On May 1, Year 3, Love Corporation declared a $50,000 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 a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). If an element was not affected by the event, leave the cell blank. (Enter any decreases to account balances with a minus sign.) Date May 01 May 31 Assets = Balance Sheet Liabilities + + Common Stock LOVE CORPORATION Horizontal Statements Model + + Retained Earnings Revenue Income Statement Expense Net Income Statement of Cash Flow

On May 1, Year 3, Love Corporation declared a $50,000 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 a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). If an element was not affected by the event, leave the cell blank. (Enter any decreases to account balances with a minus sign.) Date May 01 May 31 Assets = Balance Sheet Liabilities + + Common Stock LOVE CORPORATION Horizontal Statements Model + + Retained Earnings Revenue Income Statement Expense Net Income Statement of Cash Flow

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter16: Statement Of Cash Flows

Section: Chapter Questions

Problem 2EB: In which section of the statement of cash flows would each of the following transactions be...

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