What was the amount of net income reported by Chipo Corp. in 2014?.
The following account balances relate to the stockholders’ equity accounts of Chipo Corp. at year-end.
2014
2013
Common stock, 10,500 and 10,000 shares,
respectively, for 2014 and 2013 $155,690 $144,330
Preferred stock, 5,000 shares 101,430 101,430
Retained earnings 297,520 251,810
A 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 $
InflowOutflow
Dividends $
OutflowInflow
(c) Indicate where each of the cash inflows or outflows identified in (b) would be classified on the statement of cash flows.
Common stock
Financing Operating Investing
Dividends
FinancingInvestingOperating
What was the amount of net income reported by Chipo Corp. in 2014?
