Question: please show how you got the answer Prat Corp. started the 2018 accounting period with $33,000 of assets (all cash). $13.500 of liabilities, and $8,000

please show how you got the answer Prat Corp. started the

2018 accounting period with $33,000 of assets (all cash). $13.500 of liabilities,

and $8,000 of common stock. During the year, the Retained Earnings account

increased by $10,550. The bookkeeper reported that Prat paid cash expenses of

$27,500 and paid a $2,300 cash dividend to the stockholders, but she

please show how you got the answer

Prat Corp. started the 2018 accounting period with $33,000 of assets (all cash). $13.500 of liabilities, and $8,000 of common stock. During the year, the Retained Earnings account increased by $10,550. The bookkeeper reported that Prat paid cash expenses of $27,500 and paid a $2,300 cash dividend to the stockholders, but she could not find a record of the amount of cash that Prat received for performing services. Prat also paid $6,000 cash to reduce the liability owed to the bank, and the business acquired $7.400 of additional cash from the issue of common stock. Required (Hint Determine the amount of beginning retained earnings before considering the effects of the current period events. It also might help to record all events under an accounting equation before preparing the statements.) a-1. Prepare an income statement for the 2018 accounting period. a-2. Prepare a statement of changes in stockholders' equity for the 2018 accounting period. a-3. Prepare a period-end balance sheet for the 2018 accounting period. a-4. Prepare a statement of cash flows for the 2018 accounting period. Req A1 Req A2 Req A3 Req A4 Prepare an income statement for the 2018 accounting period. Prat Corp. Income Statement For the Year Ended December 31, 2018 $ 0 Req A1 Req A2 Req A3 Req A4 Prepare a statement of changes in stockholders' equity for the 2018 accounting period. Prat Corp. Statement of Changes in Stockholders' Equity For the Year Ended December 31, 2018 Beginning common stock $ 0 Ending common stock Beginning retained earnings 0 Ending retained earnings Total stockholders' equity $ 0 Req A1 Req A2 Req A3 Req A4 Prepare a period-end balance sheet for the 2018 accounting period. Prat Corp. Balance Sheet As of December 31, 2018 Assets $ 0 Total assets Liabilities Stockholders' Equity 0 Total stockholders' equity Total liabilities and stockholders' equity $ Reg A1 Reg A2 Reg A3 Req A4 Prepare a statement of cash flows for the 2018 accounting period. (Amounts to be deducted should be indicated with a minus sign.) Prat Corp. Statement of Cash Flows For the Year Ended December 31, 2018 Cash flows from operating activities S 0 Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities Net cash flow from financing activities 0 Ending cash balance S 0

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

please show me how to do this Prat Corp. started the 2018 accounting period with $33,000 of assets (all cash). $13,500 of liabilities, and $8,000 of common stock. During the year, the Retained...

Please answer and I will gladly give a thumbs up! Prat Corp. started the 2018 accounting period with $33,000 of assets (all cash), $13,500 of liabilities, and $8,000 of common stock. During the year,...

Required information [The following information applies to the questions displayed below.] Prat Corp. started the 2018 accounting period with $31,000 of assets (all cash), $12,500 of liabilities, and...

Please answer and I will gladly give a thumbs up! Prat Corp. started the 2018 accounting period with $33,000 of assets (all cash). $13,500 of liabilities, and $8,000 of common stock. During the year,...

please help fill in the blue sections with arrows. Prat Corp. started the 2018 accounting period with $33,000 of assets (all cash). $13,500 of liabilities, and $8,000 of common stock. During the...

Prat Corp, started the 2018 accounting period with $33,000 of assets (all cash), $13,500 of liabilities, and $8,000 of common stock. During the year, the Retained Earnings account increased by...

Prat Corp. started the 2018 accounting period with $33,000 of assets (all cash), $13,500 of liabilities, and $8,000 of common stock. During the year, the Retained Earnings account increased by...

I am having difficulty filling out the rest of this accounting example. Prat Corp. started the 2018 accounting period with $31,000 of assets {all cash], $12, 500 of liabilities, and $5,000 of common...

Prat Corp. started the 2018 accounting period with $34,000 of assets (all cash), $14,000 of liabilities, and $9,000 of common stock. During the year, the Retained Earnings account increased by...

A payment of $110 was made at the end of each month for 4 years into a savings account. The interest rate on the account is 5.4% compounded monthly. Whats the interested earned on the account?

A 3-PL receives an average of 1900 orders per day at its warehouse. The warehouse engages 12 workers to pick the order. Each picker works 8 hours o pick these order a day. After going through on job...

A voluntary health and welfare organization reports pledges receivable on its statement of financial position at the present value of the future cash collections. How is the increase in the present...

Duress makes a contract void Question 1 0 Answer True False

1 It is difficult to manage this process logistically and structurally. Control is difficult and success is highly dependent on the enthusiasm of the team rather than on formalized procedures. A...

2 Are organizational forms and work practices involving lateral and temporal flexibility in the European Union transferable to other regions across the globe?

3 How can knowledge management systems be employed across cultures to better understand and incorporate implicit knowledge within each cultural context?