On May 1, Year 3, Love Corporation declared a $42,900 cash dividend to be paid on May 31 to shareholders of record on May 15. Required Record the events occurring on May 1 and May 31 in the following horizontal statements model. Also, in the Statement of Cash Flows column, classify the cash flows as operating activities (OA), investing activities (IA), or financing activities (FA). Note: Enter any decreases to account balances and cash outflows with a minus sign. Leave cells blank if no input is needed. LOVE CORPORATION Horizontal Statements Model Balance Sheet Income Statement Date Assets Liabilities + Common Stock Retained Earnings Revenue Expenses = Net Income Statement of Cash Flows May 01 May 31 + +
On May 1, Year 3, Love Corporation declared a $42,900 cash dividend to be paid on May 31 to shareholders of record on May 15. Required Record the events occurring on May 1 and May 31 in the following horizontal statements model. Also, in the Statement of Cash Flows column, classify the cash flows as operating activities (OA), investing activities (IA), or financing activities (FA). Note: Enter any decreases to account balances and cash outflows with a minus sign. Leave cells blank if no input is needed. LOVE CORPORATION Horizontal Statements Model Balance Sheet Income Statement Date Assets Liabilities + Common Stock Retained Earnings Revenue Expenses = Net Income Statement of Cash Flows May 01 May 31 + +
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter12: The Statement Of Cash Flows
Section: Chapter Questions
Problem 12.20MCE
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