P1-5 Financial statements, including statement of cash flows Cassandra Corporation began operations on January 1. Year 1, as an online retailer of computer software and hardware. The following financial statement data were taken from Cassandra's records at the end of its first year of operations, December 31, Year 1. come, Ahunts payable Accounts receivable Capital stock Cash Cash payments for operating activities Cash receipts from operating activities Cost of sales Dividends Income tax expense Income taxes payable Interest expense Inventories Note payable (due in ten years) Property, plant, and equipment Retained earnings Sales Selling and administrative expenses $ 20,000 110,000 252,000 ? 657,000 690,000 435,000 30,000 53,000 8.000 2,000 115,000 50,000 265,000 2 800,000 80,000 Instructions 1. Prepare an income statement for the year ended December 31, Year 1. 2. Prepare a retained earnings statement for the year ended December 31, Year 1 3. Prepare a balance sheet as of December 31, Year 4. Prepare a statement of cash flows for the year ended December 31, Year 1 P1-5 Financial statements, including statement of cash flows Cassandra Corporation began operations on January 1. Year 1, as an online retailer of computer software and hardware. The following financial statement data were taken from Cassandra's records at the end of its first year of operations, December 31, Year 1. come, Ahunts payable Accounts receivable Capital stock Cash Cash payments for operating activities Cash receipts from operating activities Cost of sales Dividends Income tax expense Income taxes payable Interest expense Inventories Note payable (due in ten years) Property, plant, and equipment Retained earnings Sales Selling and administrative expenses $ 20,000 110,000 252,000 ? 657,000 690,000 435,000 30,000 53,000 8.000 2,000 115,000 50,000 265,000 2 800,000 80,000 Instructions 1. Prepare an income statement for the year ended December 31, Year 1. 2. Prepare a retained earnings statement for the year ended December 31, Year 1 3. Prepare a balance sheet as of December 31, Year 4. Prepare a statement of cash flows for the year ended December 31, Year 1