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Question 6

These financial statement items are for Sandhill Corporation at year end, July 31, 2018:

Operating expenses $32,500 Interest payable $ 700
Salaries expense 44,700 Supplies expense 1,300
Unearned revenue 12,000 Dividends declared 14,000
Utilities expense 2,800 Depreciation expense 3,900
Equipment 57,100 Retained earnings, Aug. 1, 2017 21,440
Accounts payable 4,920 Rent expense 11,000
Service revenue 113,100 Income tax expense 5,700
Rent revenue 19,500 Supplies 1,600
Common shares 27,000 Held for trading investments 24,500
Cash 5,560 Bank loan payable (due Dec. 31, 2018) 21,300
Accounts receivable 18,600 Interest expense 2,400
Accumulated depreciation—equipment 5,700


Additional information:
Sandhill started the year with $15,000 of common shares and issued additional shares for $12,000 during the year.

SANDHILL CORPORATION Income Statement

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