Astro Corporation was started with the issue of 4,800 shares of $9 par stock for cash on January 1, 2018. The stock was issued at a market price of $17 per share. During 2018, the company earned $72,550 in cash revenues and paid $48,609 for cash expenses. Also, a $3,400 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 Corporation's 2018 fiscal year.

Astro Corporation

1. Income Statement for the year ended December 31, 2018

Revenue     $72,550

Expenses     (48,609)

Net income   $23,941

Dividend           3,400

Retained E.  $20,541

2. Statement of Changes in Stockholders' Equity as of December 31, 2018

Common Stock                 $43,200

Additional Paid-in Capital   38,400

Retained earnings              20,541

Equity                                $102,141

3. Balance Sheet as of December 31, 2018

Assets:

Cash                   $102,141

Equity                 $102,141

4. Statement of Cash Flows for the year ended December 31, 2018

Operating Activities:

Net income            $23,941

Investing Activities:

Financing Activities:

Issue of shares    $81,600

Dividends               (3,400)

Net cash             $78,200

Net Cash Flows $102,141

Explanation:

a) Data and Analysis:

January 1, 2018: Cash $81,600 Common Stock $43,200 Additional Paid-in Capital $38,400

Cash $72,550 Revenue $72,550

Expenses $48,609 Cash $48,609

Dividend $3,400 Cash $3,400

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