10 BalanceDateItemDebitCreditDebitCreditJan.1Balance70,000Apr.28,750 shares issued for cash245,000315,000June30Stock dividend15,000330,000ACCOUNT Retained EarningsACCOUNT NO.BalanceDateItemDebitCreditDebitCreditJan.1Balance581,000June30Stock dividend35,000546,000Dec.30Cash dividend66,800479,200Dec.31Net income418,300897,500If an amount is not reported on the statement of cash flows, enter in "0" in the Amount column.ItemSection of Statement of Cash FlowsAdded or DeductedAmount6Sale of common stock$ 418,300Cash dividend418,000Stock dividend Reporting Stockholders' Equity Items on Statement of Cash FlowsOn 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 nounpaid dividends at either the beginning or the end of the year.ACCOUNT Common Stock, $20 parACCOUNT NO.BalanceDateItemDebitCreditDebitCreditJan.1Balance, 35,000 shares700,000Apг.8,750 shares issued for cash175,000875,000June301,000-share stock dividend20,000895,000ACCOUNT Paid-In Capital in Exces of Par-Common StockACCOUNT NO.BalanceDateItemDebitCreditDebitCreditJan.1Balance70,000Apг.8,750 shares issued for cash245,000315,000June30Stock dividend15,000330,000ACCOUNT Retained FarningsACCOUNT NO.

Statement of cash flow consist of three activities - operating, investing and financing. Under…

Un 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, $20 par ACCOUNT No. Balance Date Item Debit Credit Debit Credit Jan. 1 Balance, 35,000 shares 700,000 Apr. 2. 8,750 shares issued for cash 175,000 875,000 June 30 1,000-share stock dividend 20,000 895,000 ACCOUNT Paid-In Capital in Exces of Par-Common Stock ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. 1 Balance 70,000 Apr. 8,750 shares issued for cash 245,000 315,000 June 30 Stock dividend 15,000 330,000

Un 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, $20 par ACCOUNT No. Balance Date Item Debit Credit Debit Credit Jan. 1 Balance, 35,000 shares 700,000 Apr. 2. 8,750 shares issued for cash 175,000 875,000 June 30 1,000-share stock dividend 20,000 895,000 ACCOUNT Paid-In Capital in Exces of Par-Common Stock ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. 1 Balance 70,000 Apr. 8,750 shares issued for cash 245,000 315,000 June 30 Stock dividend 15,000 330,000

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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