Question

Astro Corporation was started with the issue of 2,000 shares of $5 par stock for cash on January 1, 2016. The stock was issued at a market price of $12 per share. During 2016, the company earned $31,000 in cash revenues and paid $17,000 for cash expenses. Also, a $2,000 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 2016 fiscal year.


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  • CreatedApril 20, 2015
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