Question

Question 3 Using the financial information and template provided below, prepare the Financial Statements for Turkey's Pet Food Inc. for year ended August 31, 2020. Ensure to report the income statement, statement of retained earnings and the balance sheet: Prepaid Expenses Accounts receivable Salaries payable Dividends Cost of goods sold Inventory Rent expense Salaries expense Sales revenue Common Shares Cash Accounts payable Utilities expense Retained Earnings, September 1, 2019 Retained Earnings, August 31, 2020 $ $ $ $ $ $ $ $ $ $ $ $ $ $ 9,000 21,400 4,500 10,000 65,500 35,150 21,000 55,000 217,550 10,000 56,500 18,000 23,000 46,500 ? Financial Statement Template:

Answer 1

Answer

All amounts in $

Income Statement	($)	($)
Trkey's pet Food Inc for year ended Agust 31,2020
Sales revenue	217550
Less:Cost of goods sold	65500
Gross Profit		152050
Operating Expenses
Rent Expense	21000
Salaries Expenswe	55000
Utilities exoense	23000
Total Operating Expense		99000
Operating Income		53050
Net Income Trnaseferd to Balancesheet		53050

Trkey's pet Food Inc for year ended Agust 31,2020	$	$
Balannce Sheet
Assets
Crrent Assets
Cash	56500
Accounts receivable	21400
Prepaid expense	9000
Inventory	35150
Total Crrent Assets		122050
long term Asset
Total Assets		122050
Liabilities
Current Liabilites
Accounts payable	18000
Salaries Payable	4500
Total Liabilities		22500
Owners Eqity
Common Shares	10000
Retained Earnings Sept 1,2019	46500
Less: Dividends	-10000
Net Profit	53050
Totl Owners Equity		99550
Total Liabiloties and Owners Equity		122050

Statement of Retained Earnings Aug 31, 2020	$
Retained Earnings Sept 1,2019	46500
Less: Dividends	-10000
Net Profit	53050
Reatined Earnings Aug 31, 2019	89550