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

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

           Salaries and wages payable                  $  2,580

           Salaries and wages expense                     50,700

           Utilities expense                                        22,600

           Equipment                                                  21,000

           Accounts payable                                        4,100

           Service revenue                                          62,100

           Rent revenue                                                8,500

           Notes payable (due 2019)                           1,800

           Common stock                                           16,000

           Cash                                                            20,200

           Accounts receivable                                   12,780

           Accumulated depreciation—equipment    6,000

           Dividends                                                    5,000

           Depreciation expense                                  4,000

           Retained earnings (beginning of the year) 35,200

Instructions

(a)  Prepare an income statement and a retained earnings statement for the year ended July 31, 2017. Snyder Corporation did not issue any new stock during the year.

(b)  Prepare a classified balance sheet at July 31, 2017.