Nichols Inc. reported the following amounts on its balance sheet at the end of 2011 and 2010

Question:

Nichols Inc. reported the following amounts on its at the end of 2011 and 2010 for equity:

Required:
Assume that Nichols did not retire any stock during 2011, it reported $92,630 of net income for 2011, and any dividends declared were paid in cash. Determine the amounts Nichols would report in the financing section of the statement of cash flows.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...