Exercise 4-17 (E4-17)These financial statement items are for B. Snyder Company I

Exercise 4-17 (E4-17)These financial statement items are for B. Snyder Company Inc. at year-end July 31 2008.Salaries payable $ 2080 Note payable (long-term) $ 1800Salaries expense 51700 Cash 24200Utilities expense 22600 Accounts receivable 9780Equipment 18500 Accumulated depreciation 6000Accounts payable 4100 Dividends 4000Commission revenue 61100 Depreciation expense 4000Rent revenue 8500 Retained earnings (beginning of the year) 21200Common stock 30000Instructions(a) Prepare an income statement and a retained earnings statement for the year.(b) Prepare a classified balance sheet at July 31.