Astro Corp Question 1 fors) Score This Queston value 2.00 points Astro Corporati

Question

Astro Corp Question 1 fors) Score This Queston value 2.00 points Astro Corporation was started with the issue of 5,800 shares of $12 par common stock for cash on January 1, 2016. The stock was issued at a market price of $15 per share. During 2016, the company eaned $71,700 in cash revenues and paid $48,039 for cash expenses. Also a $3,900 cash dividend was paid to the stockholders Prepuire n ncome statement statement of changes in stockholders' equily, balance sheet andsatement Prepare an income statement, statement of changes in stockholders equity, balance sheet, and statement of cash flows for Astro Corporation's 2016 fiscal year. (Statement of Cash Flows only, items to be deducted must be indicated with a negative amount. Round your answers to the nearest whole dollar amount.) ASTRO CORPORATION Income Statement For the Year Ended December 31, 2016

Explanation / Answer

Astro Corporation Income Statement For the year ended December 31, 2016 $ Cash revenues 71700 Cash expenses -48039 Net income 23661 Astro Corporation Balance Sheet As at December 31, 2016 $ Assets Current assets Cash ((5800*15)+71700-48039-3900) 106761 Total assets 106761 Liabilities & stockholders' equity Stockholders' equity Common stock (5800*12) 69600 Additional paid-in-capital-CS (5800*3) 17400 Retained earnings 19761 Total stockholders' equity Total Liabilities & stockholders' equity 106761 Astro Corporation Statement of Retained earnings For the year ended December 31, 2016 $ Retained earnings: Opening balance 0 (+) Net income of the year 23661 (-) Dividends -3900 Ending balance 19761

Related Questions

Navigate

• Browse (All)
• Browse A
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.