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.