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
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Related Book For  book-img-for-question

Financial Accounting

ISBN: 978-0470507018

7th Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

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