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The following account balances relate to the stockholders' equity accounts of Patil Corp. at year-end.
A small stock dividend was declared and issued in 2012. The market value of the shares was $8,800. Cash dividends were $20,000 in both 2012 and 2011. The common stock has no par or stated value.
Instructions
(a) What was the amount of net income reported by Patil Corp. in 2012?
(b) Determine the amounts of any cash inflows or outflows related to the common stock and dividend accounts in 2012.
(c) Indicate where each of the cash inflows or outflows identified in (b) would be classified on the statement of cash flows.
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Pasquale Products Co. has two departments: Mixing and Cooking. At the beginning of the month, Cooking had 4,000 units in process with costs of $8,600 from Mixing, and its own departmental costs of $500 for materials, $1,000 for labor, and $2,500 f..
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