E1-38B: Constructan income statement and a statement of retained earnings.

Assume Earl Coffee Roaster Corporation ended the month of august 2016 with these data:

Prepare the income statement and the statement of retained earnings of earl coffee roasters corporation for the month ended august 31, 2016.

Payments of cash: Acquisition of equipment.. $3202 100 ,....s sale, of stock 8.000 Retained earnings Retained earnings Utilities expenseim. " Dividendsw.wanersi August 1, 2016.... August 31, 2016 bafance, August 31.,2016. 5,300 to owners. 24,600 : 24,600 Office supplies7300 270,800 cash receipts: ent s900 Common stock Adjustments to reconcile net income to net cash provided by operations.1,500Accounts payable m8,800 Salary expense..78 78,700 Service revertut