Question

Thu Feb 6, 2020 2:18:36 PM (America/New York-05.00 Question 3 View Policies Current Attempt in Progress These financial statement items are for Sheridan Company at year-end, July 31, 2022 Salaries and wages payable $4.100 Salaries and wages expense 59.100 Supplies opense 17,300 Equipment 17.520 Accounts payable 4000 Service revenue 67,700 Rent revenue 10.200 Notes payable due in 2025) 3.700 Common stock 16.000 35.280 Accounts receivable 11.700 Accumulated depreciation-couiment 7400 Dividends 4000 Depreciation expense 4000 Retained earnings beginning of the year) 35.900

Answer 1

Sheridan Company Balance Sheet As of July 31, 2022 Assets Current Assets Cash Accounts Receivable Total Current Assets 35,280 11,700 46,980 Property, Plant & Equipment Equipment Accumulated Depreciation Equipment, Net Total Assets 17,620 (7,400) 10,220 57,200 Liabilities & Stockholders Equity Current Liabilities Accounts Payable Salaries and Wages Payable Total Current Liabilities 4,000 4,100 8,100 Non-Current Liabilties Notes Payable (due in 2025) Total Liabilties 3,700 11,800 Stockholders Equity Common Stock Retained earnings Total Stockholders Equity Total Liabilities & Stockholders Equity 16,000 29,400 45,400 57,200

Sheridan Company Statement of Retained Earnings For the Year Ended July 31, 2022 Beginning of the year Less: Net Loss Less Dividends 35,900 (2,500) (4,000) End of the year (6,500) 29,400

67,700 10,200 Sheridan Company Income Statement For the Year Ended July 31, 2022 Revenues Service Revenue Rent Revenue Total Revenues Expenses Salaries and Wages expense Supplies expense Depreciation expense Total Expenses Net Loss 77,900 59,100 17,300 4,000 80,400 (2,500)