Financial statements for Sunland Company are given below: $4741000 $4741000 $133

Question

Financial statements for Sunland Company are given below:

$4741000

$4741000

$1332000

Total assets on the balance sheet at December 31, 2018 are $6649000. Accumulated depreciation on the equipment sold was $330000.

The balance in the Retained Earnings account at December 31, 2018 was

Sunland Company Balance Sheet January 1, 2018 Assets Equities Cash $  961000 Accounts payable $  457000 Accounts receivable 860000 Buildings and equipment 3600000 Accumulated depreciation—
buildings and equipment (1110000 ) Common stock 2720000 Patents     430000 Retained earnings     1564000

$4741000

$4741000

Explanation / Answer

Retained earnings = balance of retained earnings + net income - dividend paid = 1564000+1160000-359000 = 2365000

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