Solution-What was the amount of net income reported by

What was the amount of net income reported by Kerbs Corp

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Reference no: EM132764605

Problem - The following account balances relate to the stockholders' equity accounts of Kerbs Corp. at year-end.

	2020	2019
Common stock, 10,500 and 10,000 shares, respectively, for 2020 and 2019	$157,600	$143,500
Preferred stock, 5,000 shares	92,400	92,400
Retained earnings	295,700	247,300

A small stock dividend was declared and issued in 2020. The result of the stock dividend was to decrease retained earnings by $11,000 and increase common stock by $11,000. Cash dividends were $16,700 in both 2020 and 2019. The common stock has no par or stated value.

Required -

1. What was the amount of net income reported by Kerbs Corp. in 2020?

2. Determine the amounts of any cash inflows or outflows related to the common stock and dividend accounts in 2020.

3. Indicate where each of the cash inflows or outflows identified in (b) would be classified on the statement of cash flows.

Reference no: EM132764605

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What was the amount of net income reported by Kerbs Corp

Reference no: EM132764605

Reference no: EM132764605

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