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. ACCOUNT Common Stock, $40 par ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. 1 Balance, 120,000 shares 4,800,000 Apr. 2 30,000 shares issued for cash 1,200,000 6,000,000 June 30 4,400-share stock dividend 176,000 6,176,000 ACCOUNT Paid-In Capital in Excess of Par-Common Stock ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. 1 Balance 360,000 Apr. 2 30,000 shares issued for cash 720,000 1,080,000 June 30 Stock dividend 114,400 1,194,400 ACCOUNT Retained Earnings ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. 1 Balance 2,000,000 June 30 Stock dividend 290,400 1,709,600 Dec. 30 Cash dividend 463,200 1,246,400 Dec. 31 Net income 1,440,000 2,686,400 If an amount is not reported on the statement of cash flows, enter in "0" in the Amount column.

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter11: Stockholders' Equity

Section: Chapter Questions

Problem 11.4E

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Question

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.

ACCOUNT Common Stock, $40 par

ACCOUNT NO.

Balance

Date

Item

Debit

Credit

Debit

Credit

Jan.

Balance, 120,000 shares

4,800,000

Apr.

30,000 shares issued for cash

1,200,000

6,000,000

June

4,400-share stock dividend

176,000

6,176,000

ACCOUNT Paid-In Capital in Excess of Par-Common Stock

ACCOUNT NO.

Balance

Date

Item

Debit

Credit

Debit

Credit

Jan.

Balance

360,000

Apr.

30,000 shares issued for cash

720,000

1,080,000

June

Stock dividend

114,400

1,194,400

ACCOUNT Retained Earnings

ACCOUNT NO.

Balance

Date

Item

Debit

Credit

Debit

Credit

Jan.

Balance

2,000,000

June

Stock dividend

290,400

1,709,600

Dec.

Cash dividend

463,200

1,246,400

Dec.

Net income

1,440,000

2,686,400

If an amount is not reported on the statement of cash flows, enter in "0" in the Amount column.

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