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Prepare a retained earnings statement for the year ended

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Reference no: EM13257726

eWare Corporation began operations on January 1, 2009, as anonline retailer of computer software and hardware. Thefollowing financial statement data were taken from eWare'srecords at the end of its first year of operations, December 31,2009

Accountspayable                                                         $31,500

Accountsreceivable                                                         50,400

Capitalstock                                                                  262,500

Cash                                                                                   ?

Cash or operatingactivities                                              735,000

Cash receipts from operatingactivities                              878,850

Cost ofsales                                                                    420,000

Dividends                                                                          26,250

Income taxexpense                                                         147,000

Income taxespayable                                                        21,000

Interestexpense                                                                15,750

Inventories                                                                         94,500

Note payable (due in2015)                                             105,000

Property, plan, andequipment                                           396,900

Retainedearnings                                                                    ?

Sales                                                                                  929,250

Selling and administrativeexpense                                      110,250

  1. Prepare an income statement for the year ended December 31,2009
  2. Prepare a retained earnings statement for the year endedDecember 31, 2009
  3. Prepare a balance sheet as of December 31, 2009
  4. Prepare a statement of cash flows for the year ended December31, 2009

Reference no: EM13257726

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