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    Pendray Systems Corporation Began Operations On January 1 20y5 As

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    Miroslav Gegoski
    Pendray Systems Corporation began operations on January 1, 20Y5 as an online retailer. The document provides financial statement data for Pendray from its first year of operations ending on December 31, 20Y5 including accounts payable, accounts receivable, cash payments and receipts, common stock, cost of sales, dividends, income tax expense, income taxes payable, interest expense, inventories, note payable, property and equipment, retained earnings, sales, and selling/administrative expenses. The instructions are to prepare an income statement, statement of stockholders' equity, balance sheet, and statement of cash flows for the year ended.

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    Pendray Systems Corporation Began Operations On January 1 20y5 As

    Uploaded by

    Miroslav Gegoski
    250 views1 page
    Pendray Systems Corporation began operations on January 1, 20Y5 as an online retailer. The document provides financial statement data for Pendray from its first year of operations ending on December 31, 20Y5 including accounts payable, accounts receivable, cash payments and receipts, common stock, cost of sales, dividends, income tax expense, income taxes payable, interest expense, inventories, note payable, property and equipment, retained earnings, sales, and selling/administrative expenses. The instructions are to prepare an income statement, statement of stockholders' equity, balance sheet, and statement of cash flows for the year ended.

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    Pendray Systems Corporation Began Operations on January 1 20y5 As

    Original Title

    Pendray Systems Corporation Began Operations on January 1 20y5 As

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    Pendray Systems Corporation began operations on January 1, 20Y5 as an online retailer. The document provides financial statement data for Pendray from its first year of operations ending on December 31, 20Y5 including accounts payable, accounts receivable, cash payments and receipts, common stock, cost of sales, dividends, income tax expense, income taxes payable, interest expense, inventories, note payable, property and equipment, retained earnings, sales, and selling/administrative expenses. The instructions are to prepare an income statement, statement of stockholders' equity, balance sheet, and statement of cash flows for the year ended.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    250 views1 page

    Pendray Systems Corporation Began Operations On January 1 20y5 As

    Uploaded by

    Miroslav Gegoski
    Pendray Systems Corporation began operations on January 1, 20Y5 as an online retailer. The document provides financial statement data for Pendray from its first year of operations ending on December 31, 20Y5 including accounts payable, accounts receivable, cash payments and receipts, common stock, cost of sales, dividends, income tax expense, income taxes payable, interest expense, inventories, note payable, property and equipment, retained earnings, sales, and selling/administrative expenses. The instructions are to prepare an income statement, statement of stockholders' equity, balance sheet, and statement of cash flows for the year ended.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 1

    Pendray Systems Corporation began operations on

    January 1 20Y5 as #8844


    Pendray Systems Corporation began operations on January 1, 20Y5 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, 20Y5.Accounts
    payable ................................................. $ 40,000Accounts receivable
    .................................................88,000Cash ........................................................................ ?Cash
    payments for operating activities ......................... 896,000Cash receipts from operating activities
    ......................... 1,087,000Common stock ..................................................... 120,000Cost of
    sales ......................................................... 650,000Dividends
    ............................................................. 90,000Income tax expense
    ................................................ 87,000Income taxes payable ..............................................
    15,000Interest expense ...................................................... 3,000Inventories
    .......................................................... 111,000Note payable (due in ten years)
    ................................... 80,000Property, plant, and equipment ...................................
    265,000Retained earnings ....................................................... ?Sales
    ................................................................. 1,175,000Selling and administrative expenses
    .............................. 100,000Instructions1. Prepare an income statement for the year ended
    December 31, 20Y5.2. Prepare a statement of stockholders' equity for the year ended
    December 31, 20Y5.3. Prepare a balance sheet as of December 31, 20Y5.4. Prepare a
    statement of cash flows for the year ended December 31, 20Y5.View Solution:
    Pendray Systems Corporation began operations on January 1 20Y5 as

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