Sunland Company has decided to expand its operations. The bookkeeper recently completed the following balance sheet in order to obtain additional funds for expansion.SUNLAND COMPANYBALANCE SHEETFOR THE YEAR ENDED 2020Current assets Cash $240,500 Accounts receivable (net) 350,500 Inventory (lower-of-average-cost-or-market) 411,500 Equity investments (marketable)-at cost (fair value $130,500) 150,500Property, plant, and equipment Buildings (net) 580,500 Equipment (net) 170,500 Land held for future use 185,500Intangible assets Goodwill 90,500 Cash surrender value of life insurance 100,500 Prepaid expenses 22,500Current liabilities Accounts payable 145,500 Notes payable (due next year) 135,500 Pension obligation 92,500 Rent payable 59,500 Premium on bonds payable 63,500Long-term liabilities Bonds payable 510,500Stockholders’ equity Common stock, $1.00 par, authorized 400,000 shares, issued 300,500 300,500 Additional paid-in capital 170,500 Retained earnings ? Prepare a revised balance sheet given the available information. Assume that the accumulated depreciation balance for the buildings is $170,500 and for the equipment, $115,500. The allowance for doubtful accounts has a balance of $27,500. The pension obligation is considered a long-term liability. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Buildings and Equipment. Enter account name only and do not provide the descriptive information provided in the question.)SUNLAND COMPANYBalance Sheetchoose the accounting period Assetsselect an opening name for subsection one enter a balance sheet item $enter a dollar amount enter a balance sheet item ent enter a balance sheet item $enter a dollar amount select between addition and deduction : enter a balance sheet item enter a dollar amountenter a subtotal of enter a balance sheet item enter a dollar amount enter a balance sheet item enter a dollar amount select a closing name for subsection one $enter a total amount select an opening name for subsection two enter a balance sheet item enter a dollar amount enter a balance sheet item enter a dollar amount select a closing name for subsection two enter a total amount select an opening name for subsection three enter a balance sheet item enter a dollar amount select between addition and deduction : enter a balance sheet item enter a dollar amountenter a subtotal enter a balance sheet item enter a dollar amount select between addition and deduction : enter a balance sheet item enter a dollar amountenter a subtotal of the select a closing name for subsection three enter a total amount for subsection three select an opening name for subsection four enter a balance sheet item enter a dollar amount select a closing section name for this part of the balance sheet $enter a total amount for this part of the balance sheet Liabilities and Stockholders' Equityselect an opening name for subsection one enter a balance sheet item $enter a dollar amount enter a balance sheet item enter a dollar amount enter a balance sheet item enter a dollar amount select a closing name for subsection one $enter aond part of the balance sheet select an opening name for subsection two enter a balance sheet item $enter a dollar amount select between addition and deduction : enter a balance sheet item enter a dollar amountenter a subtotal of the two previous amounts enter a balance sheet item enter a dollar amount enter a select a closing name for section one enter a total amount select an opening name for section two enter a balance sheet item enter a dollar amount select a balance sheet item enter a dollar amountenter a enter a balance sheet item enter a dollar amount select a closing name for section two

The question is related to preparation of Balance Sheet and ascertain the balance of Retained…

Answered: Sunland Company has decided to expand…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Sunland Company has decided to expand its operations. The bookkeeper recently completed the following balance sheet in order to obtain additional funds for expansion.

SUNLAND COMPANY BALANCE SHEET FOR THE YEAR ENDED 2020
Current assets
Cash		$240,500
Accounts receivable (net)		350,500
Inventory (lower-of-average-cost-or-market)		411,500
Equity investments (marketable)-at cost (fair value $130,500)		150,500
Property, plant, and equipment
Buildings (net)		580,500
Equipment (net)		170,500
Land held for future use		185,500
Intangible assets
Goodwill		90,500
Cash surrender value of life insurance		100,500
Prepaid expenses		22,500
Current liabilities
Accounts payable		145,500
Notes payable (due next year)		135,500
Pension obligation		92,500
Rent payable		59,500
Premium on bonds payable		63,500
Long-term liabilities
Bonds payable		510,500
Stockholders’ equity
Common stock, $1.00 par, authorized 400,000 shares, issued 300,500		300,500
Additional paid-in capital		170,500
Retained earnings		?

Prepare a revised balance sheet given the available information. Assume that the accumulated depreciation balance for the buildings is $170,500 and for the equipment, $115,500. The allowance for doubtful accounts has a balance of $27,500. The pension obligation is considered a long-term liability. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Buildings and Equipment. Enter account name only and do not provide the descriptive information provided in the question.)

SUNLAND COMPANY Balance Sheet choose the accounting period
Assets
select an opening name for subsection one
enter a balance sheet item		$enter a dollar amount
enter a balance sheet item		ent
enter a balance sheet item	$enter a dollar amount
select between addition and deduction : enter a balance sheet item	enter a dollar amount	enter a subtotal of
enter a balance sheet item		enter a dollar amount
enter a balance sheet item		enter a dollar amount
select a closing name for subsection one			$enter a total amount
select an opening name for subsection two
enter a balance sheet item		enter a dollar amount
enter a balance sheet item		enter a dollar amount
select a closing name for subsection two			enter a total amount
select an opening name for subsection three
enter a balance sheet item	enter a dollar amount
select between addition and deduction : enter a balance sheet item	enter a dollar amount	enter a subtotal
enter a balance sheet item	enter a dollar amount
select between addition and deduction : enter a balance sheet item	enter a dollar amount	enter a subtotal of the
select a closing name for subsection three			enter a total amount for subsection three
select an opening name for subsection four
enter a balance sheet item			enter a dollar amount
select a closing section name for this part of the balance sheet			$enter a total amount for this part of the balance sheet
Liabilities and Stockholders' Equity
select an opening name for subsection one
enter a balance sheet item		$enter a dollar amount
enter a balance sheet item		enter a dollar amount
enter a balance sheet item		enter a dollar amount
select a closing name for subsection one			$enter aond part of the balance sheet
select an opening name for subsection two
enter a balance sheet item	$enter a dollar amount
select between addition and deduction : enter a balance sheet item	enter a dollar amount	enter a subtotal of the two previous amounts
enter a balance sheet item		enter a dollar amount	enter a
select a closing name for section one			enter a total amount
select an opening name for section two
enter a balance sheet item	enter a dollar amount
select a balance sheet item	enter a dollar amount	enter a
enter a balance sheet item		enter a dollar amount
select a closing name for section two

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Sunland Company has decided to expand its operations. The bookkeeper recently completed the following balance sheet in order to obtain additional funds for expansion. SUNLAND COMPANY BALANCE SHEET FOR THE YEAR ENDED 2020 Current assets Cash $240,500 Accounts receivable (net) 350,500 Inventory