I just got confused as to what I should lessen in the PPE part after land. These items are taken from the financial statements of Sunland Company at December 31, 2022.Buildings$99,452Accounts receivable11,844Prepaid insurance3,008Cash11,130Equipment77,456Land57,528Insurance expense733Depreciation expense4,982Interest expense2,444Common stock56,400Retained earnings (January 1, 2022)37,600Accumulated depreciation-buildings42,864Accounts payable8,930Notes payable87,984Accumulated depreciation-equipment17,597Interest payable3,384Service revenue13,818 Prepare a classified balance sheet. Assume that $12,784 of the note payable will be paid in 2023. (List Current Assets in order ofliquidity and Property, Plant and Equipment in order of Land, Buildings and Equipment.)SUNLAND COMPANYBalance SheetDecember 31, 2022AssetsCurrent AssetsCash$11,130Accounts Receivable11,844Prepaid Insurance3,008Total Current AssetsProperty, Plant and EquipmentLand57,528Buildings99,452LessAccumulated Depreciation-Equipment17,597%24>>

SUNLAND COMPANY BALANCE SHEET DEC 22, 2022 ASSETS Current Assets Cash…

Answered: nese items are taken from the financlal…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 3MC: Prince Corporations accounts provided the following information at December 31, 2019: What should be...

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I just got confused as to what I should lessen in the PPE part after land.

These items are taken from the financial statements of Sunland Company at December 31, 2022.
Buildings
$99,452
Accounts receivable
11,844
Prepaid insurance
3,008
Cash
11,130
Equipment
77,456
Land
57,528
Insurance expense
733
Depreciation expense
4,982
Interest expense
2,444
Common stock
56,400
Retained earnings (January 1, 2022)
37,600
Accumulated depreciation-buildings
42,864
Accounts payable
8,930
Notes payable
87,984
Accumulated depreciation-equipment
17,597
Interest payable
3,384
Service revenue
13,818

Prepare a classified balance sheet. Assume that $12,784 of the note payable will be paid in 2023. (List Current Assets in order of
liquidity and Property, Plant and Equipment in order of Land, Buildings and Equipment.)
SUNLAND COMPANY
Balance Sheet
December 31, 2022
Assets
Current Assets
Cash
$
11,130
Accounts Receivable
11,844
Prepaid Insurance
3,008
Total Current Assets
Property, Plant and Equipment
Land
57,528
Buildings
99,452
Less
Accumulated Depreciation-Equipment
17,597
%24
>
>

Expert Solution

Step 1

SUNLAND COMPANY

BALANCE SHEET

DEC 22, 2022

ASSETS

Current Assets
Cash		11,130
Accounts Receivable		11,844
Prepaid Insurance		3,008
Total Current Assets			25,982
Property , Plant and Equipment
Land		57,528
Building	99,452
Less: Accumulated depreciated - Buildings	42,864	56,588
Equipment	77,456

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