Pratt Corp. started the accounting period with $30,000 of assets, $12,000 of liabilities, and $5,000 1 answer below »

Pratt Corp. started the accounting period with $30,000 of assets, $12,000 of liabilities, and $5,000 of retained earnings. During the period, the Retained Earnings account increased by $7,550. The bookkeeper reported that Pratt paid cash expenses of $26,000 and paid a $2,000 cash dividend to stockholders, but she could not find a record of the amount of cash that Pratt received for performing services. Pratt also paid $3,000 cash to reduce the liability owed to a bank, and the business acquired $4,000 of additional cash from the issue of common stock. Required a. Prepare an income statement, statement of changes in stockholders’ equity, year-end balance sheet, and statement of cash flows for the accounting period. b. Determine the percentage of total assets that were provided by creditors, investors, and earnings.

 

Do you need a similar assignment done for you from scratch? We have qualified writers to help you. We assure you an A+ quality paper that is free from plagiarism. Order now for an Amazing Discount!
Use Discount Code “Newclient” for a 15% Discount!

NB: We do not resell papers. Upon ordering, we do an original paper exclusively for you.

The post Pratt Corp. started the accounting period with $30,000 of assets, $12,000 of liabilities, and $5,000 1 answer below » appeared first on Affordable Nursing Writers.