2. Snow Inc. gathered together the following information regarding the asset, liability, shareholders' equity, revenue,...
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2. Snow Inc. gathered together the following information regarding the asset, liability, shareholders' equity, revenue, and expense accounts as of the end of its first year in operations, July 31, 2020: Rent expense $7,500 Dividends $10,200 Truck 14,600 Accounts payable 6,700 Supplies 2,500 Service revenue 45,500 Salary expense 19,400 Salary payable 1,200 Accounts receivable 8,200 Utilities expense 5,000 Note payable 11,000 Interest expense 1,500 Common shares 25,000 Cash 20,800 Prepare an income statement for Snow Inc. for the year ended July 31, 2020. (5 Points)
2. Snow Inc. gathered together the following information regarding the asset, liability,
shareholders' equity, revenue, and expense accounts as of the end of its first year in operations,
July 31, 2020:
Rent expense $7,500 Dividends $10,200
Truck 14,600 Accounts payable 6,700
Supplies 2,500 Service revenue 45,500
Salary expense 19,400 Salary payable 1,200
Accounts receivable 8,200 Utilities expense 5,000
Note payable 11,000 Interest expense 1,500
Common shares 25,000 Cash 20,800
Prepare an income statement for Snow Inc. for the year ended July 31, 2020. (5 Points)
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