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Help System Announcements CALCULATOR PRINTER VERSION Exercise 2-09 a-c These financial statement items are for Sunland Company at year-end, July 31, 2022 Salaries and wages payable Salaries and wages expense Supplies expense Equipment Accounts payable Service revenue Rent revenue Notes payable (due in 2025) Common stock Cash Accounts receivable Accumulated depreciation-equipment Dividends Depreciation expense Retained earnings (beginning of the year) $ 3,900 58,500 16,600 18,400 4,500 67,100 9,500 3,600 16,000 34,600 11,600 7,500 4,000 4,000 35,600 dy Prepare an income statement for the year. Sunland Company did not issue any new stock during the year. (Enter negative amounts using either a negative sign preceding the number e.g. 45 or parentheses e.. (45).) SUNLAND COMPANY Income Statement Next o DI SUNLAND COMPANY Income Statement For the Year Ended July 31, 2022 V Revenues 67,100 Service Revenue $ 9,500 Rent Revenue 76,600 Total Revenues $ Expenses Salaries and Wages Expense 58,500 Supplies Expense 16,600 Depreciation Expense 4,000 Total Expenses 79,100 Net Income / (Loss) -2,500 P SHOW LIST OF ACCOUNTS Prepare a retained earnings statement for the year. Sunland Company did not issue any new stock during the yea SUNLAND COMPANY Retained Earnings Statement For the Year Ended July 31, 2022 Retained Earnings, August 1, 2021 35,600 $ Add v Net Income / (Loss) -2,500 Less V Dividends 4,000 -6,500 29,100 V Retained Earnings, July 31, 2022 SHOW LIST OF ACCOUNTS Prepare a classified balance sheet at July 31. (List Current Assets in order of liquidity.) SUNLAND COMPANY o CALCULATOR P SUNLAND COMPANY Balance Sheet July 31, 2022 Assets Current Assets cash 34,600 $ 11,600 Accounts Receivable 42,600 Total Current Assets Property, Plant and Equipment 18,400 Equipment Less 7,500 10,900 Accumulated Depreciation Equipment 53,500 Total Assets Liabilities and Stockholders' Equity Current Liabilities B '53,500 Total Assets Liabilities and Stockholders' Equity Current Liabilities Salaries and Wages Payable 3,900 Accounts Payable 4,500 Total Current Liabilities 8,400 Long-term Investments udy Notes Payable 3,600 Total Long-term Investments 12,000 Stockholders' Equity Common Stock 16,000 Retained Earnings 29,100 Total Stockholders' Equity 45,100 57.100 O ED - > B G CALCULATOR Common Stock 16,000 Retained Earnings 29,100 Total Stockholders' Equity V 45,100 Total Liabilities and Stockholders' Equity 57,100 SHOW LIST OF ACCOUNTS Compute the current ratio and debt to assets ratio. (Round answers to 1 decimal place, e.g. 15.2.) Current ratio 6.36 :1 Debt to assets ratio .15 % Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS Greetinn Attematen af 1 NAVI FOR ED