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>
