Homework Help is Here – Start Your Trial Now!
Business
Accounting
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, $20 par ACCOUNT No. Balance Date Item Debit Credit Debit Credit Jan. 1 Balance, 55,000 shares 1,100,000 Apr. 2 13,750 shares issued for cash 275,000 1,375,000 June 30 2,000-share stock dividend 1,415,000 40,000 ACCOUNT Paid-In Capital in Excess of Par-Common Stock ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. 1 Balance 220,000 Apr. 2 13,750 shares issued for cash 385,000 605,000 June 30 Stock dividend 30,000 635,000 ACCOUNT Retained Earnings ACCOUNT No. Balance Date Item Debit Credit Debit Credit Jan. 1 Balance 913,000 June 30 Stock dividend 70,000 843,000 Dec. 30 Cash dividend 105,000 738,000 Dec. 31 Net income 657,400 1,395,400 If an amount is not reported on the statement of cash flows, leave the amount box blank. Item Section of Statement of Cash Flows Added or Deducted Amount Sale of common stock Cash dividend Stock dividend

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, $20 par ACCOUNT No. Balance Date Item Debit Credit Debit Credit Jan. 1 Balance, 55,000 shares 1,100,000 Apr. 2 13,750 shares issued for cash 275,000 1,375,000 June 30 2,000-share stock dividend 1,415,000 40,000 ACCOUNT Paid-In Capital in Excess of Par-Common Stock ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. 1 Balance 220,000 Apr. 2 13,750 shares issued for cash 385,000 605,000 June 30 Stock dividend 30,000 635,000 ACCOUNT Retained Earnings ACCOUNT No. Balance Date Item Debit Credit Debit Credit Jan. 1 Balance 913,000 June 30 Stock dividend 70,000 843,000 Dec. 30 Cash dividend 105,000 738,000 Dec. 31 Net income 657,400 1,395,400 If an amount is not reported on the statement of cash flows, leave the amount box blank. Item Section of Statement of Cash Flows Added or Deducted Amount Sale of common stock Cash dividend Stock dividend

Managerial Accounting
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter15: Statement Of Cash Flows
Section: Chapter Questions
Problem 12E
See similar textbooks
icon
Related questions
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, $20 par ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. 1 Balance, 55,000 shares 1,100,000 Apr. 2 13,750 shares issued for cash 275,000 1,375,000 June 30 2,000-share stock dividend 40,000 1,415,000 ACCOUNT Paid-In Capital in Excess of Par-Common Stock ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. Balance 220,000 Apr. 2 13,750 shares issued for cash 385,000 605,000 June 30 Stock dividend 30,000 635,000 ACCOUNT Retained Earnings ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. 1 Balance 913,000 June 30 Stock dividend 70,000 843,000 Dec. 30 Cash dividend 105,000 738,000 Dec. 31 Net income 657,400 1,395,400 If an amount is not reported on the statement of cash flows, leave the amount box blank. Item Section of Statement of Cash Flows Added or Deducted Amount Sale of common stock Cash dividend Stock dividend
Transcribed Image Text: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, $20 par ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. 1 Balance, 55,000 shares 1,100,000 Apr. 2 13,750 shares issued for cash 275,000 1,375,000 June 30 2,000-share stock dividend 40,000 1,415,000 ACCOUNT Paid-In Capital in Excess of Par-Common Stock ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. Balance 220,000 Apr. 2 13,750 shares issued for cash 385,000 605,000 June 30 Stock dividend 30,000 635,000 ACCOUNT Retained Earnings ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. 1 Balance 913,000 June 30 Stock dividend 70,000 843,000 Dec. 30 Cash dividend 105,000 738,000 Dec. 31 Net income 657,400 1,395,400 If an amount is not reported on the statement of cash flows, leave the amount box blank. Item Section of Statement of Cash Flows Added or Deducted Amount Sale of common stock Cash dividend Stock dividend
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Loanable Funds Theory
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Managerial Accounting
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Managerial Accounting: The Cornerstone of Busines…
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Financial Accounting: The Impact on Decision Make…
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Financial And Managerial Accounting
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Century 21 Accounting General Journal
Century 21 Accounting General Journal
Accounting
ISBN:
9781337680059
Author:
Gilbertson
Publisher:
Cengage
Financial Accounting Intro Concepts Meth/Uses
Financial Accounting Intro Concepts Meth/Uses
Finance
ISBN:
9781285595047
Author:
Weil
Publisher:
Cengage
SEE MORE TEXTBOOKS