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Category > Accounting Posted 29 Jul 2017 My Price 11.00

Kerbs Corp

Problem 17-2A

The following account balances relate to the stockholdersAc€?c equity accounts of Kerbs Corp. at year-end.
   

2014

  

2013
Common stock, 10,500 and 10,000 shares, respectively, for 2014 and 2013   $161,650     $139,080  
Preferred stock, 5,000 shares   125,580     125,580  
Retained earnings   298,240     258,450  

A small stock dividend was declared and issued in 2014. The market value of the shares was $10,630. Cash dividends were $14,730 in both 2014 and 2013. The common stock has no par or stated value.
 
What was the amount of net income reported by Kerbs Corp. in 2014?
Net income  

$
 

LINK TO TEXT
Determine the amounts of any cash inflows or outflows related to the common stock and dividend accounts in 2014.
Common stock  

$

   OutflowInflow  
Dividends  

$

   OutflowInflow  
 

LINK TO TEXT
Indicate where each of the cash inflows or outflows identified above would be classified on the statement of cash flows.
Common stock           InvestingOperatingFinancing
Dividends           FinancingInvestingOperating
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Answers

Maurice Tutor
(5)
Status NEW Posted 29 Jul 2017 10:07 PM My Price 11.00

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