Discussion:
Morris Corporation: Prepare income statement, stockholders' equity, cash flows
Morris Corporation was started with the issue of 5000 shares of $10.00 par common stock for cash on January 1, 2012. The stock was issued at a market price of $18.00 per share. During 2012, the company earned $63,000.00 for cash revenues and paid $41,000.00 for cash expenses. Also, a $4000.00 cash dividend was paid to the stock holders.
Required:
1. Prepare the income statement,
2. Statement of changes in stockholders' equity,
3. Balance Sheet
4. Statement of cash flows for Morris Corporation's 2012 fiscal year