Prepare an income statement for the year ending

Assignment Help Cost Accounting
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

Questions Cloud

Prepare circuit citys statement of cash flows : Prepare Circuit Citys statement of cash flows for the year ending May 30, 2001.
A grandfather clock has a weight at the bottom of pendulum : A grandfather clock has a weight at the bottom of the pendulum that can be moved up or down. If the clock is running slow, what should you do to adjust the time properly?
Explain energy levels of the hydrogen atom is the energy : Between which of the following energy levels of the hydrogen atom is the energy difference the greatest
Find what is the minimum time that it would take : Imagine that a stove burner provides thermal energy at a rate of 4800 J/s. What is the minimum time that it would take to melt 1 qt (about 1300 g) of ice in a pan placed on that burner
Prepare an income statement for the year ending : Prepare an income statement for the year ending May 31, 2005 and prepare a retained earnings statement for the year ending May 31, 2005.
The bluegrass distillery produces custom-blended whiskey : The Bluegrass Distillery produces custom-blended whiskey.
The temperature of the skin is approximately : The temperature of the skin is approximately 35 degrees celsius. At what wavelength does the radiation emitted from the skin reach its peak?
What is the magnitude of the trains angular acceleration : A toy train rolls around a horizontal 1.3--diameter track. The coefficient of rolling friction is 0.12. What is the magnitude of the train's angular acceleration
Define how society depends on the accuracy : Explain how society depends on the accuracy and precision of measurements for products sold by the retail industry, such as a gallon of gasoline, a bushel of corn, or a liter of bottled water. Compare and contrast the accuracy and precision of at l..

Reviews

Write a Review

Cost Accounting Questions & Answers

  Compute the adjusting entry for the inventory shrinkage

Jaguar Inc.'s perpetual inventory records indicate that $584,000 of merchandise should be on hand on July 31, 2007. The physical inventory indicates that $560,000 of merchandise is actually on hand.

  Prepare monthly cash budgets for each of first three months

According to a credit agreement with the company's bank, Kasik promises to have a minimum cash balance of $30,000 at each month-end. In return, the bank has agreed that the company can borrow up to $150,000 at an annual interest rate of 12%, paid ..

  Pacific homecare has three bond issues outstanding all

pacific homecare has three bond issues outstanding. all three bonds pay 100 in annual interest plus 1000 at maturity.

  The taxpayers george a warden social security number

the taxpayers george a. warden social security number 333-33-3330 and mary s. warden social security number 444-44-4440

  What is the fixed charge coverage

(a) What is the times-interest-earned ratio - Times-interest earned If the firm's lease payments are $43,700, what is the fixed charge coverage?

  Prepare a cvp income statement for the quarter ended

Hamby Inc. has sales of $ 2,000,000 for the forst quarters of 2014. In making the sales the company incurred the following costs and expense Variable Fixed Cost of Good sold $760,000 $600,000 Selling expenses $ 95,000 $ 60,000 Administrative expense..

  How could the selling price of the bonds be determined

How could the selling price of the bonds be determined

  Set up t-accounts with the proper account balances

Set up T-accounts with the proper account balances at April 30, 2003, and post the entries to the T-accounts.

  Prepare a schedule of equivalent units

Prepare a schedule of equivalent units and a cost of production report for Century Corporation for April. There was zero beginning work in process; 4,200 units were started; and 4,000 units were completed and transferred out.

  Horizontal analysis for income statement

Aloha, can anyone do this part of learning team assignment. My portion of team assignment - Horizontal Analysis for Income Statement

  Conwell company manufactures its product vitadrink through

conwell company manufactures its product vitadrink through two manufacturing processes mixing and packaging. all

  Question general company informationmargaret brown and joel

question general company informationmargaret brown and joel lee each own 50 percent of designs inc. with no other class

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd