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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.
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