The following account balances relate to the stockholders' equity accounts of Sunland Corp. at year-end. 2022 2021 Common stock, 10,500 and 10,000 shares, issued and $160,600 $135,200 outstanding, respectively, for 2022 and 2021 117,000 117,000 Preferred stock, 5,000 shares, issued and outstanding Retained earnings 303,200 254,200 A small stock dividend was declared and issued in 2022. The market price of the shares issued was $10,800. Cash dividends of $16,600 were declared and paid in both 2022 and 2021. The common stock and preferred stock have no par or stated value. (a) What was the amount of net me reported by Sunland Corp. in 2022? Net income %24 (b) Determine the amounts of any cash inflows or outflows related to the common stock and dividend accounts in 2022. Common stock %24 Dividends %24 Indicate where each of the cash inflows or outflows identified in (b) would be classified on the statement of cash flows. Common stock Dividends
The following account balances relate to the stockholders' equity accounts of Sunland Corp. at year-end. 2022 2021 Common stock, 10,500 and 10,000 shares, issued and $160,600 $135,200 outstanding, respectively, for 2022 and 2021 117,000 117,000 Preferred stock, 5,000 shares, issued and outstanding Retained earnings 303,200 254,200 A small stock dividend was declared and issued in 2022. The market price of the shares issued was $10,800. Cash dividends of $16,600 were declared and paid in both 2022 and 2021. The common stock and preferred stock have no par or stated value. (a) What was the amount of net me reported by Sunland Corp. in 2022? Net income %24 (b) Determine the amounts of any cash inflows or outflows related to the common stock and dividend accounts in 2022. Common stock %24 Dividends %24 Indicate where each of the cash inflows or outflows identified in (b) would be classified on the statement of cash flows. Common stock Dividends
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Answer question completely. Note this is one question with multiple parts answer every part completely
Transcribed Image Text:The following account balances relate to the stockholders' equity accounts of Sunland Corp. at year-end.
2022
2021
Common stock, 10,500 and 10,000 shares, issued and
$160,600
$135,200
outstanding, respectively, for 2022 and 2021
117,000
117,000
Preferred stock, 5,000 shares, issued and outstanding
Retained earnings
303,200
254,200
A small stock dividend was declared and issued in 2022. The market price of the shares issued was $10,800. Cash dividends of
$16,600 were declared and paid in both 2022 and 2021. The common stock and preferred stock have no par or stated value.
(a)
What was the amount of net income reported by Sunland Corp. in 2022?
Net income
24
(b)
Determine the amounts of any cash inflows or outflows related to the common stock and dividend accounts in 2022.
Common stock
2$
Dividends
24
(c)
Indicate where each of the cash inflows or outflows identified in (b) would be classified on the statement of cash flows.
Common stock
Dividends
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