These financial statement items are for B. Snyder Company at year-end, July 31, 2010. Salaries payable Salaries expense Utilities expense Equipment Accounts payable Commission revenue $ 2,080 51,700 22,600 18,500 4,100 $ 1,800 24,200 9,780 6,000 4,000 Note payable (long-term) Cash Accounts receivable Accumulated depreciation B. Snyder, Drawing Depreciation expense B. Snyder, Capital (beginning of the year) 61,100 8,500 4,000 51,200 Rent revenue 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.

These financial statement items are for B. Snyder Company at year-end, July 31, 2010. Salaries payable Salaries expense Utilities expense Equipment Accounts payable Commission revenue $ 2,080 51,700 22,600 18,500 4,100 $ 1,800 24,200 9,780 6,000 4,000 Note payable (long-term) Cash Accounts receivable Accumulated depreciation B. Snyder, Drawing Depreciation expense B. Snyder, Capital (beginning of the year) 61,100 8,500 4,000 51,200 Rent revenue 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.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 25CE

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