Shiver Corporation began operations on September 1, 2006, as an online retailer of camping and…

Shiver Corporation began operations on September 1, 2006, as an online retailer of camping and…

Shiver Corporation began operations on September 1, 2006, as an online retailer of camping and outdoor recreational equipment. The following financial statement data were taken from Shiver’s records at the end of its first year of operations, August 31, 2007: Accounts payable ……………. $ 32,400 Accounts receivable …………… 51,840 Cash ………………… ? Cash receipts from operating activities ……… 903,960 Cash payments for operating activities ……… 756,000 Capital stock ……………… 270,000 Cost of sales ……………… 432,000 Dividends ………………. 27,000 Income tax expense ……………. 151,200 Income taxes payable ……………. 21,600 Interest expense ……………… 16,200 Inventories ……………….. 97,200 Note payable (due in 2015) ………… 108,000 Property, plant, and equipment ………… 408,240 Retained earnings …………….. ? Sales ………………… 955,800 Selling and administrative expense ……… 113,400 Instructions 1. Prepare an income statement for the year ended August 31, 2007. 2. Prepare a retained earnings statement for the year ended August 31, 2007. 3. Prepare a balance sheet as of August 31, 2007. 4. Prepare a statement of cash flows for the year ended August 31, 2007.

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