Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. these financial statement items are for wildhorse

These financial statement items are for Wildhorse Co. at year-end, July 31, 2017. ...

70.2K

Verified Solution

Question

Accounting

These financial statement items are for Wildhorse Co. at year-end, July 31, 2017.

Salaries and wages payable $ 3,880
Salaries and wages expense 59,200
Supplies expense 17,000
Equipment 20,300
Accounts payable 4,100
Service revenue 67,800
Rent revenue 9,900
Notes payable (due in 2020) 2,900
Common stock 16,000
Cash 30,900
Accounts receivable 10,880
Accumulated depreciationequipment 7,600
Dividends 4,000
Depreciation expense 5,600
Retained earnings (beginning of the year) 35,700

Prepare an income statement for the year. Wildhorse Co. did not issue any new stock during the year.

Prepare a retained earnings statement for the year. Wildhorse Co. did not issue any new stock during the year.

Prepare a classified balance sheet at July 31. (List current assets in order of liquidity.) Liabilities and Stockholders' Equity

Compute the current ratio and debt to assets ratio

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students