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Required information (The following information applies to the questions displayed below.) Prat Corp. started the 2018 accounting period with $30,000 of assets (all cash), $12,000 of liabilities, and $13,000 of common stock. During the year, the Retained Earnings account increased by $7,550. The bookkeeper reported that Prat paid cash expenses of $26,000 and paid a $2,000 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 $3,000 cash to reduce the liability owed to the bank, and the business acquired $4,000 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.) -1. Prepare an income statement for the 2018 accounting period. 1-2. Prepare a statement of changes in stockholders' equity for the 2018 accounting period. 1-3. Prepare a period-end balance sheet for the 2018 accounting period. 1-4. Prepare a statement of cash flows for the 2018 accounting period. Complete this question by entering your answers in the tabs below. Req Al Req A2 Req A3 Req A4 Prepare an income statement for the 2018 accounting period. Prat Corp. Income Statement For the Year Ended December 31, 2018 Revenues $ 35,550 'Expenses 26,000 $ 9,550 Required information The following information applies to the questions displayed below.) Prat Corp. started the 2018 accounting period with $30,000 of assets (all cash), $12,000 of liabilities, and $13,000 of common stock. During the year, the Retained Earnings account increased by $7,550. The bookkeeper reported that Prat paid cash expenses of $26,000 and paid a $2,000 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 $3,000 cash to reduce the liability owed to the bank, and the business acquired $4,000 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.) a-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. a-3. Prepare a period-end balance sheet for the 2018 accounting period. a-4. Prepare a statement of cash flows for the 2018 accounting period. Complete this question by entering your answers in the tabs below. Req Al Req A2 Req A3 Req A4 Prepare a statement of changes in stockholders' equity for the 2018 accounting period. Prat Corp. Statement of Changes in Stockholders' Equity For the Year Ended December 31, 2018 Beginning common stock $ 13,000 Plus: Common stock issued 4,000 Ending common stock $ 17,000 Beginning retained earnings $ 5,000 Plus: Net Income 9,550 Less: Dividend 2,000 Ending retained earnings 12,550 Total stockholders' equity $ 29,550 Me UNUWIIIy NWUNSUN SPIS IU ile YULSUNS Uisplayeu DeIUW. Prat Corp. started the 2018 accounting period with $30,000 of assets (all cash), $12,000 of liabilities, and $13,000 of common stock. During the year, the Retained Earnings account increased by $7,550. The bookkeeper reported that Prat paid cash expenses of $26,000 and paid a $2,000 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 $3,000 cash to reduce the liability owed to the bank, and the business acquired $4,000 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.) a-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. a-3. Prepare a period-end balance sheet for the 2018 accounting period. a-4. Prepare a statement of cash flows for the 2018 accounting period. Complete this question by entering your answers in the tabs below. Req Al Req A2 Req A3 Req A4 Prepare a period-end balance sheet for the 2018 accounting period. Prat Corp. Balance Sheet As of December 31, 2018 Assets Cash $ 38,550 Total assets Liabilities Stockholders' Equity | $ $ 38,550 9,000 17.000 12,550 Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 29,550 38,550 | $ The following information applies to the questions displayed below.) Prat Corp. started the 2018 accounting period with $30,000 of assets (all cash), $12,000 of liabilities, and $13,000 of common stock. During the year, the Retained Earnings account increased by $7,550. The bookkeeper reported that Prat d paid a $2,000 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 $3,000 cash to reduce the liability owed to the bank, and the business acquired $4,000 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.) -1. Prepare an income statement for the 2018 accounting period. -2. Prepare a statement of changes in stockholders' equity for the 2018 accounting period. -3. Prepare a period-end balance sheet for the 2018 accounting period. -4. Prepare a statement of cash flows for the 2018 accounting period. Complete this question by entering your answers in the tabs below. Req Al Req A2 Req A3 Req A4 Prepare a statement of cash flows for the 2018 accounting period. (Amounts to be deducted should be indicated with a minus sign.). Prat Corp. Statement of Cash Flows For the Year Ended December 31, 2018 Cash flows from operating activities: Cash receipts from revenue $ 35,550 Cash payments for expenses (26,000) $ 9,550 Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities: Cash receipts from stock issue Cash payments to creditors Cash dividend to stockholders 4,000 (3,000) (2,000) (1.000) Net cash flow from financing activities Not increase in rach R550
