Astro Corporation was started with the issue of 5,000 shares of $11 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 $70,250 in cash revenues and paid $47,068 for cash expenses. Also, a $4,500 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.
Astro Corporation was started with the issue of 5,000 shares of $11 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 $70,250 in cash revenues and paid $47,068 for cash expenses. Also, a $4,500 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
please double underline need answer for all or skip answer with explanation , computation for each requirement and part clearly answer in text please do not say about your guidelines I need answer for all with complete and correct working attempt if you can answer all or skip
Transcribed Image Text:Astro Corporation was started with the issue of 5,000 shares of $11 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 $70,250 in cash revenues and paid $47,068 for cash expenses.
Also, a $4,500 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
Statement of
Cash Flows
Prepare a statement of cash flows.
Note: 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:
$
0
Net cash flow from investing activities
Cash flows from financing activities:
$
0
Net cash flow from financing activities
Net change in cash
Ending cash balance
0
0
$
0
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education