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can you tell me where did i go wrong Exercise 8-4 Effect of accounting events on the financial statements of a corporation LO 8-1 Astro
can you tell me where did i go wrong
Exercise 8-4 Effect of accounting events on the financial statements of a corporation LO 8-1 Astro Corporation was started with the issue of 2,000 shares of $5 par stock for cash on January 1, 2018. The stock was issued at a market price of $12 per share. During 2018, the company earned $31,000 in cash revenues and paid $17,100 for cash expenses. Also, a $2,000 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. X 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 $ 31,000 Expenses (17,100) $ 13,900 X 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 a statement of changes in stockholders. ASTRO CORPORATION Statement of Changes in Stockholders' Equity For the Year Ended December 31, 2018 Beginning common stock 0 Plus: Issuance of common stock 24,000 Ending common stock $ 24,000 Beginning retained earnings $ 0 Plus: Net income 13.900 Less: Dividend (2,000) Ending retained earnings 11,900 Total stockholders' equity $ 35,900 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 a balance sheet. ASTRO CORPORATION Balance Sheet As of December 31, 2018 Assets Cash $ 35,900 $ 35,900 0 Total assets Liabilities Stockholders' equity Common stock Paid-in capital in excess of par OO $ 10,000 14,000 Total Paid-In Capital Retained earnings Total liabilities and stockholders' equity 24,000 11,900 35,900 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 a statement of cash flows. (Negative amounts should be indicated by a minus sign.) ASTRO CORPORATION Statement of Cash Flows For the Year Ended December 31, 2018 Cash flows from operating activities: Receipts from revenues $ 31,000 Paid for expenses (17,100) Net cash flow from operating activities Cash flows from investing activities $ 13,900 $ 0 24,000 (2,000) 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 22,000 35,900 0 $ 35,900Step by Step Solution
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