These Financial Statement Items Are for Snyder Corporation at Year-End

Essay

These financial statement items are for Snyder Corporation at year-end, July 31, 2014. $$\begin{array} { l r } \text { Salaries and wages payable } & \$ 2,580 \\\text { Salaries and wages expense } & 50,700 \\\text { Utilities expense } & 22,600 \\\text { Equipment } & 21,000 \\\text { Accounts payable } & 4,100 \\\text { Service revenue } & 62,100 \\\text { Rent revenue } & 8,500 \\\text { Notes payable (due 2016) } & 1,800 \\\text { Common stock } & 16,000 \\\text { Cash } & 20,200 \\\text { Accounts receivable } & 12,780 \\\text { Accumulated depreciation-equipment } & 6,000 \\\text { Dividends } & 5,000 \\\text { Depreciation expense } & 4,000 \\\text { Retained earnings (beginning of the year) } & 35,200\end{array}$$ Instructions
(a) Prepare an income statement and a retained earnings statement for the year ended July 31, 2014. Snyder Corporation did not issue any new stock during the year.
(b) Prepare a classified balance sheet at July 31, 2014.