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Exercise 8-4A (Algo) Effect of accounting events on the financial statements of a corporation LO...

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Accounting

Exercise 8-4A (Algo) Effect of accounting events on the financial statements of a corporation LO 8-1,8-4
Astro Corporation was started with the issue of 5,000 shares of $11 par stock for cash on January 1, Year 1. The stock was issued at a market price of $18 per share. During Year 1, the company earned $70,250 in cash revenues and paid $47,068 for cash expenses. Also, a $4,500 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 Year 1 fiscal year.
Complete this question by entering your answers in the tabs below.
\table[[Income,\table[[Stmt of],[Chatement]],\table[[Statement of],[Cash Flows]]]]
Prepare a balance sheet.
\table[[ASTRO CORPORATION,],[Balance Sheet,,],[Assets,,],[,,],[,,],[Total assets,,],[Liabilities,,],[Stockholders' equity,,],[Common stock,,],[,,],[,,],[Total Paid-In Capital,,],[,,],[Total liabilities and stockholders' equity,,]]
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