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Astro Corporation was started with the issue of 5,100 shares of $9 par stock for cash on January 1, Year 1. The stock was
Astro Corporation was started with the issue of 5,100 shares of $9 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 $71,750 in cash revenues and paid $48,073 for cash expenses. Also, a $4,400 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. Answer is complete but not entirely correct. 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 Revenues Expenses Net income $ 71,750 (48,073) $23,677 < Income Statement Stmt of Changes >
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