a northeas Take Test Medterm Question Completion Status QUES

a northeas Take Test Medterm Question Completion Status: QUESTION2 These financial statement items are for Snyder Corporation at year-end, July 31, 2017. Salaries and wages payable Salaries and wages expense Utilities expense Equipment Accounts payable Service revenue Rent revenue $ 2,580 50,700 22,600 21,000 4,100 62,100 8,500 1,800 16,000 Notes payable (due 2019) Common stock Cash Accounts receivable Accumulated depreciation-equipment 6,000 Dividends Depreciation expense Retained earnings (beginning of the year) 35,200 12,780 Instructions (a) Prepare an income statement and a retained earnings statement for the year ended July 31, 2017. Snyder Corporation did not issue any new stock during the year (b) Prepare a classified balance sheet at July 31, 2017 Save and Subit o sove and sbsit Chck Sove All Ansosers to sove ol vers MacBook Air 3 4

Solution

Balance sheet:

Income statement		Amount
Service revenue		62,100
Rent revenue		8,500
Total revenue		70,600
Salaries and wages expense		50,700
Depreciation expense		4,000
utilities		22,600
Total expenses		77,300
net income		-6,700