I have most of it figured out just dont have a few E4-17 Your answer is incorrec
ID: 2345269 • Letter: I
Question
I have most of it figured out just dont have a few
E4-17
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These financial statement items are for B. Snyder at year-end, July 31, 2012.
Salaries payable $2,080 Note payable (long-term) $1,800
Salaries expense 51,700 Cash 24,200
Utilities expense 22,600 Accounts receivable 9,780
Equipment 18,500 Accumulated depreciation 6,000
Accounts payable 4,100 B. Snyder, Drawing 4,000
Commission revenue 61,100 Depreciation expense 4,000
Rent revenue 8,500 B. Snyder, Capital (beginning of the year) 51,200
Instructions
(a) Complete the income statement and an owner's equity statement for the year. The owner did not make any new investments during the year. (List amounts from largest to smallest e.g. 10, 5, 3, 2. If a net loss, record amount using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
B. SNYDER COMPANY
Income Statement
Revenues
$
Total revenues $
Expenses
Total expense
Net income (loss) $
B. SNYDER COMPANY
Owner's Equity Statement
$
Less: $
$
(b) Prepare a classified balance sheet at July 31. (List assets in order of liquidity. List current liabilities from largest to smallest e.g. 10, 5, 3, 2.)
B. SNYDER COMPANY
Balance Sheet
Assets
Current Assets
$
Total current assets $
Property, plant, and equipment
:
Total assets $
Liabilities and Owner's Equity
Current liabilities
$
Total current liabilities $
Long-term liabilities
Total liabilities
Owner's equity
Total owner's equity
Total liabilities and owner's equity $
Explanation / Answer
B. SNYDER COMPANY Income Statement Revenues Commission revenue 61,100 Rent revenue 8,500 Total revenues $ 69,600 Expenses Salaries expense 51,700 Utilities expense 22,600 Depreciation expense 4,000 Total expense 78,300 Net income (loss) $ (8,700) B. SNYDER COMPANY Owner's Equity Statement B. Snyder, Capital (beginning of the year) 51,200 Less Net loss 8,700 Less: $ B. Snyder, withdrawal 4,000 B. Snyder, Capital, ending 38,500 B. SNYDER COMPANY Balance Sheet Assets Current Assets $ Cash 24,200 Accounts receivable 9,780 Total current assets $ 33,980 Property, plant, and equipment Equipment (18,500 Less Accumulated depreciation 6,000) 12,500 : Total assets $ 46,480 Liabilities and Owner's Equity Current liabilities Accounts payable 4,100 Salaries payable $2,080 Total current liabilities $ 6180 Long-term liabilities Note payable (long-term) $1,800 Total liabilities 7980 Owner's equity B. Snyder, Capital, 38,500 Total owner's equity 38,500 Total liabilities and owner's equity $46,480
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