assume the island coffee roasters corp. ended the month of August 2015 with this data. Explain the relationship among the income statement, statement of retained earnings, balance sheet and statement of cash flows payment of cash Acquisition of equipment $205.000 Cash balance , August 01, 2015 $ 0 Rent expenses. $ 1,800 account Payable $ 8,800 Service revenue $ 272,600 Dividends $ 2400 Cash balance August 31, 2015 5,500 common stock 24,400 Retaining earnings Cash receipts equipment 205,000 August 1, 2015 0 issuance (sale) of stock to owners 24,400 office supplies 7,400.

Island coffee roasters corp statement if retained earnings

For the month of Ended August 31, 2015

Retained earned, August 1, 2015, $0

Add Net Income 187,100

187,100

Less Dividends (2,400}

Retained earnings August 31, 2015 184,7000

Island coffee Roasters Corp.

Income Statement

For the Month Ended August 31, 2015

Revenue

Service revenue $272,600

Expenses

Salary expense $ 78,500

Utilities expenses 5,200

Rent expenses 1, 800

Total expenses 85,500

Net income $ 187,100

Island Cofee Roasters Corp.

Balance Sheet

August 31, 2015

Assets Liabilities

Cash $ 5,500 Acct payable $8800

Office Sup 7,400 Sockholders'Eq.

Equip. $205,000 Common stock $24,400 Retained Ern. 184,700

Total stock. Equ. $209,100

Tot. assets $217,900 Tot.Liabilities $217,900