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Astro Corporation was started with the issue of 5,500 shares of $10 par stock for cash on January 1, 2018. The stock was issued at
Astro Corporation was started with the issue of 5,500 shares of $10 par stock for cash on January 1, 2018. The stock was issued at a market price of $19 per share. During 2018, the company earned $70,400 in cash revenues and paid $47,168 for cash expenses. Also, a $3,400 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 Corporations 2018 fiscal year. Complete this question by entering your answers in the tabs below. Income Smt chgs in Statement Smt of Cash Shids Egy Balance Sheet Fls Prepare the income statement. ASTRO CORPORATION Income Statement For the Year Ended December 31, 2018 Revenues $ 70,400 Expenses 47,168 Net income $ 23,232 ASTRO CORPORATION Statement of Changes in Stockholders' Equity For the Year Ended December 31, 2018 Beginning common stock Plus: Issuance of common stock 55,000 Ending common stock $ 55,000 Beginning retained earnings Plus: Net income 23,232 Less: Dividend 3,400 Ending retained earnings 19,832 Total stockholders' equity $ 74,832 $ ASTRO CORPORATION Balance Sheet As of December 31, 2018 Assets Cash $ 0 Total assets Liabilities Stockholders' equity Common stock 0 Total Paid-In Capital 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: $ 0 Net cash flow from operating activities Cash flows from investing activities $ 0 Net cash flow from investing activities Cash flows from financing activities Net cash flow from financing activities Net change in cash 0 0 Ending cash balance $ 0
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