Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Problem 12-02A The following account balances relate to the stockholders' equity accounts of Blue Spruce Corp. at year-end. 2022 2021 Common stock, 10,720 and 10,220

image text in transcribed

Problem 12-02A The following account balances relate to the stockholders' equity accounts of Blue Spruce Corp. at year-end. 2022 2021 Common stock, 10,720 and 10,220 shares, respectively, for 2022 and 2021 Preferred stock, 5,010 shares Retained earnings $175,660 125,250 307,120 $154,860 125,250 244,240 A small stock dividend was declared and issued in 2022. The market price of the shares was $9,320. Cash dividends were $19,230 in both 2022 and 2021. The common stock has no par or stated value. x Your answer is incorrect. Try again. What was the amount of net income reported by Blue Spruce Corp. in 2022? Net income 9320 LINK TO TEXT LINK TO VIDEO x Your answer is incorrect. Try again. 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 Cash flow related to common stock account 9380 Cash flow related to dividend account 19230 LINK TO TEXT LINK TO VIDEO x Your answer is incorrect. Try again. 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 Investing activities Cash flow related to dividend account Operating activities

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

Effective Writing A For Accountants

Authors: Claire B. May, Gordon S. May

11th Edition

0134667387, 9780134667386

More Books

Students also viewed these Accounting questions

Question

Network in tightly knit and permanent social networks

Answered: 1 week ago

Question

Why do you think Dell buys back its stock?

Answered: 1 week ago