Homework Answers
Solution 1:
| Love Corporation | ||||||||||||||
| Horizontal Statement Model | ||||||||||||||
| Date | Balance Sheet | Income Statement | Statement of Cash Flows | |||||||||||
| Assets | = | Liabilities | + | Common Stock | + | Retained Earnings | Revenue | - | Expense | = | Net Income | |||
| 1-May | $0.00 | = | $48,500.00 | + | $0.00 | + | -$48,500.00 | $0.00 | - | $0.00 | = | $0.00 | ||
| 15-May | $0.00 | = | $0.00 | + | $0.00 | + | $0.00 | $0.00 | - | $0.00 | = | $0.00 | ||
| 31-May | -$48,500.00 | = | -$48,500.00 | + | $0.00 | + | $0.00 | $0.00 | - | $0.00 | = | $0.00 | -$48,500.00 | FA |
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On May 1 Year 1. Love Corporation declared a $48,500 cash dividend to be paid on...
On May 1, Year 1, Love Corporation declared a $52,900 cash dividend to be paid on...
On May 1, Year 1, Love Corporation declared a $52,900 cash dividend to be paid on May 31 to shareholders of record on May 15. Required Record the events occurring on May 1, May 15, and May 31 in a horizontal statements model. (Enter amounts to be deducted and cash outflows with a minus sign. In the Statement of Cash Flows column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). Not all...
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On May 1, 2018, Love Corporation declared a $86,900 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 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...
On May 1, 2018, Love Corporation declared a $55,900 cash dividend to be paid on May...
On May 1, 2018, Love Corporation declared a $55,900 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 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...
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On May 1, 2018. Love Corporation declared a $60.000 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...
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On May 1, 2018, Love Corporation declared a $86,900 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 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...
On May 1, 2018, Love Corporation declared a $55,900 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 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...
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On May 1, 2018, Love Corporation declared a $95,800 cash dividend to be paid on May 31 to shareholders of record on May 15. Required: 25 points 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...
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Beacon Corporation issued a 4 percent stock dividend on 26,500 shares of its $7 par common stock. At the time of the dividend, the market value of the stock was $26 per share. Required a. Compute the amount of the stock dividend. b. Show the effects of the stock dividend on the financial statements using a horizontal statements model Complete this question by entering your answers in the tabs below. Required A Required B Compute the amount of the stock...
On May 1, 2018, Love Corporation declared a $68,900 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 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...
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