On April 1, Year 1, Exotic Motor Cars Incorporated declared a $120,000 cash dividend to be paid on April 30 to shareholders of record on April 15. Required: Record the events occurring on April 1, April 15, and April 30 in a horizontal statements model. In the Statement of Cash Flows column, Indicate whether the item is an operating activity (OA), Investing activity (IA), or financing activity (FA). Note: In the Cash Flow column, use OA to designate operating activity, IA for Investment activity, FA for financing activity, and NC for net change in cash. Enter any decreases to account balances and cash outflows with a minus sign. Not all cells require input- leave cells blank if there is no corresponding input needed. Balance Sheet Income Statement Statement of Date April 1 Assets Liabilities Common Stock Retained Earnings Revenue Expenses Net Income Cash Flows April 15 April 30

On April 1, Year 1, Exotic Motor Cars Incorporated declared a $120,000 cash dividend to be paid on April 30 to shareholders of record on April 15. Required: Record the events occurring on April 1, April 15, and April 30 in a horizontal statements model. In the Statement of Cash Flows column, Indicate whether the item is an operating activity (OA), Investing activity (IA), or financing activity (FA). Note: In the Cash Flow column, use OA to designate operating activity, IA for Investment activity, FA for financing activity, and NC for net change in cash. Enter any decreases to account balances and cash outflows with a minus sign. Not all cells require input- leave cells blank if there is no corresponding input needed. Balance Sheet Income Statement Statement of Date April 1 Assets Liabilities Common Stock Retained Earnings Revenue Expenses Net Income Cash Flows April 15 April 30

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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