Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Astro Corporation was started with the issue of 5,900 shares of $8 par stock for cash on January 1, Year 1. The stock was issued

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed Astro Corporation was started with the issue of 5,900 shares of $8 par stock for cash on January 1, Year 1. The stock was issued at a market price of $18 per share. During Year 1, the company earned $66,950 in cash revenues and paid $44,857 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 changes in stockholders' equity. ASTRO CORPORATION Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 1 Beginning common stock Ending common stock Beginning retained earnings $ 0 Ending retained eamings Total stockholders' equity 0 $ 0 Complete this question by entering your answers in the tabs below. Income Statement Stmt of Changes Stmt of Cash Balance Sheet Flows Prepare a balance sheet. Assets Total assets Liabilities Stockholders' equity ASTRO CORPORATION Balance Sheet As of December 31, Year 1 Total Paid-In Capital Total liabilities and stockholders' equity Income Stmt of Statement Balance Sheet: Changes 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: Net cash flow from operating activities Cash flows from investing activities: $ O Net cash flow from investing activities $ 0 Cash flows from financing activities: Net cash flow from financing activities Net change in cash 0 0 Ending cash balance $ 0

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

Financial Accounting Information for Decisions

Authors: John J. Wild

8th edition

125953300X, 978-1259533006

More Books

Students also viewed these Accounting questions

Question

=+2 Identify the treatment and response.

Answered: 1 week ago