Question

Question 9 View Policies Current Attempt in Progress These financial statement items are for Sandhill Co. at year-end, July 31, 2022 Salaries and wages payable Salaries and wages expense Supplies expense Equipment Accounts payable Service revenue Rent revenue Notes payable (due in 2025) Common stock Cash Accounts receivable Accumulated depreciation-equipment Dividends Depreciation expense Retained earnings (beginning of the year) $4,000 59,000 17,500 15,460 3,700 67,600 10,400 3,000 16,000 36,640 11,100 7,500 4,000 4,000 35,500 Prepare an income statement for the year. Sandhill Co. did not issue any new stock during the year. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) SANDHILL CO. Income Statement $

Answer 1

Ans: SANDHILL Co. Income Stalement for the Year End July 31, 2022 Revenues y Service Revenue I Reut Revenue $67,600 $10,400 $78000 Total Revenue Expenses i Salaries S Wages Experise Supplies Expense Depreciation Expense $59,000 & 17,500 $ 4,000 Total Expense $80,500 _Net Income (1083) @500) SANDHILL Co. - Retained Earnings - Retained farving (Beginning.) | less Net loss Less clividends $35,500 ($2500) $4,000) | Retained Earnings (Ending) $ cf 9000

SAND.MILL 60 Balance Sheet - As on July 3L Assets Current Assets - Cashot Accounts receivable to Total Curneul Assets $36,640 Oo $47,740 Property. Plaul & Equipment! Equipeut thessi Accumulated depreciation 815,460 1$7,500) $7960 1 455,700 Total Assets foi o I Liabilities and stock halden's quity Gerarent liabilities in Accounts payable $3,700 Salaries and wages payable a 7 $4060 Total Lurrent Gabilities! $ 7.700 $3.000 $ 10,700 Thong term liabilities and lowish Notes Rayable * Totel Liabilities stock holder's equitys I Common stock I Retained Earnings $16.000 $29,000 Total Stockholder's equity 1$ 45,000 Total Waebilities & Stockholden's equity 1 $55,700
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