Rigby Corporation began operations on June 1, 2004, as an online retailer of camping and outdoor recreational equipment. The following financial statement data were taken from Rigby's records at the end of its first year of operations, May 31, 2005:
|
Accounts payable
|
$ 54,000
|
|
Accounts receivable
|
86,400
|
|
Cash
|
?
|
|
Cash receipts from operating activities
|
1,506,600
|
|
Cash payments for operating activities
|
1,260,000
|
|
Capital stock
|
450,000
|
|
Cost of sales
|
720,000
|
|
Dividends
|
45,000
|
|
Income tax expense
|
252,000
|
|
Income taxes payable
|
36,000
|
|
Interest expense
|
27,000
|
|
Inventories
|
162,000
|
|
Note payable due in 2010
|
180,000
|
|
Property, plant, and equipment
|
680,400
|
|
Retained earnings
|
?
|
|
Sales
|
1,593,000
|
|
Selling and administrative expense
|
189,000
|
Instructions
1. Prepare an income statement for the year ending May 31, 2005.
2. Prepare a retained earnings statement for the year ending May 31, 2005.
3. Prepare a balance sheet as of May 31, 2005.
4. Prepare a statement of cash flows for the year ending May 31, 2005.