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 no unpaid dividends at either the beginning or the end of the year.ACCOUNT Common Stock, $40 parACCOUNT NO.DateItemJanuary 1 Balance, 120,000 sharesApril 230,000 shares issued for cashJune 305% stock dividendDebit CreditBalanceDebitBalanceCredit4,800,0001,200,000300,0006,000,0006,300,000ACCOUNT Paid-In Capital in Excess of Par-Common Stockr ACCOUNT NO.DateItemJanuary 1 BalanceApril 230,000 shares issued for cashJune 30Stock dividendDebit CreditBalanceDebitBalanceCredit360,000720,000150,0001,080,0001,230,000ACCOUNT Retained EarningsACCOUNT NO.DateItemDebitCreditBalanceDebitBalanceCreditJanuary 1June 30Balance2,000,000Stock dividendDecember 30Cash dividend450,000315,0001,550,0001,235,000December 31Net income1,000,0002,235,000If an amount is not reported on the statement of cash flows, enter in "0" in the Amount column.ItemSection of Statement of Cash FlowsSale of common stockCash dividendStock dividendAdded or DeductedAmount

For the "sale of common stock", we refer to the April 2 transaction under the Common stock and Paid…

Answered: Reporting stockholders' equity items on…

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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Reporting Stockholders' Equity Items on Statement of Cash Flows On 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, $10 par ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. 1 Balance, 35,000 shares 350,000 Apr. 2 8, 750 shares issued for cash 87, 500 437,500 June 30 1,000 - share stock dividend 10,000 447, 500 ACCOUNT Paid - In Capital in Excess of Par - Common Stock ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. 1 Balance 140,000 Apr. 2 8, 750 shares issued for cash 183,750 323, 750 June 30 Stock dividend 7,500 331, 250 ACCOUNT Retained Earnings ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. 1 Balance 291, 000 June 30 Stock dividend 17,500 273,500 Dec. 30 Cash dividend 33,500 240,000 Dec. 31 Net income 209,500 449, 500 If an amount is not reported…
CYCLONE, INC. Statement of Stockholders' Equity Year ended Dec. 31, 2021 Common Stock Total Stockholders' Retained Earnings Equity Beginning balance Issuances of stock Add: Net income Less: Dividends 2$ 13,000 $ 6,000 $ 19,000 4,000 4,000 Ending balance 2$ 15,000 $ 7,000 $ 22,000
On 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. Date Item Debit Credit BalanceDebit BalanceCredit January 1 Balance, 60,000 shares 300,000 April 2 15,000 shares issued for cash 75,000 375,000 June 30 2,000-share stock dividend 10,000 385,000 Date Item Debit Credit BalanceDebit BalanceCredit January 1 Balance 180,000 April 2 15,000 shares issued for cash 210,000 390,000 June 30 Stock dividend 7,500 397,500 Date Item Debit Credit BalanceDebit BalanceCredit January 1 Balance 249,000 June 30 Stock dividend 17,500 231,500 December 30 Cash dividend 28,600 202,900 December 31 Net income 179,300 382,200 If an amount is not reported on the statement of cash flows, enter in "0" in the Amount column. Item Section of Statement of…
Feb 25 Declared a 2.50 per share cash dividend on 20,000 shares of common stock outstanding Mar. 20 Paid the cash dividends declared on Feb. 25, Dec. 31 Closed the 72,000 credit balance in Income Summary that reflects net income to Retained Earnings (a) Prepare the journal entries for these transactions. (b) If Retained Earnings had a 155,000 credit balance on January 1, calculate its year-end balance as of December 31
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From the practice on page 10-4 of the VLN, after the company sold 500 shares of treasury stock what was the ending balance in total stockholders’ equity?_______
Determining Cash Paid to Stockholders The board of directors declared cash dividends totaling $585,000 during the current year. The comparative balance sheet indicates dívidends payable of $167,625 at the beginning of the year and $146,250 at the end of the year. What was the amount of cash paid to stockholders during the year? %$4 %24
Identifying and Analyzing Financial Statement Effects of Stock TransactionsMelo Company reports the following transactions relating to its stock accounts in the current year. Use the financial statement effects template to indicate the effects from each of these transactions.(a) Mar. 2 Issued 7,000 shares of $1 par value common stock at $30 cash per share.(b) Apr. 14 Issued 10,500 shares of $100 par value, 8% preferred stock at $250 cash per share.(c) June. 30 Purchased 2,100 shares of its own common stock at $22 cash per share.(d) Sep. 25 Sold 1,050 shares of its treasury stock at $26 cash per share.Note: For each account category, indicate the appropriate account name. Enter "N/A" for any account category that is not used for a given transaction.Note: Indicate a decrease in an account category by including a negative sign with the amount.
At September 30, the end of Beijing Company's third quarter, the following stockholders' equity accounts are reported. Common stock, $12 par value Paid-in capital in excess of par value, common stock Retained earnings In the fourth quarter, the following entries related to its equity are recorded. Date October 2 October 25 October 31 November 5 December 1 ecember 31 Retained Earnings Common Dividend Payable General Journal Common Dividend Payable Cash Retained Earnings Common Stock Dividend Distributable Paid-In Capital in Excess of Par Value, Common Stock Common Stock Dividend Distributable Common Stock, $12 Par Value Memo-Change the title of the common stock account to reflect the new par value of $4. Income Summary Retained Earnings Common stock Common stock dividend distributable Paid-in capital in excess of par, common stock Retained earnings Total equity September 30 Beginning Balance 360,000 0 90,000 320,000 770,000 $360,000 90,000 320,000 $ Required: 2. Complete the following…
At September 30, the end of Beijing Company's third quarter, the following stockholders' equity accounts are reported. Common stock, $10 par value Paid-in capital in excess of par value, common stock Retained earnings In the fourth quarter, the following entries related to its equity are recorded. General Journal Date October 2 October 25 October 31 November 5 December 1 December 31 Retained Earnings Common Dividend Payable Common Dividend Payable Cash Retained Earnings Common Stock Dividend Distributable Paid-In Capital in Excess of Par Value, Common Stock Common Stock Dividend Distributable Common Stock, $10 Par Value Memo-Change the title of the common stock account to reflect the new par value of $4. Income Summary Retained Earnings Common stock Common stock dividend distributable Paid-in capital in excess of par, common stock Retained earnings Total equity September 30 Beginning Balance $ Required: 2. Complete the following table showing the equity account balances at each…
Entries for Cash Dividends The declaration, record, and payment dates in connection with a cash dividend of $70,100 on a corporation's common stock are July 9, August 31, and October 1. Journalize the entries required on each date. If no entry is required, select "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. July 9 - Select - - Select - - Select - - Select - Aug. 31 - Select - - Select - - Select - - Select - Oct. 1 - Select - - Select - - Select - - Select -
Entries for Cash Dividends The declaration, record, and payment dates in connection with a cash dividend of $57,700 on a corporation's common stock are July 9, August 31, and October 1. Journalize the entries required on each date. If no entry is required, select "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. July 9 Aug. 31 Oct. 1

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