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D Chapter 1 Hv × D https://utsat × D MS1023CY1. x DMS1023CY1 x)(Dhttpri utsal xnHuisACol ?.com/hm.tpx o Questions 21-23 (of 23) Reporting Amounts on the Four Basic Financial Statements and Evaluating Financia /The following information applies to the questions displayed below) Cheese Factory Incorporated reported the following information for the fiscal year ended August 31, 2015. Accounts Payable Accounts Receivable Cash (balance on September 1, 2014) Cash (balance on August 31, 2015) Common Stock Dividends Equipment Notes Payable Office Expenses Prepaid Rent Retained Earnings (beginning) Salaries and Wages Expense Salaries and Wages Payable Sales Revenue Supplies Utilities Expense $ 162,000 32,000 92,000 110,000 100,000 5,000 772,000 47000 180,000 77000 427000 1,040,000 187000 1967000 49,000 615,000 Other cash flow information: Additional investments by stockholders Cash paid to purchase equipment Cash paid to suppliers and employees Repayments of borrowings Cash received from customers Cash recelved from borrowings Dividends paid in cash $51000 61000 1.540,000 172.000 1,746,000 9,000 15,000 References Section Break Reporting Amounts on the Four BasicExplanation / Answer
a.) Income statement
Sales revenue = 1967000
less: expenses :
Office expense 180000
salaries and wages expense 1040000
utilities expense 615000 = 1835000
Net income = 132000
b.) Statement of retained earnings
Beginning balance of retained earnings = 427000
Add: net income = 132000
less: dividend = (15000)
Ending balance of retained earnings = 544000
c.) Balance sheet
Assets
cash 110000
Accounts receivable 32000
Supplies 49000
Prepaid rent 77000
Equipment 772000
Total assets 1040000
Total liabilities and shareholder's equity
Accounts payable 162000
Notes payable 47000
Salaries and wages payable 187000 396000
shareholder's equity
Common stock 100000
Retained earnings 544000 644000
Total liabilities and shareholder's equity 1040000
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