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The following account balances relate to the stockholders' equity accounts of Skysong, Inc. at year-end. Common stock, 10,500 and 10,000 shares, issued and outstanding, respectively, for 2022 and 2021 Preferred stock, 5,000 shares, issued and outstanding Retained earnings 2022 $155,300 159,000 305,000 2021 $135,000 159,000 249,100 A small stock dividend was declared and issued in 2022. The market price of the shares was $11,300. Cash dividends of $17,000 were declared and paid in both 2022 and 2021. The common stock and preferred stock have no par or stated value.

The following account balances relate to the stockholders' equity accounts of Skysong, Inc. at year-end. Common stock, 10,500 and 10,000 shares, issued and outstanding, respectively, for 2022 and 2021 Preferred stock, 5,000 shares, issued and outstanding Retained earnings 2022 $155,300 159,000 305,000 2021 $135,000 159,000 249,100 A small stock dividend was declared and issued in 2022. The market price of the shares was $11,300. Cash dividends of $17,000 were declared and paid in both 2022 and 2021. The common stock and preferred stock have no par or stated value.

FINANCIAL ACCOUNTING
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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(a) What was the amount of net income reported by Skysong, Inc. in 2022? Net income $ (b) eTextbook and Media Save for Later Determine the amounts of any cash inflows or outflows related to the common stock and dividend accounts in 2022. Common stock $ (c). Dividends eTextbook and Media Save for Later Common stock $ Dividends Indicate where each of the cash inflows or outflows identified in (b) would be classified on the statement of cash flows. Attempts: 0 of 3 used Subm eTextbook and Media Save for Later Attempts: 0 of 3 used Subm Attempts: 0 of 3 used Subm
Transcribed Image Text:(a) What was the amount of net income reported by Skysong, Inc. in 2022? Net income $ (b) eTextbook and Media Save for Later Determine the amounts of any cash inflows or outflows related to the common stock and dividend accounts in 2022. Common stock $ (c). Dividends eTextbook and Media Save for Later Common stock $ Dividends Indicate where each of the cash inflows or outflows identified in (b) would be classified on the statement of cash flows. Attempts: 0 of 3 used Subm eTextbook and Media Save for Later Attempts: 0 of 3 used Subm Attempts: 0 of 3 used Subm
The following account balances relate to the stockholders' equity accounts of Skysong, Inc. at year-end. Common stock, 10,500 and 10,000 shares, issued and outstanding, respectively, for 2022 and 2021 Preferred stock, 5,000 shares, issued and outstanding Retained earnings 2022 $155,300 159,000 305,000 2021 $135,000 159,000 249,100 A small stock dividend was declared and issued in 2022. The market price of the shares was $11,300. Cash dividends of $17,000 were declared and paid in both 2022 and 2021. The common stock and preferred stock have no par or stated value.
Transcribed Image Text:The following account balances relate to the stockholders' equity accounts of Skysong, Inc. at year-end. Common stock, 10,500 and 10,000 shares, issued and outstanding, respectively, for 2022 and 2021 Preferred stock, 5,000 shares, issued and outstanding Retained earnings 2022 $155,300 159,000 305,000 2021 $135,000 159,000 249,100 A small stock dividend was declared and issued in 2022. The market price of the shares was $11,300. Cash dividends of $17,000 were declared and paid in both 2022 and 2021. The common stock and preferred stock have no par or stated value.
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