Cheese Factory Incorporated reported the following information for the fiscal year ended August 31, 2015.

Accounts Payable	$	145,000
Accounts Receivable		15,000
Cash (balance on September 1, 2014)		75,000
Cash (balance on August 31, 2015)		80,000
Common Stock		100,000
Dividends		10,000
Equipment		755,000
Notes Payable		30,000
Office Expenses		95,000
Prepaid Rent		50,000
Retained Earnings (beginning)		410,000
Salaries and Wages Expense		955,000
Salaries and Wages Payable		170,000
Sales Revenue		1,660,000
Supplies		25,000
Utilities Expense		530,000

Other cash flow information:
Additional investments by stockholders	$	34,000
Cash paid to purchase equipment		40,000
Cash paid to suppliers and employees		1,490,000
Repayments of borrowings		155,000
Cash received from customers		1,661,000
Cash received from borrowings		5,000
Dividends paid in cash		10,000

Required: 1. Prepare an income statement for the fiscal year ended August 31, 2015. CHEESE FACTORY INCORPORATED Income Statement