Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

just need help with requirement 3&4 Prat Corp. started the 2018 accounting period with $31,000 of assets (all cash). $12,500 of liabilities, and $6,000 of

image text in transcribed
just need help with requirement 3&4
image text in transcribed
Prat Corp. started the 2018 accounting period with $31,000 of assets (all cash). $12,500 of liabilities, and $6,000 of common stock. During the year, the Retained Earnings account increased by $8,550. The bookkeeper reported that Prat pald cash expenses of $26.500 and paid a $2,100 cash dividend to the stockholders, but she could not find a record of the amount of cash that Prat received for performing services. Prat also paid $4,000 cash to reduce the liability owed to the bank, and the business acquired $6,900 of additional cash from the issue of common stock Required (Hint Determine the amount of beginning retained earnings before considering the effects of the current period events. It also might help to record all events under an accounting equation before preparing the statements.) 2-1. Prepare an Income statement for the 2018 accounting period. a-2. Prepare a statement of changes in stockholders' equity for the 2018 accounting period. 2-3. Prepare a period-end balance sheet for the 2018 accounting period. 2-4. Prepare a statement of cash flows for the 2018 accounting period. Complete this question by entering your answers in the tabs below. Reg A1 Reg A2 Reg A3 Reg A4 Prepare a period-end balance sheet for the 2018 accounting period. Prat Corp. Balance Sheet As of December 31, 2018 Assets Cash 0 Total assets Liabilities Stockholders' Equity Common stock Retained earnings 0 Total stockholders equity Total abs and stockholders' oquity S 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_2

Step: 3

blur-text-image_3

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

Authors: Robert Libby, Patricia Libby, Frank Hodge

10th Edition

1260481352, 978-1260481358

More Books

Students also viewed these Accounting questions

Question

=+3. How is the product/service generally perceived?

Answered: 1 week ago