Exercise 4-17

These financial statement items are for B. Snyder at year-end, July 31, 2010.

Salaries payable	$2,080		Note payable (long-term)	$1,800
Salaries expense	51,700		Cash	24,200
Utilities expense	22,600		Accounts receivable	9,780
Equipment	18,500		Accumulated depreciation	6,000
Accounts payable	4,100		B. Snyder, Drawing	4,000
Commission revenue	61,100		Depreciation expense	4,000
Rent revenue	8,500		B. Snyder, Capital (beginning of the year)	51,200

Instructions

(a) Complete the income statement and an owner's equity statement for the year. The owner did not make any new investments during the year. (List amounts from largest to smallest eg 10, 5, 3, 2. If a net loss, record amount using either a negative sign preceding the number eg -45 or parentheses eg (45).)

(b) Prepare a classified balance sheet at July 31. (List assets in order of liquidity. List current liabilities from largest to smallest eg 10, 5, 3, 2.)

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