Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The shareholders' equity section of Time Company's comparative balance sheets for the years ended December 31, 2021 and 2020, reported the following data: Common stock,

The shareholders' equity section of Time Company's comparative balance sheets for the years ended December 31, 2021 and 2020, reported the following data: Common stock, $1 par per share Paid-in capital-excess of par Retained earnings (5 in millions) 2021 2020 $648 $618 384 318 664 618 During 2021, Time declared and paid cash dividends of $108 million. The company also declared and issued a small stock dividend. No other changes occurred in shares outstanding during 2021 Wham was Time's net income for 2021 Muple Choice 546 mon $154 mon $164 $250 million During 2021, T Company engaged in the following activities: Distribution of cash dividends declared in 2020- Fair value of shares issued in a stock dividend Payment to retire bonds Proceeds from the sale of treasury stock (cost: $52) $48 220 452 60 In T's statement of cash flows, what were net cash outflows from financing activities for 2021? Multiple Choice O $392 $440 $560. $732 Alpha Company had the following account balances for 2021 Accounts receivable. Accounts payable Dec. 31 $41,000 Jan, 1 $32,000 49,000 54,000 Alpha reported net income of $230,000 for 2021. Assuming no other changes in current account balances, what is the amount of net cash provided by operating activities for 2021 reported in the statement of cash flows? Muple Choice O $244,000 $234,000 $216.000 $226.000image text in transcribedimage text in transcribedimage text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Recommended Textbook for

Intermediate Accounting Volume 1 Chapters 1 To 12

Authors: J. David Spiceland, James F. Sepe, Lawrence A. Tomassini, Mark W. Nelson

5th Edition

0073324655, 9780073324654

More Books

Students also viewed these Accounting questions

Question

1. Build trust and share information with others.

Answered: 1 week ago