Astro Corporation was started with the issue of 2,000 shares of $5 par stock for...
60.1K
Verified Solution
Link Copied!
Question
Accounting
Astro Corporation was started with the issue of 2,000 shares of $5 par stock for cash on January 1, Year 1. The stock was issued at a market price of $12 per share. During Year 1, the company earned $31,000 in cash revenues and paid $17,100 for cash expenses. Also, a $2,000 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 Corporations Year 1 fiscal year.
ASTRO CORPORATION
Statement of Changes in Stockholders Equity
For the Year Ended December 31, Year 1
Beginning common stock
Ending common stock
$0
Beginning retained earnings
Ending retained earnings
0
Total stockholders equity
$0
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
