The following information is available for Sunland Company Accounts receivable $3,400 Cash $6,200
Accounts payable 4,800 Supplies 3,740
Interest payable 520 Unearned service revenue 860
Salaries and wages expense 5,200 Salaries and wages payable 800
Notes payable 32,500 Depreciation expense 700
Common stock 50,600 Equipment (net) 110,500
Inventory 2,900

Required:
Using the information above, prepare a balance sheet as of December 31, 2022.

Sunland Company

Balance Sheet as at December 31, 2022

ASSETS

Non - Current Assets

Equipment (net)                                                  110,500

Total Non - Current Assets                                110,500

Current Assets

Inventory                                                               2,900

Supplies                                                                 3,740

Accounts receivable                                             3,400

Cash                                                                      6,200

Total Current Assets                                           16,240

Total Assets                                                       126,740

EQUITY AND LIABILITIES

Equity

Common stock                                                  50,600

Retained Earnings                                             36,660

(126,740 -  39,480 - 50,600)

Total Equity

Liabilities

Current liabilities

Accounts payable                                              4,800

Interest payable                                                    520

Unearned service revenue                                  860

Salaries and wages payable                                800

Total Current liabilities                                      6,980

Non - Current liabilities

Notes payable                                                 32,500

Total Non - Current Liabilities                        32,500

Total Liabilities                                                39,480

Total Equity and Liabilities                            126,740

Explanation:

A Balance Sheet shows the Assets, Liabilities and Equity as at the Reporting date.

The Retained Earnings have been calculated as 126,740(Total Assets) -  39,480 (Total Liabilities) - 50,600 (Common Stock) = $50,600.

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