ACC 280 / XACC 280
Axia College of University of Phoenix (UoP)
Principles of Accounting
Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2008). Financial Accounting (6th ed.). Hoboken, NJ: Wiley.
ACC 280 / XACC 280 Solution
Help in ACC 280
Help in XACC 280
Exercise 4-17 (E4-17) These financial statement items are for B. Snyder Company Inc. at year-end, July 31, 2008.
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 Dividends 4,000
Commission revenue 61,100 Depreciation expense 4,000
Rent revenue 8,500 Retained earnings (beginning of the year) 21,200
Common stock 30,000
Instructions
(a) Prepare an income statement and a retained earnings statement for the year.
(b) Prepare a classified balance sheet at July 31.
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