Problem III: The following are condensed financial statements for Isaias Inc. for the month of August. Solve for all spots marked with a "?". You may either write or type your answers over the question marks or enter them in the chart on the next page. $ 800,000 Isaias Inc. Income Statement For the month ended August 31, 20X1 Service revenue Expenses: Salaries expense $ ? Rent expense 38,000 Insurance expense 6,000 Utilities expense 2,000 Miscellaneous expense 4,000 Total expenses Net Income ? ? $ Isaias Inc. Statement of Stockholders' Equity For the month ended August 31, 20X1 Common Stock $ 30,000 10,000 issuances Beginning balances - Aug 1 Add: New stock Add: Net income Less: Dividends Ending balances Aug 31 Retained Earnings Total Stockholders' Equity $ 100,000 $ 130,000 10,000 500,000 500,000 ? ? $ ? $ 615,000 $ 40,000 Isaias Inc. Balance Sheet at August 31, 20X1 Assets: Cash Accounts Receivable Supplies Equipment Land Building Liabilities: Accounts Payable Salaries Payable Notes Payable Total Liabilities $ ? 40,000 1,000 300,000 100,000 200,000 $ ? 4,000 40,000 $ ? $ 40,000 Owners' Equity Common Stock Retained Earnings Total Stockholders' Equity 615,000 Total Assets $ ? Total Liabilities & Stockholders' Equity $660,000 (Continued on the next page) Problem III: (continued) What should be the amount for: Income statement: Salaries expense Total expenses Net income Statement of Stockholders' Equity Dividends Ending retained earnings (Aug 31) Balance Sheet Cash Total assets Accounts payable Total liabilities Retained earnings