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(Solution Download) Problem 17-2A The following account balances relate to the stockholdersAc??c equity accounts of K


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 shares125,580125,580
Retained earnings298,240258,450

 


 

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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