Problem 12-2A The following account balances relate to the stockholders\' equity

Question

Problem 12-2A The following account balances relate to the stockholders' equity accounts of Metlock, Inc. at year-end. 2019 2018 Common stock, 10,500 and 10,000 shares, respectively, for 2019 and 2018 Preferred stock, 5,000 shares Retained earnings $159,000 $135,100 19,600 119,600 99,500 253,100 A small stock dividend was declared and issued in 2019. The result of the stock dividend was to decrease retained earnings by $10,700 and increase common stock by $10,700. Cash dividends were $15,000 in both 2019 and 2018. The common stock has no par or stated value. What was the amount of net income reported by Metlock, Inc. in 2019? Net income Determine the amounts of any cash inflows or outflows related to the common stock and dividend accounts in 2019. Common stock Dividends Indicate where each of the cash inflows or outflows identified in (b) would be classified on the statement of cash flows. Common stock Dividends Question Attempts: O of 3 used SAVE FOR LATER SUBMIT ANSWER

Explanation / Answer

Dear Student,

Best effort has been made to give quality and correct answer. But if you find any issues please comment your concern. I will definitely resolve your query.

Also please give your positive rating.

Beginning Retained Earnings                         253,100 Ending Retained Earnings                         299,500 Change in Retained Earnings                            46,400 Add: Dividend Paid(10700+15000)                            25,700 Net Income for the Year                            72,100

Related Questions

Navigate

• Browse (All)
• Browse P
• Subjects

---