These financial statement items are for Snyder Corporation at year-end, July 31, 2017. Salaries and wages payable $2,580 Salaries and wages expense 50,700 Utilities expense 22,600 Equipment 21,000 Accounts payable 4,100 Service revenue 62,100 Rent revenue 8,500 Notes payable (due 2019) 1,800 Common stock 16,000 Cash 20,200 Accounts receivable 12,780 Accumulated depreciation-equipment 6,000 Dividends 5,000 Depreciation expense 4,000 Retained earnings (beginning of the year) 35,200

Prepare an income statement for the year ended July 31, 2017

Question

Business

Kate Mcintyre

12 July, 08:20

These financial statement items are for Snyder Corporation at year-end, July 31, 2017. Salaries and wages payable $2,580 Salaries and wages expense 50,700 Utilities expense 22,600 Equipment 21,000 Accounts payable 4,100 Service revenue 62,100 Rent revenue 8,500 Notes payable (due 2019) 1,800 Common stock 16,000 Cash 20,200 Accounts receivable 12,780 Accumulated depreciation-equipment 6,000 Dividends 5,000 Depreciation expense 4,000 Retained earnings (beginning of the year) 35,200

Prepare an income statement for the year ended July 31, 2017

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Answers (1)

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Ariella Collins · Answer 1

Net loss = (6,700)

Explanation:

According to the scenario, computation of the given data are as follow:-

Income Statement

Particular Amount ($)

Revenue from Service 62,100

Revenue from Rent 8,500

Less-Salaries and wages expenses (50,700)

Less-Utilities expenses (22,600)

Less-Depreciation expenses (4,000)

Net loss (6,700)