Accounts Payable Accounts Receivable Cash (balance on September 1, 2014) Cash (b
ID: 2556241 • Letter: A
Question
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 (beginnina) Salaries and Wages Expense Salaries and Wages Payable Sales Revenue Supplies Utilities Expense $ 149,000 19,000 79,000 90,000 100,000 14,000 759,000 34,000 115,000 54,000 414,000 975,000 174,000 1,738,000 33,000 550,000 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 received from borrowings Dividends paid in cash $ 36,000 44,000 1,498,000 159,000 1,681,000 9,000 14,000Explanation / Answer
CHEESE FACTORY INCORPORATED
Income Statement for the Year Ended August 31, 2015
Revenues
Sales Revenue
$ 17,38,000
Total Revenues
$ 17,38,000
Expenses:
Salaries and Wages Expense
$ 9,75,000
Utilities Expense
$ 5,50,000
Office Expenses
$ 1,15,000
Total Expenses
$ 16,40,000
Net Income
$ 98,000
Revenues
Sales Revenue
$ 17,38,000
Total Revenues
$ 17,38,000
Expenses:
Salaries and Wages Expense
$ 9,75,000
Utilities Expense
$ 5,50,000
Office Expenses
$ 1,15,000
Total Expenses
$ 16,40,000
Net Income
$ 98,000