Question

Thank you

Exercise 4-17 al,a2-b (Video) These financial statement items are for Norsted Company at year-end, July 31, 2019. Salaries and wages payable $2,080 Notes payable (long-term) $ 1,800 Salaries and wages expense 51,700 Cash 14,200 Utilities expense 22,600 Accounts receivable 9,780 Equipment 30,400 Accumulated depreciation-equipment 6,000 Accounts payable 4,100 Dividends 3,000 Service revenue 62,000 Depreciation expense 4,000 Rent revenue 8,500 Retained Earnings (beginning of the year) 21,200 Common Stock 30,000

Answer 1

Norsted company

Income statement

For the year ended July 31,2019

Revenue
Service Revenue	62,000
Rent revenue	8,500
Total revenue		70,500
Expenses
Salaries and wages expenses	51,700
Utilities exepnses	22,600
Depreciation expense	4,000
Total exepnses		(78,300)
Net loss		(7,800)

Norsted company

Retained earnings statement

For the year ended 31 July,2 019

Beginning of the year balance		21,200
Less: net loss	(7,800)
Dividends	(3,000)
Total		(10,800)
Ending balance		10,400

Notated company

Balance sheet

For the year july 31 2019

Assets

Current assets
Cash	14,200
Account Recievable	9,780
Total current assets		23,980
Non current Assets
Equipment	30,400
Accumulated depreciation	6,000
Total non current Assets		24,400
Total assets		48,380

Liabilities and stockholders equity

Current liability
Salaries and wages payable	2,080
Account payable	4,100
Total current liabilities		6,180
Long term liabilities
Notes payable (long-term)		1,800
Total liabilities		7,980
Stockholders equity
Common stock	30,000
Retained earnings	10,400	40,400
Total liabilities and stockholders equity		48,380