Aarhus University Prepare a Balance Sheet Questions – Question Description
I’m working on a economics question and need the explanation and answer to help me learn.
Sunland Engineering Services is owned by François Sunland. Here is a listing of financial statement items for the business for the year ended December 31, 2021.
Cash – $1,200
Accounts receivable1- ,680
Supplies – 720
Equipment – 7,440
Accounts payable – 980
Salaries payable – 548
F. Sunland, capital January 1, 2021 – 7,800
F. Sunland, drawings – 5,280
Service revenue1- 7,828
Rent expense – 5,760
Salaries expense – 3,720
Supplies expense – 944
Utilities expense – 412
A) Prepare an income statement
B)Prepare a statement of owner’s equity. (List items that increase owner’s equity first.)
C)Prepare a balance sheet. (List Assets in order of liquidity.)
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