Prepare an income statement and an owners equity statement, Ask an Expert

Accounting

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

Salaries payable $2,394
Note payable (long-term) $1,005
Salaries expense 51,138
Cash 24,582
Utilities expense 22,955
Accounts receivable 9,286
Equipment 18,328
Accumulated depreciation 6,072
Accounts payable 3,740
B. Snyder, Drawing 3,989
Commission revenue 60,580
Depreciation expense 4,073
Rent revenue 8,421
B. Snyder, Capital (beginning of the year) 52,139

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.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9441820

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