Homework Answers
Ans.
a) Calculation of Net Income
Ending Retained Earning = Begining Retained Earning - Stock Dividend - Cash Dividend + Net Income
$ 273,450 = $ 284,100 - $ 8,710 - $ 21,430 + Net Income
Net Income = $ 19,490
b) Determine the amounts of any cash inflows and outflows related to the common stock and dividend accounts in 2022.
Cash Flow related to common stock account = $ 12,090
Ending Balance of Common Stock = Beginning Balance of Common Stock + Stock Dividend + Cash inflow from issue of shares.
$ 150,450 = $ 129,650 + $ 8,710 + Cash inflow from issue of shares.
Cash inflow from issue of shares = $ 12,090
Cash Flow related to Divudend account = Cash Dividend = $ 21,430
c) Indicate where each of the cash inflows and outflows identified in (b) would be classified on the statement of cash flows.
Cash Flow related to common stock account = Financing activities on the statement.
Cash Flow related to Divudend account = Financing activities on the statement.
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