On May 1, 2018, Love Corporation declared a $49,000 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 a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). If an element was not affected by the event, leave the cell blank. (Enter any decreases to account balances with a minus sign.) LOVE CORPORATION Horizontal Statements Model Balance Sheet Common Stock Income Statement Statement of Cash Date Liabilities Retained Revenue = Net Income Assets Expense Flow Earnings May 1 May 15 May 31

On May 1, 2018, Love Corporation declared a $49,000 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 a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). If an element was not affected by the event, leave the cell blank. (Enter any decreases to account balances with a minus sign.) LOVE CORPORATION Horizontal Statements Model Balance Sheet Common Stock Income Statement Statement of Cash Date Liabilities Retained Revenue = Net Income Assets Expense Flow Earnings May 1 May 15 May 31

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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