Question - These financial statement items are for Snyder Corporation at year-end, July 31, 2010.
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: Prepare an income statement and a retained earnings statement for the year. Snyder Corporation did not issue any new stock during the year.