On May 1, Year 3, Love Corporation declared a $42,900 cash dividend to be paid on May 31 to shareholders of record on May 15. Required Record the events occurring on May 1 and May 31 in the following horizontal statements model. Also, in the Statement of Cash Flows column, classify the cash flows as operating activities (OA), investing activities (IA), or financing activities (FA). Note: Enter any decreases to account balances and cash outflows with a minus sign. Leave cells blank if no input is needed. LOVE CORPORATION Horizontal Statements Model Balance Sheet Income Statement Date Assets Liabilities + Common Stock Retained Earnings Revenue Expenses = Net Income Statement of Cash Flows May 01 May 31 + +
On May 1, Year 3, Love Corporation declared a $42,900 cash dividend to be paid on May 31 to shareholders of record on May 15. Required Record the events occurring on May 1 and May 31 in the following horizontal statements model. Also, in the Statement of Cash Flows column, classify the cash flows as operating activities (OA), investing activities (IA), or financing activities (FA). Note: Enter any decreases to account balances and cash outflows with a minus sign. Leave cells blank if no input is needed. LOVE CORPORATION Horizontal Statements Model Balance Sheet Income Statement Date Assets Liabilities + Common Stock Retained Earnings Revenue Expenses = Net Income Statement of Cash Flows May 01 May 31 + +
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Vikram
Transcribed Image Text:On May 1, Year 3, Love Corporation declared a $42,900 cash dividend to be paid on May 31 to shareholders of record on May 15.
Required
Record the events occurring on May 1 and May 31 in the following horizontal statements model. Also, in the Statement of Cash Flows
column, classify the cash flows as operating activities (OA), investing activities (IA), or financing activities (FA).
Note: Enter any decreases to account balances and cash outflows with a minus sign. Leave cells blank if no input is needed.
LOVE CORPORATION
Horizontal Statements Model
Balance Sheet
Income Statement
Date
Assets
Liabilities
+
Common
Stock
Retained
Earnings
Revenue
Expenses =
Net Income
Statement of Cash
Flows
May 01
May 31
+
+
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