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DedPeter [7]
3 years ago
6

Cheese Factory Incorporated reported the following information for the fiscal year ended August 31, 2015.

Business
1 answer:
Slav-nsk [51]3 years ago
6 0

Answer:

              CHEESE FACTORY INCORPORATED

                            Income Statement

                For the Year Ended August 31, 2015

Revenues:  

Sales revenue                                                 $1,738,000

Total revenue                                           $1,738,000

Expenses

Salaries and wages expense  $975,000

Office expenses                       $115,000

Utilities expense                       $550,000

Total expenses                                                <u>$1,640,000</u>

Net income                                                      <u>$98,000</u>

                CHEESE FACTORY INCORPORATED

                   Statement of Retained Earnings

              For the Year Ended August 31, 2015

Retained earnings, beginning       $414,000

Add: Net income                            $98,000

Less: Dividends                              <u>$14,000  </u>

Retained earnings, ending           <u>$498,000</u>

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