Question

Niew Policies Current Attempt in Progress The following accounts appeared on the trail balance of Sunland Company at December 31, 2020, $195,000 670,000 38,000 29.000 300.000 Notes Payable (short-term) Accumulated Depreciation - Bldg. Supplies Salaries and Wages Payable Debt Investments (long-term) Cash Bonds Payable Due 1/1/2028 Allowance for Doubtful Accts. Copyrights Notes Receivable (due in 6 months) Income Taxes Payable Preferred Stock Appropriated Retained Earnings 170,000 1,300,000 Accounts Receivable Prepaid Insurance Common Stock Unappropriated Retained Earnings Inventory Land Trading Securities Interest Payable Buildings Accounts Payable Additional Paid-in Capital $600,000 57,000 1,225,000 300,000 1,480,250 420,000 80.000 6.000 1.700,000 430,000 200,000 7.900 195.000 130,000 155,000 790,000 260.000 Compute each of the following: 1 Total current assets S 2 $ Total property, plant, and equipment

Answer 1

1) Total current assets:
Cash		$170,000
Accounts Receivable	$600,000
Less: Allowance for doubtful accounts	($7,900)
Accounts Receivable, net		$592,100
Prepaid Insurance		$57,000
Supplies		$38,000
Notes Receivable (due in 6 months)		$130,000
Inventory		$1,480,250
Trading Securities		$80,000
Total Current Assets		$2,547,350
2) Total property, plant, and equipment:
Land		$420,000
Buildings	$1,700,000
Less: Accumulated depreciation - Buildings	($670,000)
Buildings, net		$1,030,000
Total property, plant and equipment		$1,450,000
3) Total assets:
Total current assets	$2,547,350
Total property, plant and equipment	$1,450,000
Debt investments (long-term)	$300,000
Copyrights	$195,000
Total assets	$4,492,350
4) Total current liabilities:
Accounts Payable	$430,000
Notes payable (short-term)	$195,000
Salaries and wages payable	$29,000
Income tax payable	$155,000
Interest payable	$6,000
Total current liabilities	$815,000
5) Total stockholders' equity:
Common Stock	$1,225,000
Add: Preferred Stock	$790,000
Add: Additional paid in capital	$200,000
Add: Appropriated Retained Earnings	$260,000
Add: Unappropriated retained earnings	$300,000
Total stockholders' equity	$2,775,000