Prepare:

1. statement of income for the year

2.statement of changes in equity

3.Statement of financial position
 

Transcribed Image Text:

The following is a list of accounts, in alphabetical order, for Sunland Service Inc. at July 31, 2024: Accounts payable Accounts receivable Accumulated depreciation-equipment Bank loan payable, due 2026 Cash Common shares Depreciation expense Dividends declared Equipment Income tax expense $10,300 14,800 22,200 39,800 10,400 38,800 10,500 1.040 99,800 3,800 Insurance expense Interest expense Prepaid insurance Rent expense Repairs and maintenance expense Retained earnings Salaries expense Salaries payable Service revenue Trading investments $2,600 4,400 440 9,800 11,200 21,840 25,800 1,040 81,400 20,800 Additional information: All accounts have a normal balance. During the year, the company issued common shares for $11,000. The following is a list of accounts, in alphabetical order, for Sunland Service Inc. at July 31, 2024: Accounts payable Accounts receivable Accumulated depreciation-equipment Bank loan payable, due 2026 Cash Common shares Depreciation expense Dividends declared Equipment Income tax expense $10,300 14,800 22,200 39,800 10,400 38,800 10,500 1.040 99,800 3,800 Insurance expense Interest expense Prepaid insurance Rent expense Repairs and maintenance expense Retained earnings Salaries expense Salaries payable Service revenue Trading investments $2,600 4,400 440 9,800 11,200 21,840 25,800 1,040 81,400 20,800 Additional information: All accounts have a normal balance. During the year, the company issued common shares for $11,000.

Answer rating: 100% (QA)

1 Calculationsfor Statement of Income for the Year ended July 31 2024 Service Revenue 81400 Total Expenses Salaries Expense 25800 Rent Expense 9800 Repairs and Maintenance Expense 11200 Insurance Expe... View the full answer