reported the following from its business operation from period 2008 through 2019: a. Sales (32,067, 35,422, 70,881, 95,519, 122,128, 165,654, 188,793, 232,834, 263,159, 273,046, 269,693, 294,619) b. Expenses (28,320, 31,490, 69, 371, 84, 747, 105,310, 144,175, 164,799, 198,966, 224,105, 236,388, 240,171, 261,738) c. Other Income (534, 849, 1,039, 2,103, 660, 662, 816, 829, 899, (932), 1,937, 4,509) d. Interest (465, 913, 2,171, 2,465, 2,385, 2,982, 3,560, 4,749, 4,861, 4,889, 4,283, 4,682) e. Prevailing tax rate is 28.23% (round off amount) Prepare the following: 1. Individual P & L using multiple worksheets. 2. Consolidated P & L for the period 2008 - 2019.
1.32. Creating Balance Sheets and Income Statements. Using the information in the below table, prepare a classified balance sheet for Erie Company as of December 31, 2019 and December 31, 2020, along with multi-step income statements for the years then ended
Kindly provide the correct answers for the following items.