Principles of Accounting
12th Edition
ISBN: 9781133626985
Author: Belverd E. Needles, Marian Powers, Susan V. Crosson
Publisher: Cengage Learning
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Chapter 8, Problem 7EA
To determine
Prepare bank reconciliation.
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On January 1, Flint Corporation had 62,900 shares of no-par common stock issued and outstanding. The stock has a stated value of $4
per share. During the year, the following transactions occurred.
Apr.
1
Issued 18,000 additional shares of common stock for $13 per share.
June
15
Declared a cash dividend of $1.95 per share to stockholders of record on June 30.
July
10
Paid the $1.95 cash dividend.
Dec.
1
Issued 8,000 additional shares of common stock for $13 per share.
Dec.
15
Declared a cash dividend on outstanding shares of $2.25 per share to stockholders of record on December 31.
(a)
Prepare the entries on each of the three dates that involved dividends. (Record journal entries in the order presented in the problem. Credit
account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the
account titles and enter O for the amount in the relevant debit OR credit box. Entering zero in ALL boxes will result in the…
Financial accounting Problem
Blossom Corporation issues 72000 shares of $50 par value preferred stock for cash at $60 per share. The entry to record the
transaction will consist of a debit to Cash for $4320000 and a credit or credits to
○ Preferred Stock for $4320000
○ Preferred Stock for $3600000 and Paid-in Capital in Excess of Par-Preferred Stock for $720000
○ Preferred Stock for $3600000 and Retained Earnings for $720000
○ Paid-in Capital from Preferred Stock for $4320000
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- The current sections of Kingbird Inc's balance sheets at December 31, 2024 and 2025, are presented here. Kingbird's net income for 2025 was $107,100. Depreciation expense was $18,900. 2025 2024 Current assets Cash $73,500 $69,300 Accounts receivable 56,000 62,300 Inventory 117,600 120,400 Prepaid expenses 18,900 15,400 Total current assets $266,000 $267,400 Current liabilities Accrued expenses payable $10,500 $3,500 Accounts payable 59,500 64,400 Total current liabilities $70,000 $67,900 Prepare the operating activities section of the company's statement of cash flows for the year ended December 31, 2025, using the indirect method. (Show amounts that decrease cash flow with either a-sign eg.-15,000 or in parenthesis e.g. (15,000).) KINGBIRD INC. Statement of Cash Flows (Partial) - Indirect Method For the Year Ended December 31, 2025 Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to Depreciation Expense 18900 6300 Decrease In Accounts Receivable…arrow_forwardWrong answer will get unhelpful ratearrow_forwardMetlock Lawn Service Company reported a net loss of $15300 for the year ended December 31, 2025. During the year, accounts receivable decreased $25000, inventory increased $20000, accounts payable increased by $30600, and depreciation expense of $26400 was recorded. During 2025, operating activities provided net cash of $77000 O provided net cash of $46700. O used net cash of $46700. ○ used net cash of $9200.arrow_forward
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