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Pratt Corp. started the Year 2 accounting period with total assets of $37,000 cash, $15,500 of liabilities, and $12,000 of retai
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Answer:

a) Revcouchsurfingcook.comue = $46,750

b) Stockholder"s equity $35,050

c) Net Total Assets = Stockholder"s equity = $35,050

d) Net cash gcouchsurfingcook.comerated for the year is $13,050; and couchsurfingcook.comding cash balance is $50,050

Explanation:

a. Prepare an income statemcouchsurfingcook.comt for the 2018 accounting period

To prepare this, cash revcouchsurfingcook.comue is first determined as follows:

Revcouchsurfingcook.comue = Retained earning for the year + Expcouchsurfingcook.comses + dividcouchsurfingcook.comd = $46,750

The income statemcouchsurfingcook.comt can now be prepared as follows:

Pratt Corp.

Income statemcouchsurfingcook.comt

For the 2018 accounting period

Particulars $

Revcouchsurfingcook.comue 46,750

Expcouchsurfingcook.comses (29,500)

Net income 17,250

Dividcouchsurfingcook.comd paid (2,700)

Retained Earnings for the year 14,550

b. Prepare a statemcouchsurfingcook.comt of changes in stockholder"s equity for the 2018 accounting period

Pratt Corp.

Statemcouchsurfingcook.comt of changes in stockholder"s equity

For the 2018 accounting period

Particulars $

Issue of common stock 8,500

Beginning retained earnings 12,000

Retained Earnings for the year 14,550

Stockholder"s equity 35,050

c. Prepare a period-couchsurfingcook.comd balance sheet for the 2018 accounting period

Pratt Corp.

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Balance Sheet

For the 2018 accounting period

Particulars $

Total Assets

couchsurfingcook.comding cash balance 50,050

Total Liability

Liability (15,500)

Net Total Assets 35,050

Financed By:

Issue of common stock 8,500

Beginning retained earnings 12,000

Retained Earnings for the year 14,550

Stockholder"s equity 35,050

Note: Since both the Net Total Assets and Stockholder"s equity are both equal to $35,050 as normally require, it shows the balance sheet is accrurately prepared.