The following account balances relate to the stockholders' equity accounts of Vaughn Corp. 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 $162,600 147,900 301,300 2021 $138,200 147,900 253,300 A small stock dividend was declared and issued in 2022. The market price of the shares issued was $11,500. Cash dividends of $16,900 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 Vaughn Corp. 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 $162,600 147,900 301,300 2021 $138,200 147,900 253,300 A small stock dividend was declared and issued in 2022. The market price of the shares issued was $11,500. Cash dividends of $16,900 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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![The following account balances relate to the stockholders' equity accounts of Vaughn Corp. 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
(a)
Net income $
(b)
eTextbook and Media
What was the amount of net income reported by Vaughn Corp. in 2022?
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2022
A small stock dividend was declared and issued in 2022. The market price of the shares issued was $11,500. Cash dividends of
$16,900 were declared and paid in both 2022 and 2021. The common stock and preferred stock have no par or stated value.
Common stock $
$162,600
Dividends
147,900
$
301,300
2021
$138,200
147,900
253,300
Determine the amounts of any cash inflows or outflows related to the common stock and dividend accounts in 2022.
Attempts: 0 of 5 used Submit Answer](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F93d6464e-f155-4940-8921-7114e2ab97cc%2F7e272a0a-b038-4667-9305-740f84b1b520%2F4l3k0tm_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The following account balances relate to the stockholders' equity accounts of Vaughn Corp. 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
(a)
Net income $
(b)
eTextbook and Media
What was the amount of net income reported by Vaughn Corp. in 2022?
Save for Later
2022
A small stock dividend was declared and issued in 2022. The market price of the shares issued was $11,500. Cash dividends of
$16,900 were declared and paid in both 2022 and 2021. The common stock and preferred stock have no par or stated value.
Common stock $
$162,600
Dividends
147,900
$
301,300
2021
$138,200
147,900
253,300
Determine the amounts of any cash inflows or outflows related to the common stock and dividend accounts in 2022.
Attempts: 0 of 5 used Submit Answer
![(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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F93d6464e-f155-4940-8921-7114e2ab97cc%2F7e272a0a-b038-4667-9305-740f84b1b520%2Fyaslwlh_processed.jpeg&w=3840&q=75)
Transcribed Image Text:(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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