Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Astro corporation was started with the issue of 5000 shares of $9 par stock for cash on January 1 year one. the stock was issued
Astro corporation was started with the issue of 5000 shares of $9 par stock for cash on January 1 year one. the stock was issued at a market price of $20 per share during year one the company earned $67,700 in cash revenues and paid $45,359 for cash expenses also a $3900 cash dividend was paid to the stockholders
Astro Corporation was started with the issue of 5,000 shares of $9 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 $67,700 in cash revenues and paid $45,359 for cash expenses. Also, a $3,900 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 the income statement. ASTRO CORPORATION Income Statement For the Year Ended December 31, Year 1 $ 0 Stmt of Changes > Astro Corporation was started with the issue of 5,000 shares of $9 par stock for cash on January 1, Year 1. The stock was issued a market price of $20 per share. During Year 1, the company earned $67700 in cash revenues and paid $45,359 for cash expenses Also, a $3,900 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 Stmt of Stmt of Cash Statement Changes Balance Sheet Flows Prepare a statement of changes in stockholders' equity. ASTRO CORPORATION Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 1 Beginning common stock 0 Ending common stock Beginning retained earnings 0 Ending retained earnings Total stockholders' equity $ 0 Required Prepare an income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash 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 $ 0 Total assets Liabilities Stockholders' equity Total Pald-In Capital $ Total liabilities and stockholders' equity Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started