Business, 02.06.2020 05:59 coolfreekid3

Astro Corporation was started with the issue of 5,100 shares of $10 par stock for cash on January 1, 2018. The stock was issued at a market price of $15 per share. During 2018, the company earned $66,100 in cash revenues and paid $44,287 for cash expenses. Also, a $3,700 cash dividend was paid to the stockholders.

Prepare an income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Astro Corporation's 2018 fiscal year.

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Answer from: mv603177

Income statement

Revenue $66,100

Less Expenses ($44,287)

Net Income / (Loss) $21,813

statement of changes in stockholders' equity

Equity and Liabilities Section :

Equity :

Share Capital 5,100 shares at $10 $51,000

Share Premium 5,100 shares at $5 $25,500

Profit during the year $21,813

Dividends Paid ($3,700)

Total Equity $94,613

balance sheet

Assets

Current Assets :

Cash ( $66,100 + $51,000 + $25,500 - $44,287 - $3,700) $94,613

Total Assets $94,613

Equity and Liabilities Section :

Equity :

Share Capital 5,100 shares at $10 $51,000

Share Premium 5,100 shares at $5 $25,500

Profit during the year $21,813

Dividends Paid ($3,700)

Total Equity $94,613

Explanation:

The Income Statement is prepared first, following the Statement of Changes in Equity then follows the balance sheet and the cash flow statement.

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The most common form of non profit organisation is 501 (c)(3).

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Astro Corporation was started with the issue of 5,100 shares of $10 par stock for cash on January 1,...

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