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
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
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 | 10,400 | ||||
Equipment | 29,000 | 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$](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9957b034-7dc4-42f0-9ed6-fcce58465f30%2F55f30c2e-f34c-489f-9aad-ef71968e917a%2Fvh5iljr_processed.png&w=3840&q=75)
Transcribed Image Text: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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