Reference no: EM132895594
Question - Prat Corp. started the 2018 accounting period with $35,000 of assets (all cash), $14,500 of liabilities, and $20,000 of common stock. During the year, the Retained Earnings account increased by $18,550. The bookkeeper reported that Prat paid cash expenses of $33,500 and paid a $3,500 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 $9,500 cash to reduce the liability owed to the bank, and the business acquired $8,000 of additional cash from the issue of common stock.
Required -
1. Make an income statement for the 2018 accounting period.
2. Make a statement of changes in stockholders' equity for the 2018 accounting period.
3. Make a period-end balance sheet for the 2018 accounting period.
4. Make a statement of cash flows for the 2018 accounting period.
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