Astro Corporation was started with the issue of 4500 shares

Astro Corporation was started with the issue of 4,500 shares of $9 par stock for cash on January 1, 2018. The stock was issued at a market price of $18 per share. During 2018, the company earned $64,050 in cash revenues and paid $42,914 for cash expenses. Also, a $3,900 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 2018 fiscal year. Complete this question by entering your answers in the tabs below. ncome Smt chgsin Balance SheetFls Smt of Cash Income Balance Sheet StatementShlds Eqy Prepare the income statement ASTRO CORPORATION Income Statement For the Year Ended December 31, 2018 Income Statement Smt chgs in Shlds Eqy

Solution

Answers

Revenues

$                             64,050.00

Expenses

$                             42,914.00

Net Income

$                             21,136.00

Beginning Common Stock

$                             40,500.00

Paid in Capital in Excess of Par

$                             40,500.00

Ending common Stock

$               81,000.00

Beginning Retained Earnings

$                                            -  

Add: Net Income

$                             21,136.00

Less: Dividends

$                               3,900.00

Ending Retained Earnings

$               17,236.00

Total Stockholder\'s Equity

$               98,236.00

Cash Flows from Operating Activities:

Cash received from revenues

$                             64,050.00

Cash paid for expenses

$                           (42,914.00)

Net Cash Flows from Operating activities

$               21,136.00

Cash Flows from Investing Activities:

Net Cash Flow from Investing Activities

$                              -  

Cash Flows from Financing Activities

Common Stock issued at $18

$                             81,000.00

Dividend paid

$                             (3,900.00)

Net Cash Flow from Financing Activities

$               77,100.00

Net Change in Cash

$               98,236.00

Beginning Cash Balance

$                              -  

Ending Cash Balance

$               98,236.00

ASSETS

Cash

$                             98,236.00

Total Assets

$               98,236.00

LIABILITIES

$                              -  

STOCKHOLDERS\' EQUITY

Common Stock (at Par)

$                             40,500.00

Paid In Capital in Excess of Par

$                             40,500.00

Total Paid In Capital

$               81,000.00

Retained earnings

$               17,236.00

Total Liabilities & SE

$               98,236.00

Revenues	$                             64,050.00
Expenses	$                             42,914.00
Net Income	$                             21,136.00