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ACC - Chipo Corp. Problem




Question;The following account balances relate to the stockholders? equity accounts of Chipo Corp. at year-end.20142013Common stock, 10,500 and 10,000 shares,respectively, for 2014 and 2013 $155,690 $144,330Preferred stock, 5,000 shares 101,430 101,430Retained earnings 297,520 251,810A small stock dividend was declared and issued in 2014. The market value of the shares was $10,900. Cash dividends were $16,610 in both 2014 and 2013. The common stock has no par or stated value.(a) What was the amount of net income reported by Chipo Corp. in 2014?Net income $(b) Determine the amounts of any cash inflows or outflows related to the common stock and dividend accounts in 2014.Common stock $InflowOutflowDividends $OutflowInflow(c) Indicate where each of the cash inflows or outflows identified in (b) would be classified on the statement of cash flows.Common stockFinancing Operating InvestingDividendsFinancingInvestingOperating


Paper#39650 | Written in 18-Jul-2015

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