Accounting Assignment | Custom Assignment Help

These financial statement items are for Snyder Corporation at year-end, July 31, 2017.

•            Salaries and wages payable                  $  2,580
•            Salaries and wages expense                     50,700
•            Utilities expense                                        22,600
•            Equipment                                                  21,000
•            Accounts payable                                        4,100
•            Service revenue                                          62,100
•            Rent revenue                                                8,500
•            Notes payable (due 2019)                           1,800
•            Common stock                                           16,000
•            Cash                                                            20,200
•            Accounts receivable                                   12,780
•            Accumulated depreciation—equipment    6,000
•            Dividends                                                    5,000
•            Depreciation expense                                  4,000
•            Retained earnings (beginning of the year) 35,200

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.