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. (b) Prepare a classified balance sheet at July 31.

Explanation / Answer

INCOME STATEMENT Revenues Commission revenue . . . . . . . . . $61,100 Rent revenue . . . . . . . . . . . . . . . . .8,500 Total revenues. . . . . . . . . . . . . . . . . . . . . . . $69,600 Expenses Salaries expense . . . . . . . . . . . . .48,700 Utilities expense . . . . . . . . . . . . . 22,600 Depreciation expense . . . . . . . . . . 4,000 Total expenses. . . . . . . . . . . . . . . . . . . . . . . $75,300 Net loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . ($5,700) RETAINED EARNINGS Beginning balance . . . . . . . . .$35,200 Less: Dividends . . . . . . . . . . . . . . . . .5,000 Net loss . . . . . . . . . . . . . . . . .(5,700) Ending balance . . . . . . . . . . .$24,500

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