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Required information (The following information applies to the questions displayed below] Pratt Corp. started the Year 2 accounting period with total assets of $36,000 cash, $15,000 of liabilities, and $11,000 of retained earnings. During the Year 2 accounting period, the Retained Earnings account increased by $13,550. The bookk keeper reported that Pratt paid cash expenses of $29,000 and paid a $2.600 cash dividend to stockholders, but 9,000 cash to reduce the liability owed to a bank, and the business acquired $8,300 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, Year2
The following information applies to the questions displayed below Pratt Corp. started the Year 2 accounting period with total assets of $36,000 cash, $15,000 of liabilities, and $11,000 of retained earnings. During the Year 2 accounting period, the Retained Earnings account increased by $13,550. The bookkeeper reported that Pratt paid cash expenses of $29,000 and paid a $2,600 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 pald $9,000 cash to reduce the liability owed to a bank, and the business acquired $8,300 of additional cash from the issue of common stock. Assume all transactions are cash transactions. b. Prepare the Year 2 statement of changes in stockholders equity PRATT CORP Statement of Changes in Stockholders Equity For the Year Ended December 31, Year 2 stock
Pratt Corp. started the Year 2 accounting period with total assets of $36,000 cash, $15,000 of liabilities, and $11,000 of retained earnings. During the Year 2 accounting period, the Retained Earnings account increased by $13,550. The bookkeeper reported that Pratt paid cash expenses of $29,000 and paid a $2,600 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 9,000 cash to reduce the liability owed to a bank, and the business acquired $8,300 of additional cash from the issue of common stock. Assume all transactions are cash transactions. c. Prepare the Year 2 balance sheet. PRATT CORP Balance Sheet As of December 3 1, Year 2 Total assets Liabilities Stockholders Equity
Required information The following information applies to the questions displayed below Pratt Corp. started the Year 2 accounting period with total assets of $36,000 cash,$15,000 of liabilities, and $11,000 of retained earnings. During the Year 2 accounting period, the Retained Earnings account increased by $13,550. The bookkeeper reported that Pratt paid cash expenses of $29,000 and paid a $2,600 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 $9,000 cash to reduce the liability owed to a bank, and the business acquired $8,300 of additional cash from the issue of common stock. Assume all transactions are cash transactions d. Prepare a statement of cash flows for the Year 2 accounting period. (Cash outflows should be indicated with a minus sign.) Statement of Cash Flows For the Year E ber 31, Year 2 ting activities Net cash flow from financing Ending cash balance Next > < Prey , 7 of 7
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Net Income -Increase in Retained earnings Dividend Paid Net Income - (13550+2600) Net Income S 16,150/ Income statement Particulars Revenue (Net Income +Expenses) Less: Cash expenses paid Net Income Amount S 45,150 29,000 16,150 Statement of Changes in Stockholders Equit Particulars Beginning common stock (36000-15000-11000) Add: Issued during the year 2 Ending Common Stock Amount S 10,000 8,300 18,300 Beginning retained earnings Add: Net Income for the year 2 Less: Dividend paid for the year2 Ending Retained Earnings Total Stockholders Eguity 11,000 16,150 (2,600) 24,550 42,850Balance Sheet: Particulars Assets Opening Cash balance and Cash Receipts (36000+45150+8300) Less: Cash Payments (29000+2600+9000) Total Assets Liabilities (15000-9000) Stockholders Equity Common Stock Retained earnings Total Stockholders Equity Total Liabilities and Stockholders Equity Amount Amount $ 89,450 (40,600) 48,850 6,000 18,300 24,550 42,850 48,850 Statement of Cashflows: Particulars Cashflow from Operating Activities:- Cash Receipts Less: Cash Payments for expenses Net Cash provided by Operating Activties Amount Amount $ 45,150 (29,000) 16,150 Cashflow from Investing Activities Cashflow from Financing Activities:- Cash received from issue of Common stock Cash payment for Dividends Cash payment for Loan repayment Net Cash Provided by Financing Activities Net changes in Cashflows during the year Beginning balance of Cash Ending balance of Cash 8,300 (2,600) (9,000) (3,300) 12,850 15,000 27,850

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