Problem: Creating financial statements
Accounts Payable 20,000
Account Receivable 60,000
Capital Stock 252,000
Cash ?
Cash Payments for operating activities 657,000
Cash Receipts from operating activities 690,000
Cost of Sales 435,000
Dividends 30,000
Income Tax expense 53,000
Income Tax payable 8,000
Interest expense 2,000
Inventories 115,000
Notes Payable (due in 2017) 50,000
Property, plant, and equipment 265,000
Retained earnings ?
Sales 750,000
Selling and administrative expense 80,000
Create an income statement, retained earnings statement, balance sheet, and statement of cash flows.