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Please Help, Due tonight On May 1, Year 3, Love Corporation declared a $79,200 cash dividend to be paid on May 31 to shareholders of
Please Help, Due tonight
On May 1, Year 3, Love Corporation declared a \$79,200 cash dividend to be paid on May 31 to shareholders of record on May 15. Required Record the events occurring on May 1 and May 31 in the following horizontal statements model. Also, in the Statement of Cash Flows column, classify the cash flows as operating activities (OA), investing activities (IA), or financing activities (FA). Note: Enter any decreases to account balances and cash outflows with a minus sign. Leave cells blank if no input is needed. \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{14}{|c|}{ LOVE CORPORATION } \\ \hline \multicolumn{14}{|c|}{ Horizontal Statements Model } \\ \hline \multirow[b]{2}{*}{ Date } & \multicolumn{7}{|c|}{ Balance Sheet } & \multicolumn{5}{|c|}{ Income Statement } & \multirow{2}{*}{\begin{tabular}{c} Statement of Cash \\ Flows \end{tabular}} \\ \hline & Assets & = & Liabilities & + & \begin{tabular}{c} Common \\ Stock \end{tabular} & + & \begin{tabular}{c} Retained \\ Earnings \end{tabular} & Revenue & - & Expenses & = & Net Income & \\ \hline May 01 & & = & & + & & + & & & - & & = & & r \\ \hline May 31 & & = & & + & & + & & & - & & = & & F \\ \hline \end{tabular}Step by Step Solution
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