Using the information provided below, please prepase an income statement, retained earnings
statement, balance statement, and cash flows statement.
Net Income $ Total Assets $ Net cash flows from operating activities $
Hint: Remember this is the first year of operations ie Retained earnings equals O to begin. Determine
the net income first by completing the income statement below. Next, find ending retained earnings by
completing the retained earnings statement below. Finally, solve for cash by adding up all the assets
and subtracting this figure from the sum of Liabilities plus owners equity.
Cassandra Corporation began operations on January Year 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 Year
