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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Determining Cash Flows from Financing Activities

Nichols Inc. reported the following amounts on its balance sheet at the end of 2019 and 2018 for equity:

Chapter 11, Problem 44E, Determining Cash Flows from Financing Activities Nichols Inc. reported the following amounts on its

Required:

Assume that Nichols did not retire any stock during 2019, it reported $105,610 of net income for 2019, and any dividends declared were paid in cash. Determine the amounts Nichols would report in the financing section of the statement of cash flows.

To determine

Introduction:

Income from Financing Activities represents inflows and outpourings of money coming about because of obligation issuance and financing, the issuance of any new stock, profit installments, and any repurchase of existing stock.

Determine the amounts Nichols would report in the financing section of the statement of cash flows.

Explanation

Statement of financial activity

Particular Amount ($)
Issuance of common stock
Paid cash dividend (wn1)
75,000
(23,110)
51,890

Working Note 1

Retained Earning Account

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