Delicious Foods Inc. Condensed Income Statement For the year ended August 31 2020 Sales Cost of sales Lease expenses Other operating expenses (excluding depreciation) Depreciation expense Interest expense Income tax expense (30%) 5,200,000 1,560,000 120,000 2,760,000 105,000 242,000 (to be calculated) Delicious Foods Inc. Condensed Income Statement For the year ended August 31 2020 Sales (revenue) 5,200,000 B 2020 268,000 565,000 90,000 1,600,000 830,000 525,000 (to be calculated) 1,200,000 1,100,000 1,550,000 300,000 1,500,000 . 1 Delicious Foods Inc. 2 Information from the Statement of Financial Position (Balance Sheet) 3 As at August 31 2019 4 5 Cash 241,000 6 Accounts payable 584,000 7 Wages payable 121,000 8 Common shares 1,500,000 9 Inventories 834,000 10 Accumulated depreciation - property and equipment 420,000 11 Retained earnings (to be calculated) 12 Marketable securities 1,240,000 13 Long-term loan 820,000 14 Accounts receivable 1,520,000 15 Other current liabilities 636,000 16 Property and equipment 1,200,000 17 18 19 Delicious Foods Inc. 20 Statement of Financial Position (Balance Sheet) 21 As at August 31 2019 22 23 ASSETS 24 25 Current Assets 26 Cash $ 241,000 27 Accounts receivable 1,520,000 28 Inventories 834,000 29 Marketable securities 1,240,000 30 31 Property and equipment 1,200,000 32 33 Current Liabilities 34 Accounts payable 584,000 35 Wages payable 121,000 36 37 Shareholders' equity 38 Common shares $ 1,500,000 39 Retained earnings 40 2020 $ 268,000 1,550,000 830,000 1,200,000 1,500,000 565,000 90,000 $1,600,000