Astro Corporation was started with the issue of 4,100 shares of $10 par stock for cash on January 1, Year 1. The stock was issued at amarket price of $20 per share. During Year 1, the company earned $72,200 in cash revenues and paid $48,374 for cash expenses.Also, a $4,700 cash dividend was paid to the stockholders.RequiredPrepare an income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for AstroCorporation's Year 1 fiscal year.Complete this question by entering your answers in the tabs below.IncomeStatementPrepare a balance sheet.AssetsStmt ofChangesCashTotal assetsLiabilitiesStockholders' equityCommon stockRetained earningsTotal Paid-In CapitalBalance SheetStmt of CashFlowsASTRO CORPORATIONBalance SheetAs of December 31, Year 1Total liabilities and stockholders' equity< Stmt of Changes$$00Stmt of Cash Flows >

The income statement shows the financial position of the company whether the business is making a…

Answered: Astro Corporation was started with the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Quickbux Co. issued and sold 1,000 shares of common stock, with a par value of $5, for $12 per share. The company's balance in retained earnings is $90,000. What items/accounts and $ balances would you expect to see in the shareholder's equity section of the company's balance sheet (i.e., stock, retained earnings, etc.)?
Sheffield Island Corporation began operations on April 1 by issuing 52,500 shares of $5 par value common stock for cash at $15 per share. In addition, Sheffield Island issued 2,600 shares of $1 par value preferred stock for $3 per share. Journalize the issuance of the common and preferred shares. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
During its first year of operations, Bonita Corporation had the following transactions pertaining to its common stock Jan. 10 Issued 83,700 shares for cash at $6 per share. Mar. 1 Issued 5,000 shares to attorneys in payment of a bill for $37,000 for services rendered in helping the company to incorporate. July 1 Sept. 1 Issued 32,100 shares for cash at $8 per share. Issued 63,100 shares for cash at $10 per share.
Divine Apparel has 4,000 shares of common stock outstanding. On October 1, the company declares a $0.75 per share dividend to stockholders of record on October 15. The dividend is paid on October 31. Record all transactions on the appropriate dates for cash dividends.
Astro Corporation was started with the issue of 5,500 shares of $11 par stock for cash on January 1, Year 1. The stock was issued at a market price of $20 per share. During Year 1, the company earned $68,450 in cash revenues and paid $45,862 for cash expenses. Also, a $4,800 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 Prepare a statement of changes in stockholders' equity. ASTRO CORPORATION Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 1 $ 10 Beginning common stock Plus: Issuance of common stock Ending common stock Beginning retained earnings Plus: Net income Less: Dividend Ending retained earnings Total stockholders' equity Answer is complete but not entirely correct. Balance Sheet…
Astro Corporation was started with the issue of 4,500 shares of $10 par stock for cash on January 1, Year 1. The stock was issued at a market price of $17 per share. During Year 1, the company earned $71,100 in cash revenues and paid $47,637 for cash expenses. Also, a $4,100 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. Balance Sheet Stmt of Cash Flows Income Stmt of Statement Changes Prepare the income statement. ASTRO CORPORATION Income Statement For the Year Ended December 31, Year 1
Astro Corporation was started with the issue of 5.500 shares of $11 par stock for cash on January 1, Year 1. The stock was issued at a market price of $20 per share. During Year 1, the company earned $68,450 in cash revenues and paid $45,862 for cash expenses. Also, a $4,800 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 Prepare the income statement. Stmt of Cash Flows ASTRO CORPORATION Income Statement For the Year Ended December 31, Year 1 Stmt of Changes >
On January 1, Icecap had 7,900 shares of $2 par common stock issued and outstanding. The following transactions occurred during the year. April 15: Declared a cash dividend of $0.80 per share to stockholders of record on May 31. July 10: Paid the $0.80 cash dividend. A Prepare the entry to declare the dividends. (Credit account titles are automatically indented when the amount is entered. Do not Indent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter o for the amounts) Date Account Titles and Explanation Apr. 15 Cash Dividends Dividends Payable (To record declaration of cash dividend) Debit Date Account Title Credit B. Prepare the entry to pay the dividend. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account tities and enter O for the amounts.)
On January 1, the board of directors of Zion, Inc. declare a 10% stock dividend. On this date, there were 10,000 shares of $1 par value stock issued and outstanding and the market value was $5 per share. On March 15, the date of payment, Zion issued the stock. The entry necessary on March 15 would include a (credit/debit) to Common Stock Dividends distributable for O debit; $5,000 O debit; $1,000 O credit; $5,000 O credit; $1,000
During its first year of operations, Collin Raye Corporation had the following transactions pertaining to its common stock. Jan. 10 Mar. 1 Issued 80,000 shares for cash at $6 per share. Issued 5,000 shares to attorneys in payment of a bill for $35,000 for services rendered in helping the company to incorporate. July 1 Issued 30,000 shares for cash at $8 per share. Sept. 1 Issued 60,000 shares for cash at $10 per share. (a) Prepare the journal entries for these transactions, assuming that the common stock has a par value of $5 per share. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record entries in the order displayed in the problem statement.)
Assignment COMPARATIVE STATEMENTS Sikat Manufacturing Corporation Income Statement For the year ended Dec. 31, 2020 and 202019 2020 2019 P 5,150,000 -150,000 5,000,000 3,200,000 1,800,000 Sales 4,250,000 na 250.000 4,000,000 2.600,000 1,400,000 Less: Sales Returns and Allowances Net Sales Less: Cost of Sales Gross Profit Less: Operating Expenses Selling Expenses General and Administrative Expenses Total Operating Expenses Operating Income Less: Interest expense Net Income before tax Less: Income tax.(32% ) Net Income 720,000 780,000 1,500,000 300,000 60,000 240,000 76,800 P 163.200 600,000 600,000 1,200,000 200,000 40,000 160,000 51,200 P 108,800 Sikat Manufacturing Corporation Balance Sheet Dec. 31, 2020 and 2019 2020 2019 ASSETS P 225,000 150,000 240,000 260,000 120,000 150,000 70,000 550,000 P1.765.000 P 1,520,000 Cash P140.000 125,000 180,000 160,000 145,000 170,000 80,000 520,000 Marketable Securities Accounts Receivable Inventories: Finished Goods Work-in-Process Raw Materials…
Tarrant Corporation was organized this year to operate a financial consulting business. The charter authorized the following stock: common stock, $18 par value, 12,700 shares authorized. During the year, the following selected transactions were completed: a. Sold 6,300 shares of common stock for cash at $36 per share. b. Sold 2,300 shares of common stock for cash at $41 per share. c. At year-end, the company reported net income of $7,200. No dividends were declared. E11-5 Part 2 2. Prepare the stockholders' equity section of the balance sheet at the end of the year. Note: Amounts to be deducted should be indicated by a minus sign. Stockholders' equity Contributed capital: TARRANT CORPORATION Balance Sheet (Partial) At December 31, This year Total contributed capital Total stockholders' equity $ 0 0

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