These financial statement items are for Sunland Corporation at year end, July 31, 2021:Operating expensesSalaries expenseDeferred revenueUtilities expenseEquipmentAccounts payableService revenueRent revenueCommon sharesCashAccounts receivableDAccumulated depreciation-equipment$32,50046,70012,0002,60070,2005,020116,10019,00027,5005,56016,1005,800Interest payableSupplies expenseDividends declaredDepreciation expenseRetained earnings, August 1, 2020Rent expenseIncome tax expenseSuppliesTrading investmentsBank loan payable (due December 31, 2021)Interest expenseO$90077789170014,5003,50022,94011,5005,7002,10020,50024,800Additional information:Sunland started the year with $14,000 of common shares and issued additional shares for $13,500 during the year.1,900O W Prepare statement of changes in equity for the year. (Enter negative amounts using either a negative sign preceding the number eg. -45or parentheses eg. (45))Balance, August 1, 2020Balance, July 31, 2021Issued Common SharesDividends DeclaredBalance, July 31, 2021d MediaSUNLAND CORPORATIONStatement of Changes in EquityYear Ended July 31, 2021CommonShares02750027500RetainedEarnings2294000Total Equity229427500

Statement of changes in equity is the one which is prepared to determine the ending balance of…

These financial statement items are for Sunland Corporation at year end, July 31, 2021: Operating expenses Salaries expense Deferred revenue Utilities expense Equipment Accounts payable Service revenue Rent revenue Common shares Cash 4 Accounts receivable Accumulated depreciation-equipment $32,500 46,700 12,000 2,600 70,200 5,020 116,100 19,000 27,500 5,560 16,100 5,800 Interest payable Supplies expense Dividends declared Depreciation expense Retained earnings, August 1, 2020 Rent expense Income tax expense Supplies Trading investments Bank loan payable (due December 31, 2021) Interest expense $900 700 14,500 3,500 22,940 11,500 5,700 2,100 20,500 24,800 1,900 Additional information: Sunland started the year with $14,000 of common shares and issued additional shares for $13,500 during the year.

These financial statement items are for Sunland Corporation at year end, July 31, 2021: Operating expenses Salaries expense Deferred revenue Utilities expense Equipment Accounts payable Service revenue Rent revenue Common shares Cash 4 Accounts receivable Accumulated depreciation-equipment $32,500 46,700 12,000 2,600 70,200 5,020 116,100 19,000 27,500 5,560 16,100 5,800 Interest payable Supplies expense Dividends declared Depreciation expense Retained earnings, August 1, 2020 Rent expense Income tax expense Supplies Trading investments Bank loan payable (due December 31, 2021) Interest expense $900 700 14,500 3,500 22,940 11,500 5,700 2,100 20,500 24,800 1,900 Additional information: Sunland started the year with $14,000 of common shares and issued additional shares for $13,500 during the year.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 24CE

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