Dynamite Sales (organized as a corporation on September 1, 2016) has completed the accounting cycle for the second year, ended August 31, 2018. Dynamite also has completed a correct trial balance as follows:

Required:Complete the financial statements, as follows:Classified (multiple-step) income statement for the reporting year ended August 31, 2018. 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.

Classified balance sheet at the end of the reporting year, August 31, 2018. 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).

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DYNAMITE SALES Trial Balance At August 31, 2018 Account Titles Debit Credit $ 47,700 Cash Accounts receivable 38,320 Office supplies 270 27,000 Company vehicles (delivery vans) $ 9,000 Accumulated depreciation, company vehicles 2,700 Equipment Accumulated depreciation, equipment 900 Accounts payable 16,225 Income taxes payable Salaries payable 1,350 Long-term debt 25,000 Capital stock (par $1; 29,000 shares) 29,000 Paid-in capital 4,500 Retained earnings (on September 1, 2017) 6,615 Dividends declared and paid during the current 7,200 year Sales revenue 81,000 Cost of goods sold 27,000 Operating expenses (detail omitted to conserve time) 16,200 Depreciation expense (on vehicles and equipment) 4,950 Interest expense 2,250 Income tax expense (not yet computed) Totals $173,590 $173,590