etermining Cash Flows from Financing Activities Nichols Inc. reported the following amounts on its balance sheet...
etermining Cash Flows from Financing Activities
Nichols Inc. reported the following amounts on its balance sheet
at the end of 2019 and 2018 for equity:
| 12/31/2019 | 12/31/2018 | |||
| Common stock | $210,000 | $135,000 | ||
| Retained earnings | 495,300 | 412,800 | ||
Required:
Assume that Nichols did not retire any stock during 2019, it reported $105,610 of net income for 2019, and any dividends declared were paid in cash. Determine the amounts Nichols would report in the financing section of the statement of cash flows.
| Issuance of common stock | $ |
| Payment of dividends | $ |
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Homework Answers
| Statement of retained earnings | ||||||
| opening retained earnings | 412,800 | |||||
| Add net income | 105,610 | |||||
| less closing retained earnings | -495300 | |||||
| Dividends paid | 23,110 | |||||
| issuance of common stock | 75000 | |||||
| payment of dividends | -23,110 | |||||
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etermining Cash Flows from Financing Activities
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