Astro Corporation was started with the issue of 4,100 shares of $10 par stock for cash on January 1, Year 1. The stock was issued at a market price of $20 per share. During Year 1, the company earned $72,200 in cash revenues and paid $48,374 for cash expenses. Also, a $4,700 cash dividend was paid to the stockholders. Required Prepare an income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Astro Corporation's Year 1 fiscal year. Complete this question by entering your answers in the tabs below. Income Statement Prepare a balance sheet. Assets Stmt of Changes Cash Total assets Liabilities Stockholders' equity Common stock Retained earnings Total Paid-In Capital Balance Sheet Stmt of Cash Flows ASTRO CORPORATION Balance Sheet As of December 31, Year 1 Total liabilities and stockholders' equity $ 0 0 0
Astro Corporation was started with the issue of 4,100 shares of $10 par stock for cash on January 1, Year 1. The stock was issued at a market price of $20 per share. During Year 1, the company earned $72,200 in cash revenues and paid $48,374 for cash expenses. Also, a $4,700 cash dividend was paid to the stockholders. Required Prepare an income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Astro Corporation's Year 1 fiscal year. Complete this question by entering your answers in the tabs below. Income Statement Prepare a balance sheet. Assets Stmt of Changes Cash Total assets Liabilities Stockholders' equity Common stock Retained earnings Total Paid-In Capital Balance Sheet Stmt of Cash Flows ASTRO CORPORATION Balance Sheet As of December 31, Year 1 Total liabilities and stockholders' equity $ 0 0 0
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter11: Stockholders' Equity
Section: Chapter Questions
Problem 11.14AMCP
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