Answer:
Astro Corporation Income Statement
Revenues $31,000
<u>Expenses ($17,100)</u>
Net profit $13,900
Astro Corporation Statement of Changes in Shareholder Equity
Common stock APIC Ret. earnings Total
Balance Jan. 1 $10,000 $14,000 $24,000
Net income $13,900 $13,900
<u>Dividends ($2,000) ($2,000)</u>
Balance Dec. 31 $10,000 $14,000 $11,900 $35,900
Astro Corporation Balance Sheet
<u>Assets</u> <u>Liabilities</u>
Cash $35,900 $0
<u>Shareholders' equity</u>
Common stock $10,000
APIC $14,000
Retained earnings $11,900
Total $35,900 Total $35,900
Astro Corporation Statement of Cash Flows
<u>Cash flows from operating activities:</u>
Revenues $31,000
Expenses ($17,100<u>)</u>
Cash from operating activities $13,900
<u>Cash flows form financing activities:</u>
Stock issuance $24,000
Dividends paid ($2,000)
Cash from financing activities $22,000
Net increase in cash $35,900
