These financial statement items are for Snyder Corporation at year-end, July 31, 2010.

These financial statement items are for Snyder Corporation at year-end, July 31, 2010.

Salaries payable            $ 2,580

Salaries expense            48,700

Utilities expense             22,600

Equipment                      21,000

Accounts payable             4,100

Commission revenue      61,100

Rent revenue                    8,500

Long-term note payable   1,800

Common stock               16,000

Cash                               24,200

Accounts receivable         9,780

Accumulated depreciation 6,000

Dividends                          5,000

Depreciation expense        4,000

Retained earnings (beginning of the year)   35,200

Required:

Prepare an income statement and a retained earnings statement for the year.