Question 6
These financial statement items are for Sandhill Corporation at
year end, July 31, 2018:
Operating expenses | $32,500 | Interest payable | $ 700 | |||
Salaries expense | 44,700 | Supplies expense | 1,300 | |||
Unearned revenue | 12,000 | Dividends declared | 14,000 | |||
Utilities expense | 2,800 | Depreciation expense | 3,900 | |||
Equipment | 57,100 | Retained earnings, Aug. 1, 2017 | 21,440 | |||
Accounts payable | 4,920 | Rent expense | 11,000 | |||
Service revenue | 113,100 | Income tax expense | 5,700 | |||
Rent revenue | 19,500 | Supplies | 1,600 | |||
Common shares | 27,000 | Held for trading investments | 24,500 | |||
Cash | 5,560 | Bank loan payable (due Dec. 31, 2018) | 21,300 | |||
Accounts receivable | 18,600 | Interest expense | 2,400 | |||
Accumulated depreciation—equipment | 5,700 |
Additional information:
Sandhill started the year with $15,000 of common shares and issued
additional shares for $12,000 during the year.
Income Statement | ||||||||
For the year ending July 31,2018 | ||||||||
Revenue | ||||||||
Service revenue | 113,100 | |||||||
rent revenue | 19,500 | |||||||
total revenue | 132,600 | |||||||
Expenses | ||||||||
operating expense | 32,500 | |||||||
Salaries expense | 44,700 | |||||||
Utilities expense | 2,800 | |||||||
Supplies expense | 1,300 | |||||||
Depreciation expense | 3,900 | |||||||
Rent expense | 11,000 | |||||||
interest expense | 2,400 | |||||||
total expense | 98,600 | |||||||
Net operating income before tax | 34,000 | |||||||
income tax expense | 5,700 | |||||||
Net operating income | 28,300 | |||||||
Question 6 These financial statement items are for Sandhill Corporation at year end, July 31, 2018:...
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