akaki Inc. reported net income of $53,000 for 20Y7. The liability and equity accounts from the company’s comparative balance sheet are as follows: Dec. 31, 20Y7 Dec. 31, 20Y6 Accounts payable $31,900 $28,400 Dividends payable
akaki Inc. reported net income of $53,000 for 20Y7. The liability and equity accounts from the company’s comparative balance sheet are as follows: Dec. 31, 20Y7 Dec. 31, 20Y6 Accounts payable $31,900 $28,400 Dividends payable
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Takaki Inc. reported net income of $53,000 for 20Y7. The liability and equity accounts from the company’s comparative
| Dec. 31, 20Y7 | Dec. 31, 20Y6 | |||||
| Accounts payable | $31,900 | $28,400 | ||||
| Dividends payable | 5,000 | 3,000 | ||||
| Common stock, $5 par value | 80,000 | 75,000 | ||||
| Paid-in capital in excess of par-common stock | 37,000 | 30,000 | ||||
| 130,600 | 81,600 |
During the year, the company declared dividends of $4,000 and issued 1,000 shares of common stock for $12 per share.
Prepare the
Takaki Inc.
Statement of Cash Flows (partial)
| Cash flows from (used for) financing activities: | ||
|
|
$Cash received from issuing common stock | |
|
|
Cash dividends | |
|
|
$Net cash flows from financing activities |
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