Chipo Corp_Stock transactions


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The following account balances relate to the stockholdersâ?? equity accounts of Chipo Corp. at year-end. 2012 2011Common stock, 10,500 and 10,000 shares, respectively,…

The following account balances relate to the stockholders’ equity accounts of Chipo Corp. at year-end.

2012 2011
Common stock, 10,500 and 10,000 shares,
respectively, for 2012 and 2011 $168,660 $143,120
Preferred stock, 5,000 shares 133,000 133,000
Retained earnings 303,410 257,000

A small stock dividend was declared and issued in 2012. The market value of the shares was $10,560. Cash dividends were $14,370 in both 2012 and 2011. The common stock has no par or stated value.

(a) What was the amount of net income reported by Chipo Corp. in 2012?

Net income $

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(b) Determine the amounts of any cash inflows or outflows related to the common stock and dividend accounts in 2012. Indicate where each of the cash inflows or outflows identified in would be classified on the statement of cash flows.

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Common stock $ InflowOutflow FinancingInvestingOperating
Dividends $ InflowOutflow InvestingOperatingFinancing

 

 

 

 

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