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Prepare income statement and a retained earnings statement

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

Salaries payable $ 2,580

Salaries expense 48,700

Utilities expense 22,600

Equipment 21,000

Accounts payable 4,100

Commission revenue 61,100

Rent revenue 8,500

Long-term note payable 1,800

Common stock 16,000

Cash 24,200

Accounts receivable 9,780

Accumulated depreciation 6,000

Dividends 5,000

Depreciation expense 4,000

Retained earnings (beginning of the year) 35,200

Instructions: Prepare an income statement and a retained earnings statement for the year. Snyder Corporation did not issue any new stock during the year.

Reference no: EM131785805

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