Cheese Factory Incorporated reported the following information for the fiscal year ended August 31, 2015. Accounts Payable $ 149,000
Accounts Receivable 19,000
Cash (balance on September 1, 2014) 79,000
Cash (balance on August 31, 2015) 90,000
Common Stock 100,000
Dividends 14,000
Equipment 759,000
Notes Payable 34,000
Office Expenses 115,000
Prepaid Rent 54,000
Retained Earnings (beginning) 414,000
Salaries and Wages Expense 975,000
Salaries and Wages Payable 174,000
Sales Revenue 1,738,000
Supplies 33,000
Utilities Expense 550,000
Other cash flow information:
Additional investments by stockholders $ 36,000
Cash paid to purchase equipment 44,000
Cash paid to suppliers and employees 1,498,000
Repayments of borrowings 159,000
Cash received from customers 1,681,000
Cash received from borrowings 9,000
Dividends paid in cash 14,000Required:Prepare income statement for the year ended Aug 31 2015.Prepare a statement of retained earnings for the fiscal year ended Aug 31 2015.