Question

Dynamte Saes (organzed as a corporaton on September 1, 2013) has competed the accountng cyce for the second year, ended August 31, 2015. Dynamte aso has competed a correct tra baance as foows:.


Required:
Complete the financial statements, as follows:
a. Classified (multiple-step) income statement for the reporting year ended August 31, 2015. Include income tax expense, assuming a 30 percent tax rate. Use the following subtotals: Gross Profit, Total Operating Expenses, Income from Operations, Income before Income Taxes, and Net Income, and show EPS.
b. Classified balance sheet at the end of the reporting year, August 31, 2015. Include (1) income taxes for the current year in Income Taxes Payable and (2) dividends in Retained Earnings. Use the following captions (list each item under these captions).

Assets Stockholders’ Equity
Current assets Contributed capital
Noncurrent assets Retained earnings

Liabilities
Current liabilities
Long-termliabilities


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  • CreatedJuly 01, 2014
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