Question

In: Accounting

These financial statement items are for Snyder Corporation at year-end, July 31, 2017. Salaries payable $2,580...

These financial statement items are for Snyder Corporation at year-end, July 31, 2017.

	Salaries payable	$2,580
	Salaries expense	48,700
	Utilities expense	22,600
	Equipment	21,000
	Accounts payable	4,100
	Commission revenue	61,100
	Rent revenue	8,500
	Long-term note payable	1,800
	Common stock	16,000
	Cash	24,200
	Accounts receivable	9,780
	Accumulated depreciation	6,000
	Dividends	5,000
	Depreciation expense	4,000
	Retained earnings (beginning of the year)	35,200

Instructions

Fill in the appropriate amounts to the questions in the answer box below. BE SURE TO SHOW YOUR CALCULATIONS otherwise there is no way to give you partial credit. BE SURE to label each of your answers so I can tell which part you are answering.

a. Total current assets

b. Total Property Plant and Equipment

c, Total Assets

d. Total Current Liabilities

e. Total Long Term Liabilities

f. Total Liabilities

g. Ending Retained Earnings

h. Total Stockholders Equity

i. Total Revenues

j. Total Expenses

k. Net Income

Solutions

Expert Solution

Answer.

a. Total current assets = $33980

b. Total Property Plant and Equipment = $15000

c. Assets = $48980

d. Total Current Liabilities = $6680

e. Total Long Term Liabilities = $1800

f. Total Liabilities = $ 8480

g. Ending Retained Earnings = $24500

h. Total Stockholders Equity = $40500

i. Total Revenues = $69600

j. Total Expenses = $75300

k. Net Income = -$5700 (Net Loss)

Calculation for the above amounts is shown below:

ekkarill92 answered 1 year ago

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