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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

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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 4,700 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 $69,600 in cash revenues and paid $46,632 for cash expenses. Also, a $4,600 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. Prepare the income statement. Prepare a statement of changes in stockholders' equity. ASTRO CORPORATION Balance Sheet As of December 31, Year 1 ASTRO CORPORATION Statement of Cash Flows For the Year Ended December 31, Year 1

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