Question
13. The following items relate to the preparation of a statement of cash flows: 2009 2008 2009 Cash $150,000 $100,000 Net sales $3,200,000 Dividends payable
13. The following items relate to the preparation of a statement of cash flows:
| 2009 | 2008 |
| 2009 |
Cash | $150,000 | $100,000 | Net sales | $3,200,000 |
Dividends payable | 35,000 | 0 | CGS | (2,500,000) |
Common stock | 600,000 | 450,000 | Expenses | (500,000) |
Retained earnings | 280,000 | 165,000 | Net income | $ 200,000 |
Capital stock was sold to provide additional working capital. Under financing activities, cash dividend payments during 2009 amounted to
A: $115,000 B: $ 85,000 C: $ 50,000 D: $ 35,000
14. Which of the following cash flows per share should be reported in a statement of cash flows?
A: Basic cash flows per share only. B: Diluted cash flows per share only. C: Both basic and diluted cash flows per share. D: Cash flows per share should not be reported.
15. On February 1, 2010, Kew Corp., a newly formed company, had the following stock issued and outstanding:
Common stock, no par, $1 stated value, 10,000 shares originally issued for $15 per share.
Preferred stock, $10 par value, 3,000 shares originally issued for $25 per share.
Kews February 1, 2010 statement of stockholders equity should report
| Common stock | Preferred stock | Additional paid-in capital | |
A. | $150,000 | $30,000 | $ 45,000 |
|
B. | $150,000 | $75,000 | $0 |
|
C. | $ 10,000 | $75,000 | $140,000 |
|
D. | $ 10,000 | $30,000 | $185,000 |
|
A: A. B: B. C: C. D: D.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started