These financial statement items are for Sandhill Company at year-end, July 31, 2020.Salaries and wages payable $2,300 Notes payable (long-term) $1,800Salaries and wages expense 51,500 Cash 14,300Utilities expense 23,000 Accounts receivable 10,400Equipment 29,000 Accumulated depreciation―equipment 6,400Accounts payable 4,700 Owner’s drawings 3,200Service revenue 60,800 Depreciation expense 4,300Rent revenue 8,400 Owner’s Capital (beginning of the year) 51,300 Prepare an income statement for the year. The owner did not make any new investments during the year. (Enter negativeamounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)SANDHILL COMPANYIncome Statement$2$$2$

Name: These financial statement items are for Sandhill Company at year-end,
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Description: These financial statement items are for Sandhill Company at year-end, July 31, 2020.Salaries and wages payable $2,300 Notes payable (long-term) $1,800Salaries and wages expense 51,500 Cash 14,300Utilities expense 23,000 Accounts receivable 10,400Equi

Income statement is prepared mainly to determine profit or loss of the company for a particular…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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These financial statement items are for Sandhill Company at year-end, July 31, 2020.

Salaries and wages payable	$2,300	Notes payable (long-term)	$1,800
Salaries and wages expense	51,500	Cash	14,300
Utilities expense	23,000	Accounts receivable	10,400
Equipment	29,000	Accumulated depreciation―equipment	6,400
Accounts payable	4,700	Owner’s drawings	3,200
Service revenue	60,800	Depreciation expense	4,300
Rent revenue	8,400	Owner’s Capital (beginning of the year)	51,300

Prepare an income statement for the year. The owner did not make any new investments during the year. (Enter negative
amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
SANDHILL COMPANY
Income Statement
$
2$
$
2$

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