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These financial statement items are for Wildhorse Co. at year-end, July 31, 2022. Salaries and wages payable $ 3,900 Salaries and wages expense 59,300 Supplies
These financial statement items are for Wildhorse Co. at year-end, July 31, 2022.
Salaries and wages payable | $ 3,900 | |
Salaries and wages expense | 59,300 | |
Supplies expense | 17,100 | |
Equipment | 21,000 | |
Accounts payable | 3,900 | |
Service revenue | 67,900 | |
Rent revenue | 10,000 | |
Notes payable (due in 2025) | 3,200 | |
Common stock | 16,000 | |
Cash | 31,700 | |
Accounts receivable | 11,200 | |
Accumulated depreciationequipment | 8,000 | |
Dividends | 4,000 | |
Depreciation expense | 4,000 | |
Retained earnings (beginning of the year) | 35,400 |
Prepare a classified balance sheet at July 31. (List Current Assets in order of liquidity.)
Prepare an income statement for the year. Wildhorse Co. did not issue any new stock during the year. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) WILDHORSE CO. Income Statement For the Year Ended July 31, 2022 Revenues Service Revenue $ 67,900 Rent Revenue $10,000 Total Revenues $ 77,900 Expenses Salaries and Wages Expense $ 59,300 i Supplies Expense $17,100 i Depreciation Expense $4,000 i Total Expenses > $80,400 i Net Income /(Loss) $ -2500 WILDHORSE CO. Retained Earnings Statement For the Year Ended July 31, 2022 Retained Earnings, August 1, 2021 35,400 Less Net Income / (Loss) $ -2500 i Less DividendsStep by Step Solution
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