SNYDER CORPORATION | ||
Income Statement | ||
For the Year Ended July 31, 2017 | ||
Revenues: | ||
Service revenue | $62,100 | |
Rent revenue | $8,500 | |
Total revenues [$62,100 + $8,500 | $70,600 | |
Expenses: | ||
Salaries and wages expense | $50,700 | |
Utilities expense | $22,600 | |
Depreciation expense | $4,000 | |
Total expenses [$50,700 + $22,600 + $4,000] | $77,300 | |
Net income / (loss) [$70,600 - $77,300] | ($6,700) |
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SNYDER CORPORATION | ||
Retained Earnings Statement | ||
For the Year Ended July 31, 2017 | ||
Retained earnings, August 31, 2016 | $35,200 | |
Less: | ||
Net income / (loss) [Refer Income Statement] | (6,700) | |
Dividends | (5,000) | |
(11,700) | ||
Retained earnings, July 31, 2017 | $23,500 |
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SNYDER CORPORATION | ||
Balance Sheet | ||
July 31, 2017 | ||
Assets | ||
Current assets | ||
Cash | $20,200 | |
Accounts receivable | $12,780 | |
Total current assets | $32,980 | |
Property, Plant and Equipment | ||
Equipment | $21,000 | |
Less: Accumulated depreciation - Equipment | $6,000 | $15,000 |
Total assets [$32,980 + $15,000] | $47,980 | |
Liabilities and Stockholders' Equity | ||
Current liabilities | ||
Salaries and wages payable | $2,580 | |
Accounts payable | $4,100 | |
Total current liabilities [$2,580 + $4,100] | $6,680 | |
Notes payable (long term) | $1,800 | |
Total liabilities [$6,680 + $1,800] | $8,480 | |
Stockholders' Equity | ||
Common stock | $16,000 | |
Retained earnings [Refer retained earnings statement] | $23,500 | |
Total Stockholders' Equity [$16,000 + $23,500] | $39,500 | |
Total Liabilities and Stockholders' Equity [$8,480 + $39,500] | $47,980 |
Exercise 124 These financial statement items are for Snyder Corporation at year-end, July 31, 2017 50.700...
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