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Astro Corporation was started with the issue of 5,400 shares of $10 par stock for cash on January 1, 2018. The stock was issued at
Astro Corporation was started with the issue of 5,400 shares of $10 par stock for cash on January 1, 2018. The stock was issued at a market price of $18 per share. During 2018, the company earned $62,600 in cash revenues and paid $41,942 for cash expenses. Also, a $3,200 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 2018 fiscal year. Answer is not complete. Complete this question by entering your answers in the tabs below. Income Statement Smt chgs in shlds Egy Balance Sheet Smt of Cash Fls Prepare the income statement. ASTRO CORPORATION Income Statement For the Year Ended December 31, 2018 Revenues $ 62,600 Expenses 41,942 Net income $ 20,658 Income Statement Smt chgs in Shlds Eqy > ASTRO CORPORATION Statement of Changes in Stockholders' Equity For the Year Ended December 31, 2018 Beginning common stock Plus: Issuance of common stock 540,000 Ending common stock $ 540,000 Beginning retained earnings $ 0 Plus: Net income 41,942 Less: Dividend 3,200 Ending retained earnings 38,742 Total stockholders' equity $ 578,742 ASTRO CORPORATION Balance Sheet As of December 31, 2018 Assets 0 Cash Expenses Total assets Liabilities Stockholders' equity Common stock Paid-in capital in excess of stated value Paid-in capital in excess of par Total Paid-In Capital Appropriated retained earnings Total liabilities and stockholders' equity 0 ASTRO CORPORATION Statement of Cash Flows For the Year Ended December 31, 2018 Cash flows from operating activities: Receipts from revenues Paid for expenses Net cash flow from operating activities Cash flows from investing activities Net cash flow from investing activities Cash flows from financing activities Proceeds from issue of stock Paid for dividends Net cash flow from financing activities Net change in cash Plus: Beginning cash balance Ending cash balance 0
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