These financial statement items are for B. Snyder Company 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) Prepare an 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.