Required information Reporting Amounts on the Four Basic Financial Statements and Evaluating Financial Statements [LO 1-2, LO 1-3] [The following information applies to the questions displayed below.] Cheese Factory Incorporated reported the following information for the fiscal year ended August 31, 2021. Accounts Payable Accounts Receivable $148,000 18,000 78,000 Cash (balance on September 1, 2020) Cash (balance on August 31, 2021) Common Stock 86,000 100,000 Dividends 13,000 Equipment 758,000 Notes Payable 33,000 Office Expense 110,000 Prepaid Rent 53,000 413,000 970,000 Retained Earnings (beginning) Salaries and Wages Expense Salaries and Wages Payable Sales Revenue 173,000 1,717,000 Supplies 31,000 Utilities Expense 545,000 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 $ 34,000 43,000 1,496,000 158,000 1,676,000 8,000 13,000

Required information Reporting Amounts on the Four Basic Financial Statements and Evaluating Financial Statements [LO 1-2, LO 1-3] [The following information applies to the questions displayed below.] Cheese Factory Incorporated reported the following information for the fiscal year ended August 31, 2021. Accounts Payable Accounts Receivable $148,000 18,000 78,000 Cash (balance on September 1, 2020) Cash (balance on August 31, 2021) Common Stock 86,000 100,000 Dividends 13,000 Equipment 758,000 Notes Payable 33,000 Office Expense 110,000 Prepaid Rent 53,000 413,000 970,000 Retained Earnings (beginning) Salaries and Wages Expense Salaries and Wages Payable Sales Revenue 173,000 1,717,000 Supplies 31,000 Utilities Expense 545,000 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 $ 34,000 43,000 1,496,000 158,000 1,676,000 8,000 13,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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