Nichols Inc. reported the following amounts on its balance sheet at the end of 2009 and 2008

Question:

Nichols Inc. reported the following amounts on its at the end of 2009 and 2008 for equity:

Nichols Inc. reported the following amounts on its balance sheet

Required:
Assume that Nichols did not retire any stock during 2009, it reported $94,000 of net income for 2009, and any dividends declared were paid in cash. Determine the amounts Nichols would report in the financing section of the statement of cashflows.

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...