These financial statement items are for Snyder Corporation at year-end, July 31, 2012. Salaries and wages payable

Question:

These financial statement items are for Snyder Corporation at year-end, July 31, 2012.

Salaries and wages payable ......................................................$2,580

Salaries and wages expense ....................................................$48,700

Utilities expense ......................................................................$22,600

Equipment ...............................................................................$21,000

Accounts payable .....................................................................$4,100

Service revenue ......................................................................$64,100

Rent revenue .............................................................................$8,500

Notes payable (due 2014) .........................................................$1,800

Common stock ........................................................................$16,000

Cash ........................................................................................$24,200

Accounts receivable ...............................................................$12,780

Accumulated depreciation ........................................................$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. Snyder Corporation did not issue any new stock during the year.

(b) Prepare a classified balance sheet at July 31. USE GOOD FORM!

Balance Sheet
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