These financial statement items are for B. Snyder at year-end, July 31, 2010. Sa

Question

These financial statement items are for B. Snyder at year-end, July 31, 2010. 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 eg 10, 5, 3, 2. If a net loss, record amount using either a negative sign preceding the number eg -45 or parentheses eg (45).) (b) Prepare a classified balance sheet at July 31. (List assets in order of liquidity. List current liabilities from largest to smallest eg 10, 5, 3, 2.)

Explanation / Answer

These financial statement items are for B. Snyder at year-end, July 31, 2010.
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 eg 10, 5, 3, 2. If a net loss, record amount using either a negative sign preceding the number eg -45 or parentheses eg (45).)
(b) Prepare a classified balance sheet at July 31. (List assets in order of liquidity. List current liabilities from largest to smallest eg 10, 5, 3, 2.)

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