5 11 ints Print Problem: Module 3 Textbook Problem 11 Learning Objectives: 3-9 Identify the primary...

Transcribed Image Text:

5 11 ints Print Problem: Module 3 Textbook Problem 11 Learning Objectives: 3-9 Identify the primary characteristics of sole proprietorships, partnerships, and corporations 3-12 Show how issuing different classes of stock affects financial statements Astro Corporation was started with the issue of 5,000 shares of $12 par stock for cash on January 1, Year 1. The stock was issued at a market price of $17 per share. During Year 1, the company earned $57,950 in cash revenues and paid $38,827 for cash expenses. Also, a $3,500 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. Income Statement Stmt of Changes Stmt of Cash Balance Sheet Flows Prepare the income statement. ASTRO CORPORATION Income Statement For the Year Ended December 31, Year 1 5 11 ints Print Problem: Module 3 Textbook Problem 11 Learning Objectives: 3-9 Identify the primary characteristics of sole proprietorships, partnerships, and corporations 3-12 Show how issuing different classes of stock affects financial statements Astro Corporation was started with the issue of 5,000 shares of $12 par stock for cash on January 1, Year 1. The stock was issued at a market price of $17 per share. During Year 1, the company earned $57,950 in cash revenues and paid $38,827 for cash expenses. Also, a $3,500 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. Income Statement Stmt of Changes Stmt of Cash Balance Sheet Flows Prepare the income statement. ASTRO CORPORATION Income Statement For the Year Ended December 31, Year 1