Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

2022 2021 Common stock, 11,550 and 11,050 shares, respectively, for 2022 and 2021 $174,040 $153,240 137,500 137,500 Preferred stock, 5,500 shares Retained earnings 304,570 254,860

image text in transcribedimage text in transcribed

2022 2021 Common stock, 11,550 and 11,050 shares, respectively, for 2022 and 2021 $174,040 $153,240 137,500 137,500 Preferred stock, 5,500 shares Retained earnings 304,570 254,860 A small stock dividend was declared and issued in 2022. The market price of the shares was $9,370. Cash dividends were $19,130 in both 2022 and 2021. The common stock has no par or stated value What was the amount of net income reported by Novak Corp. in 2022? Net income $ eTextbook and Media Determine the amounts of any cash inflows or outflows related to the common stock and dividend accounts in 2022. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Cash flow related to common stock account $ Cash flow related to dividend account eTextbook and Media Indicate where each of the cash inflows or outflows identified in (b) would be classified on the statement of cash flows. Cash flow related to common stock account Financing activities Cash flow related to dividend account Financing activities

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

What is the cerebrum?

Answered: 1 week ago