Tronix Corporation was started with the issue of 2,000 shares of $5 par stock for cash on

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Tronix Corporation was started with the issue of 2,000 shares of $5 par stock for cash on January 1, 2013. The stock was issued at a market price of $13 per share. During 2013, the company earned $29,000 in cash revenues and paid $19,000 for cash expenses. Also a $1,500 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 Tronix Corporation’s 2013 fiscal year.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...
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Related Book For  book-img-for-question

Fundamental financial accounting concepts

ISBN: 978-0078025365

8th edition

Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward

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