Pendray Systems Corporation began operations on January 1, 2015, as an online retailer of computer software and hardware. The following financial statement data were taken from Pendray's records at the end of its first year of operations, December 31, 2015 Accounts payable Accounts receivable $50,000 275,000 Common stock Cash 630,000 7 Cash payments for operating activities 1,642,500 Cash receipts from operating activities 1,725,000 Cost of sales 1,087,500 Dividends 75,000 Income tax expense Income taxes payable 132,500 20,000 Interest expense 5,000 Inventones 287,500 Note payable (due in ten years) 125,000 Property, plant, and equipment 662,500 Retained eamings 7 Sales 2,000,000 Other fam Instructions: 1. Prepare an income statement for the year ended December 31, 2015. Revenues: Sales Expenses: Pendray Systems Corporation Income Statement For the Year Ended December 31, 2015 Cost of sales Selling and administrative expenses Income tax expense Interest expense Net income Feedback Check My Work Expenses are subtracted from revenues to determine a company's net income or net loss in the income statement of a company. 2. Prepare a statement of stockholders' equity for the year ended December 31, 2015. If your answer is zero, leave it blank. Pendray Systems Corporation Statement of Stockholders' Equity For the Year Ended December 31, 20YS Balances, January 1, 2015 Issuance of common stock Net income Dividends Incorrect Balances, December 31, 2015 Common Stock Retained Earnings Total 00000 Farhark 3. Prepare a balance sheet as of December 31, 2015. Pendray Systems Corporation Balance Sheet December 31, 20Y5 Cash Assets Accounts receivable Inventories Property, plant, and equipment Total assets Liabilities Accounts payable Income taxes payable Note payable (due in 10 years) Total liabilities Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 4. Prepare a statement of cash flows for the year ended December 31, 2015. Use the minus sign to indicate cash outflows, decreases in cash, or cash payments. If your answer is zero, leave it blank. Pendray Systems Corporation Statement of Cash Flows For the Year Ended December 31, 2015 Cash flows from (used for) operating activibes: Cash received from operating activities Cash paid for operating activibes Net cash flown from cperating activities Cash flows used for investing activities Cash paid for property, plant, and equipment Cash flows from (used for) financing activities Cash received from issuing of note payable Cash received from issuing of common stock Cash paid as dividende Net cash flows from finances at Niet increase in cash during 2015 Cash as of January 2015 Cash as of December 31, 2015 000 10000 00 00