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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:(a)
What was the amount of net income reported by Skysong, Inc. in 2022?
Net income $
(b)
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Determine the amounts of any cash inflows or outflows related to the common stock and dividend accounts in 2022.
Common stock $
(c).
Dividends
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Common stock
$
Dividends
Indicate where each of the cash inflows or outflows identified in (b) would be classified on the statement of cash flows.
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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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