These items are taken from the financial statements of Sunland Ltd. at December 31, 2024:

Accounts payable		$19,050
Accounts receivable		23,780
Accumulated depreciationbuildings		51,600
Accumulated depreciationequipment		23,470
Buildings		134,800
Cash		22,040
Common shares		138,000
Equipment		68,100
Income tax expense		5,700
Interest expense		4,300
Interest payable		3,900
Land		197,370
Long-term investments		30,970
Mortgage payable		108,000
Operating expenses		159,680
Prepaid insurance		1,600
Retained earnings, January 1		119,520
Service revenue		186,040
Supplies		1,240

(a)

• Your Answer
• Correct Answer

Your answer is incorrect.

Calculate net income and the ending balance of retained earnings at December 31, 2024.

Net income	$enter a dollar amount Incorrect answer
Retained Earnings	$enter a dollar amount Incorrect answer

eTextbook and Media

Solution

List of Accounts

Attempts: 3 of 3 used

(b)

Prepare a statement of financial position. Assume that the company will pay $28,500 of the mortgage payable in 2025. (List Current Assets in order of liquidity. List Property, Plant, and Equipment in order of Land, Buildings, and Equipment.)

SUNLAND LTD. Statement of Financial Position choose the accounting period December 31, 2024For the Month Ended December 31, 2024For the Year Ended December 31, 2024
Assets
select an opening name for subsection one Current AssetsCurrent LiabilitiesIntangible AssetsLong-Term InvestmentsLong-Term LiabilitiesProperty, Plant, and EquipmentShareholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Shareholders' EquityTotal Long-Term InvestmentsTotal Long-Term LiabilitiesTotal Property, Plant, and EquipmentTotal Shareholders' Equity
enter a statement of financial position item				$enter a dollar amount
enter a statement of financial position item				enter a dollar amount
enter a statement of financial position item				enter a dollar amount
enter a statement of financial position item				enter a dollar amount
select a closing name for subsection one Current AssetsCurrent LiabilitiesIntangible AssetsLong-Term InvestmentsLong-Term LiabilitiesProperty, Plant, and EquipmentShareholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Shareholders' EquityTotal Long-Term InvestmentsTotal Long-Term LiabilitiesTotal Property, Plant, and EquipmentTotal Shareholders' Equity					$enter a total amount for subsection one
select a statement of financial position item Current AssetsCurrent LiabilitiesIntangible AssetsLong-Term InvestmentsLong-Term LiabilitiesProperty, Plant, and EquipmentShareholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Shareholders' EquityTotal Long-Term InvestmentsTotal Long-Term LiabilitiesTotal Property, Plant, and EquipmentTotal Shareholders' Equity					enter a dollar amount
selectanopeningnameforsubsectiontwo Current AssetsCurrent LiabilitiesIntangible AssetsLong-Term InvestmentsLong-Term LiabilitiesProperty, Plant, and EquipmentShareholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Shareholders' EquityTotal Long-Term InvestmentsTotal Long-Term LiabilitiesTotal Property, Plant, and EquipmentTotal Shareholders' Equity
enter a statement of financial position item				enter a dollar amount
enter a statement of financial position item		$enter a dollar amount
select between addition and deduction AddLess: enter a statement of financial position item		enter a dollar amount		enter a subtotal of the two previous amounts
enter a statement of financial position item		enter a dollar amount
select between addition and deduction LessAdd: enter a statement of financial position item		enter a dollar amount		enter a subtotal of the two previous amounts
select a closing name for subsection two Current AssetsCurrent LiabilitiesIntangible AssetsLong-Term InvestmentsLong-Term LiabilitiesProperty, Plant, and EquipmentShareholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Shareholders' EquityTotal Long-Term InvestmentsTotal Long-Term LiabilitiesTotal Property, Plant, and EquipmentTotal Shareholders' Equity					enter a total amount for subsection two
select a closing section name for this part of the statement of financial position Current AssetsCurrent LiabilitiesIntangible AssetsLong-Term InvestmentsLong-Term LiabilitiesProperty, Plant, and EquipmentShareholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Shareholders' EquityTotal Long-Term InvestmentsTotal Long-Term LiabilitiesTotal Property, Plant, and EquipmentTotal Shareholders' Equity					$enter a total amount for this part of the statement of financial position
Liabilities and Shareholders' Equity
select an opening name for subsection one Current AssetsCurrent LiabilitiesIntangible AssetsLong-Term InvestmentsLong-Term LiabilitiesProperty, Plant, and EquipmentShareholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Shareholders' EquityTotal Long-Term InvestmentsTotal Long-Term LiabilitiesTotal Property, Plant, and EquipmentTotal Shareholders' Equity
enter a statement of financial position item				$enter a dollar amount
enter a statement of financial position item				enter a dollar amount
enter a statement of financial position item				enter a dollar amount
select a closing name for subsection one Current AssetsCurrent LiabilitiesIntangible AssetsLong-Term InvestmentsLong-Term LiabilitiesProperty, Plant, and EquipmentShareholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Shareholders' EquityTotal Long-Term InvestmentsTotal Long-Term LiabilitiesTotal Property, Plant, and EquipmentTotal Shareholders' Equity					$enter a total amount for subsection one of the second part of the statement of financial position
enter a balance sheet item					enter a dollar amount
select a closing name for section one Current AssetsCurrent LiabilitiesIntangible AssetsLong-Term InvestmentsLong-Term LiabilitiesProperty, Plant, and EquipmentShareholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Shareholders' EquityTotal Long-Term InvestmentsTotal Long-Term LiabilitiesTotal Property, Plant, and EquipmentTotal Shareholders' Equity					enter a total amount for section one of the second part of the statement of financial position
select an opening name for section two Current AssetsCurrent LiabilitiesIntangible AssetsLong-Term InvestmentsLong-Term LiabilitiesProperty, Plant, and EquipmentShareholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Shareholders' EquityTotal Long-Term InvestmentsTotal Long-Term LiabilitiesTotal Property, Plant, and EquipmentTotal Shareholders' Equity
enter a statement of financial position item				enter a dollar amount
enter a statement of financial position item				enter a dollar amount
select a closing name for section two Current AssetsCurrent LiabilitiesIntangible AssetsLong-Term InvestmentsLong-Term LiabilitiesProperty, Plant, and EquipmentShareholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Shareholders' EquityTotal Long-Term InvestmentsTotal Long-Term LiabilitiesTotal Property, Plant, and EquipmentTotal Shareholders' Equity					enter a total of the two previous amounts
select a closing name for this part of the statement of financial position Current AssetsCurrent LiabilitiesIntangible AssetsLong-Term InvestmentsLong-Term LiabilitiesProperty, Plant, and EquipmentShareholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Shareholders' EquityTotal Long-Term InvestmentsTotal Long-Term LiabilitiesTotal Property, Plant, and EquipmentTotal Shareholders' Equity					$enter a total amount for this part of the statement of financial position