Question

Astro Corporation was started with the issue of 5.600 shares of $12 par stock for cash on January 1, 2018. The stock was issued at a market price of $20 per share. During 2018, the company eamed $66,550 In cash revenues and paid $44.589 for cash expenses. Also, a $3.900 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 2018 fiscal year. Complete this question by entering your answers in the tabs below. Income Statement Smt chgs in Shids Egy Balance Sheet Smt of Cash Fis Prepare the income statement. ASTRO CORPORATION Income Statement For the Year Ended December 31, 2018 <Income Statement Smt chgs in Shlds Eqy >

Answer 1

Requirement (1) ASTRO CORPORATION Income Statement For the Year Ended December 31, 2018 Revenues $ 66,550 Expenses $ (44,589) Net Income $ 21,961 Requirement (2) ASTRO CORPORATION Statement of changes in stockholders equity For the Year Ended December 31, 2018 Beginning Common stock $ Plus : Issuance of common stock $ 112,000 Ending Common stock $ 112,000 Beginning Retained earnings $ Plus : Net Income $ 21,961 Less : Dividend $ (3,900) Ending Retained earnings $ 18,061 Total Stockholder's Equity $ 130,061 Requirement (3) ASTRO CORPORATION Balance sheet As of December 31,2018 Assets Cash $ 130,061 $ 130,061 $ Total assets Liabilities Stockholder's Equity Common stock Paid in capital in excess of par $ $ $ 67,200 44,800 Total paid in capital Retained earnings Total liabilities and stockholders Equity $ 112,000 $ 18,061 $ 130,061 Requirement (4) ASTRO CORPORATION Statement of cash flows For the Year Ended December 31, 2018 Cash flow from operating activities : Receipts from venue $ 66,550 Paid for expenses $ (44,589) Net cash flow from operating activities $ 21,961 Cash flow from Investing activities : $ $ Net Cash flow from Investing activities $ Cash flow from Financing activities : Proceeds from issue of common stock $ 112,000 Paid for dividends $ (3,900) Net Cash flow from financing activities $ 108, 100 Net change in cash $ 130,061 Plus : Beginning cash Balance $ Ending cash Balance $ 130,061 Note : Comment down for any issues