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Accounting Assignment | Custom Assignment Help

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

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  •            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.

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