Homework Help is Here – Start Your Trial Now!
Business
Accounting
On the basis of the following stockholders' equity accounts, indicate the items, exclusive of net income, to be reported on the statement of cash flows. There were no unpaid dividends at either the beginning or the end of the year. ACCOUNT Common Stock, $5 par ACCOUNT NO.         Balance Date Item Debit Credit Debit Credit Jan. 1     Balance, 60,000 shares         300,000   Apr. 2     15,000 shares issued for cash     75,000       375,000   June 30     2,000-share stock dividend   10,000       385,000   ACCOUNT Paid-In Capital in Excess of Par-Common Stock ACCOUNT NO.         Balance Date Item Debit Credit Debit Credit Jan. 1     Balance         180,000   Apr. 2     15,000 shares issued for cash     255,000       435,000   June 30     Stock dividend   7,500       442,500   ACCOUNT Retained Earnings ACCOUNT NO.         Balance Date Item Debit Credit Debit Credit Jan. 1     Balance         249,000   June 30     Stock dividend 17,500           231,500   Dec. 30     Cash dividend 28,600           202,900   Dec. 31     Net income   179,300       382,200   If an amount is not reported on the statement of cash flows, enter in "0" in the Amount column. Item Section of Statement of Cash Flows Added or Deducted Amount Sale of common stock     $ Cash dividend     $ Stock dividend

On the basis of the following stockholders' equity accounts, indicate the items, exclusive of net income, to be reported on the statement of cash flows. There were no unpaid dividends at either the beginning or the end of the year. ACCOUNT Common Stock, $5 par ACCOUNT NO.         Balance Date Item Debit Credit Debit Credit Jan. 1     Balance, 60,000 shares         300,000   Apr. 2     15,000 shares issued for cash     75,000       375,000   June 30     2,000-share stock dividend   10,000       385,000   ACCOUNT Paid-In Capital in Excess of Par-Common Stock ACCOUNT NO.         Balance Date Item Debit Credit Debit Credit Jan. 1     Balance         180,000   Apr. 2     15,000 shares issued for cash     255,000       435,000   June 30     Stock dividend   7,500       442,500   ACCOUNT Retained Earnings ACCOUNT NO.         Balance Date Item Debit Credit Debit Credit Jan. 1     Balance         249,000   June 30     Stock dividend 17,500           231,500   Dec. 30     Cash dividend 28,600           202,900   Dec. 31     Net income   179,300       382,200   If an amount is not reported on the statement of cash flows, enter in "0" in the Amount column. Item Section of Statement of Cash Flows Added or Deducted Amount Sale of common stock     $ Cash dividend     $ Stock dividend

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
100%

On the basis of the following stockholders' equity accounts, indicate the items, exclusive of net income, to be reported on the statement of cash flows. There were no unpaid dividends at either the beginning or the end of the year.

ACCOUNT Common Stock, $5 par ACCOUNT NO.
        Balance
Date Item Debit Credit Debit Credit
Jan. 1     Balance, 60,000 shares         300,000  
Apr. 2     15,000 shares issued for cash     75,000       375,000  
June 30     2,000-share stock dividend   10,000       385,000  



ACCOUNT Paid-In Capital in Excess of Par-Common Stock ACCOUNT NO.
        Balance
Date Item Debit Credit Debit Credit
Jan. 1     Balance         180,000  
Apr. 2     15,000 shares issued for cash     255,000       435,000  
June 30     Stock dividend   7,500       442,500  



ACCOUNT Retained Earnings ACCOUNT NO.
        Balance
Date Item Debit Credit Debit Credit
Jan. 1     Balance         249,000  
June 30     Stock dividend 17,500           231,500  
Dec. 30     Cash dividend 28,600           202,900  
Dec. 31     Net income   179,300       382,200  

If an amount is not reported on the statement of cash flows, enter in "0" in the Amount column.

Item Section of Statement of Cash Flows Added or Deducted Amount
Sale of common stock     $
Cash dividend     $
Stock dividend  
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for stockholder's equity
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS