Dynamîte Saîes (organîzed as a corporatîon on September 1, 2013) has compîeted the accountîng cycîe for the

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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DYNAMITE SALES Trial Balance At August 31,2015 Account Titles Debit Credit S 47,700 38,320 270 27,000 Cash Accounts receivable Office supplies Company vehicles (delivery vans) Accumulated depreciation, company vehicles Equipment Accumulated depreciation, equipment Accounts payable Income taxes payable Salaries payable $ 9,000 2,700 900 16,225 0 1,350 25,000 29,000 4,500 6,615 Long-term debt Capital stock (par $1; 29,000 shares) Paid-in capital Retained earnings (on September 1, 2014) 7,200 Dividends declared and paid during the current year Sales revenue Cost of goods sold Operating expenses (detail omitted to conserve time) Depreciation expense (on vehicles and including S3,450 81,000 27,000 16,200 on equipment) Interest expense Income tax expense (not yet computed) Totals 4,950 2,250 173,590 $173,590