Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Astro Corporation was started with the issue of 4,900 shares of $8 par stock for cash on January 1 Year 1. The stock was issued

image text in transcribed
image text in transcribed
Astro Corporation was started with the issue of 4,900 shares of $8 par stock for cash on January 1 Year 1. The stock was issued at a market price of $17 per share During Year 1, the company earned 569,750 in cash revenues and paid $46,733 for cash expenses. Also, a $3,800 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 Stmt of Changes Balance Sheet Stmt of Cash Flows Prepare a balance sheet. ASTRO CORPORATION Balance Sheet As of December 31. Year 1 Assets Cash $ 102.517 102,517 15 Total assets Liabilities Stockholders' equity Common stock Paid-in capital in excess of par $ 39 200 7 Total Paid In Capita 39,200 Total liabilities and stockholders' equity $ 39 200 Astro Corporation was started with the issue of 4.900 shares of $8 par stock for cash on January 1. Year 1 The stock was issued at a market price of $17 per share During Year 1, the company earned $69,750 in cash revenues and paid $46,733 for cash expenses. Also, a $3,800 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 Stmt of Changes Balance Sheet Stmt of Cash Flows Prepare a statement of cash flows. (Cash outflows should be indicated with a minus sign.) ASTRO CORPORATION Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities $ 0 a Net cash flow from operating activities Cash flows from investing activities $ Net cash flow from investing activities Cash flows from financing activities 0 Net cash flow from financing activities Not change in cash 0 S 0 Ending cash balance

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Business Accounting Uk Gaap Volume 1

Authors: Frank Wood, Alan Sangster

1st Edition

0273718762, 9780273718765

More Books

Students also viewed these Accounting questions