Effect of accounting events on the financial statements of a corporation
Morris Corporation was started with the issue of 5,000 shares of $10 par common stock for cash on January 1, 2012. The stock was issued at a market price of $18 per share. During 2012, the company earned $63,000 in cash revenues and paid $41,000 for cash expenses. Also, a $4,000 cash dividend was paid to the stockholders.
Required
Prepare the income statement, statement of changes in stockholders’ equity, balance sheet, and statement of cash flows for Morris Corporation’s 2012 fiscal year.
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