Solution-Prepare an income statement for the year ending

Prepare an income statement for the year ending

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Reference no: EM13535335

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.

Reference no: EM13535335

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Prepare an income statement for the year ending

Reference no: EM13535335

Reference no: EM13535335

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