Question
Reporting Stockholders' Equity Items onStatement of Cash Flows On the basis of the following stockholders' equity accounts, indicate the items, exclusive of net income, to
Reporting Stockholders' Equity Items onStatement of Cash Flows
On the basis of the following stockholders' equity accounts, indicate the items, exclusive of net income, to be reported on the statement of cash flows. There were no unpaid dividends at either the beginning or the end of the year.
ACCOUNTCommon Stock, $40 parACCOUNT NO.BalanceDateItemDebitCreditDebitCreditJan.1Balance, 120,000 shares4,800,000Apr.230,000 shares issued for cash1,200,0006,000,000June304,400-share stock dividend176,0006,176,000
ACCOUNTPaid-In Capital in Excess of Par-Common StockACCOUNT NO.BalanceDateItemDebitCreditDebitCreditJan.1Balance360,000Apr.230,000 shares issued for cash720,0001,080,000June30Stock dividend114,4001,194,400
ACCOUNTRetained EarningsACCOUNT NO.BalanceDateItemDebitCreditDebitCreditJan.1Balance2,000,000June30Stock dividend290,4001,709,600Dec.30Cash dividend463,2001,246,400Dec.31Net income1,440,0002,686,400
If an amount is not reported on the statement of cash flows, enter in "0" in the Amount column.
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