Accounts Payable Accounts Receivable Cash (balance on September 1, 2014) Cash (b
ID: 2556243 • 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
Answer:
First of all we need to find out the net income as under
Sales revenue
1,738,000
Less: Expanses
Salaries and Wages Expense
975,000.00
Utility Expense
550,000.00
Office exp
115,000.00
Total Expanses
1,640,000
Net income
98,000
Chees factory incorporated
statement of retained earning
Retained earning (beginning)
414000
Add: Net income
98,000
Less: Dividend paid
-14000
Retained earning Ending)
498,000
Sales revenue
1,738,000
Less: Expanses
Salaries and Wages Expense
975,000.00
Utility Expense
550,000.00
Office exp
115,000.00
Total Expanses
1,640,000
Net income
98,000
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