Question
XYZ Corporation reported the following selected amounts on its comparative balance sheet: Current Assets 2019 2020 Trading Securities $9,000 $5000 Available-for-Sale Securities $28,000 $14,000 Stockholders'
- XYZ Corporation reported the following selected amounts on its comparative balance sheet:
Current Assets 2019 2020 Trading Securities $9,000 $5000 Available-for-Sale Securities $28,000 $14,000 Stockholders' Equity Common Stock ($1 par) $66,105 $134,710 Paid-in Capital in Excess of Par $162,153 $214,392 Paid-in Capital - Share Repurchase $8,498 $13,753 Retained Earnings $315,000 $400,000 Accumulated Other Comprehensive Income: Unrealized Gain on Available-for-Sale Securities $34,602 $51,013
The 2020 income statement of XYZ Corporation reports:
Net income $173,449 Gain on the Sale of Available-for-Sale Securities $8,742
Additional Information:
During 2020, XYZ Corporation retired 1,000 shares of its common stock. These shares were originally issued for $10 per share. No other stock was retired.
There were no treasury stock transactions and no stock dividends during 2020. All issuances of common stock were in exchange for cash.
Required: Determine the amount to be reported on the 2020 Statement of Cash Flows as "Cash Received from Issuance of Common Stock".
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