Please help me fill out this table. Thank you so much. ### Pratt Corp. Financial Analysis**Pratt Corp. started the Year 2 accounting period with the following financial details:**- **Total Assets:** $30,000 cash- **Liabilities:** $12,000- **Retained Earnings:** $5,000#### Transactions During Year 2:1. **Retained Earnings Increase:** $7,5502. **Cash Expenses:** $26,0003. **Cash Dividend Paid to Stockholders:** $2,0004. **Cash Reduction of Bank Liability:** $3,0005. **Additional Cash from Issue of Common Stock:** $4,000**Note:** All transactions are assumed to be cash transactions. However, the amount of cash revenue received for performing services was not recorded by the bookkeeper.### Required:**a. Prepare the Year 2 income statement.**Below is a template of the income statement for Pratt Corp. for the Year Ended December 31, Year 2:#### PRATT CORP.**Income Statement**_For the Year Ended December 31, Year 2_|**Revenue**| ||--|--|| | || | ||**Total Revenue**|$0||**Expenses**| || | || | ||**Total Expenses**| ||**Net Income**|$0|### Explanation:The image provides details to calculate the income statement for Pratt Corp., but specific figures for total revenue and total expenses have not been given. Once those amounts are known, they can be filled into the statement to determine the net income for the year.

Income statement: The income statement shows the company's revenues and expenses earned during the…

Pratt Corp. started the Year 2 accounting period with total assets of $30,000 cash, $12,000 of liabilities, and $5,000 of retained earnings. During the Year 2 accounting period, the Retained Earnings account increased by $7,550. The bookkeeper reported that Pratt paid cash expenses of $26,000 and paid a $2,000 cash dividend to stockholders, but she could not find a record of the amount of cash revenue that Pratt received for performing services. Pratt also paid $3,000 cash to reduce the liability owed to a bank, and the business acquired $4,000 of additional cash from the issue of common stock. Assume all transactions are cash transactions. Required a. Prepare the Year 2 income statement. PRATT CORP. Income Statement For the Year Ended December 31, Year 2 $ 0

Pratt Corp. started the Year 2 accounting period with total assets of $30,000 cash, $12,000 of liabilities, and $5,000 of retained earnings. During the Year 2 accounting period, the Retained Earnings account increased by $7,550. The bookkeeper reported that Pratt paid cash expenses of $26,000 and paid a $2,000 cash dividend to stockholders, but she could not find a record of the amount of cash revenue that Pratt received for performing services. Pratt also paid $3,000 cash to reduce the liability owed to a bank, and the business acquired $4,000 of additional cash from the issue of common stock. Assume all transactions are cash transactions. Required a. Prepare the Year 2 income statement. PRATT CORP. Income Statement For the Year Ended December 31, Year 2 $ 0

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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