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N76 [4]
3 years ago
13

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

Business
1 answer:
liraira [26]3 years ago
7 0

Answer:

1. Income statement for 2016.

Sales revenue ($1,661,000 + $15,000)                             $1,676,000

Less Cost of Sales

Purchases ($1,490,000 + $145,000)                               ($1,635,000)

Gross Profit                                                                             $41,000

Less Expenses

Office Expense                                              $95,000

Salaries and wages expense                     $955,000

Utilities Expense                                         $530,000     ($1,580,000)

Net Loss                                                                            ($1,539,000)

<u>2. Statement of retained earnings for the fiscal year ended August 31, 2015.</u>

Retained Earnings Beginning     $410,000

Dividends                                       $10,000

Retained Earnings Closing         $400,000

Explanation:

Income statement calculates profit : Profit = Gross Profit (Sales - Cost of Sales) - Expenses. Whilst Statement of retained earnings calculates closing balance in Retained Earnings : Closing Balance = Opening Balance + Profit for the year - Dividends  

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