Astro Corporation was started with the issue of 5,100 shares of $9 par stock for cash...

 

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Astro Corporation was started with the issue of 5,100 shares of $9 par stock for cash on January 1, Year 1. The stock was issued at a market price of $19 per share. During Year 1, the company earned $59,350 in cash revenues and paid $39,765 for cash expenses. Also, a $4,100 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. Astro Corporation was started with the issue of 5,100 shares of $9 par stock for cash on January 1, Year 1. The stock was issued at a market price of $19 per share. During Year 1, the company earned $59,350 in cash revenues and paid $39,765 for cash expenses. Also, a $4,100 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.

Answer rating: 100% (QA)

Lets start with the income statement and then move on to the other financial statements Income Statement ... View the full answer