Morris Corporation: Prepare income statement, stockholders\' equity, cash flows

Question

Morris Corporation: Prepare income statement, stockholders' equity, cash flows

Morris Corporation was started with the issue of 5000 shares of $10.00 par common stock for cash on January 1, 2012. The stock was issued at a market price of $18.00 per share. During 2012, the company earned $63,000.00 for cash revenues and paid $41,000.00 for cash expenses. Also, a $4000.00 cash dividend was paid to the stock holders.

Required:

1. Prepare the income statement,
2. Statement of changes in stockholders' equity,
3. Balance Sheet
4. Statement of cash flows for Morris Corporation's 2012 fiscal year

Explanation / Answer

When setting up the problem, set up the tank so that the side facing you is circular on your axes. Then you have a circle at (0,1.5) who's equation is x^2 + (y-1.5)^2 = 1.5^2. Solve for x to find the length of one side of each 'slice' that you will integrate. 2x = 2(3y-y^2)^(1/2)

Work = Force * Distance

Force = 40 lb/ft^3 * 2(3y-y^2) ft * 2 ft * dy ft
Distance = 8-y ft 5 ft + 3 ft of tank = 8 ft - y ft for specific slice
Work = 160 * 9.8 * (3y-y^2)^(1/2) * (8-y) * dy

Integrate from 0 to 3 on this integral:

1568%u222B[(3y-y^2)^(1/2) * (8-y)]dy = 36021.502

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