a northeas Take Test Medterm Question Completion Status: QUESTION2 These financi

Question

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

Explanation / Answer

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

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