sa On May 1, Year 3, Love Corporation declared a $94, 700 cash dividend to be paid on May 31to shareholders of record on May 15. Required Record the events occurring on May 1 andMay 31 in a horizontal statements model. In the Cash Flow column, indicate whether the itemis an operating activity (OA), investing activity (IA), or financing activity (FA). If an elementwas not affected by the event, leave the cell blank. (Enter any decreases to account balanceswith a minus sign.)nLOVE CORPORATIONHorizontal Statements ModelBalance SheetIncome StatementDateAssetsLiabilities+CommonStockRetainedEarningsStatement of CashFlowRevenueExpenseNet IncomeMay 1May 31=+

JOURNAL ENTRY WILL BE AS FOLLOWS:DateAccountsDebitCreditMay 1Retained earnings94,700 Dividend…

Answered: On May 1, Year 3, Love Corporation…

Principles of Accounting Volume 1

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Chapter16: Statement Of Cash Flows

Section: Chapter Questions

Problem 3EA: In which section of the statement of cash flows would each of the following transactions be...

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In which section of the statement of cash flows would each of the following transactions be included? For each, identify the appropriate section of the statement of cash flows as operating (O), investing (I), financing (F), or none (N). (Note: some transactions might involve two sections.) A. borrowed from the bank for business loan B. declared dividends, to be paid next year C. purchased treasury stock D. purchased a two-year insurance policy E. purchased plant assets
On May 1, Year 3, Love Corporation declared a $94,200 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 1 May 31 Balance Sheet Assets = 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 $57,700 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.) LOVE CORPORATION Horizontal Statements Model Balance Sheet Income Statement Statement of Cash Common Stock Retained Flow Date Assets Liabilities + Revenue Expense Net Income Earnings May 1 + May 31
On May 1, 2018, Love Corporation declared a $45,100 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.)
On May 1, Year 3, Love Corporation declared a $74,000 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.) LOVE CORPORATION Horizontal Statements Model Balance Sheet Income Statement Statement of Cash Flow Common Retained Date Assets Liabilities Revenue Expense = Net Income Stock Earnings May 1 May 31 +
On May 1, Year 1, Love Corporation declared a $97,400 cash dividend to be paid on May 31 to shareholders of record on May 15. a. Record the events occuring on May 1, May 15, and May 31 in a horizontal statements model. In the cash flow column, indicate whether the item is an operating activity, investing activity, or financing activity. Use NA to indicate that an element was not affected by the event. (Amounts to be deducted should be indicated with minus sign).
On May 1, Year 3, Love Corporation declared a $74,100 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. Date May 01 May 31 Assets Balance Sheet Liabilities Common Stock LOVE CORPORATION Horizontal Statements Model Retained Earnings Revenue Income Statement Expenses Net Income Statement of Cash Flows
On May 1, Year 3, Love Corporation declared a $59,700 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. Date May 01 May 31 Assets Balance Sheet Liabilities + • Common Stock LOVE CORPORATION Horizontal Statements Model Retained Revenus Earnings Income Statement Expenses Net Income Flows
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On April 1, Year 1, Exotic Motor Cars Incorporated declared a $136,000 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: Enter any decreases to account balances and cash outflows with a minus sign. Leave cells blank if no input is needed. Date April 1 April 15 April 30 Assets = = Balance Sheet Liabilities + + + Common Stock + + + Retained Earnings Revenue Income Statement Expenses Net Income Statement of Cash Flows
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The declaration, record, and payment dates in connection with a cash dividend of $108,000 on a corporation's common stock are July 9, August 31, and October 1. Journalize the entries required on each date. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles.

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