The following account balances relate to the stockholders' equity accounts of Lily Corp. at year-end. 2022...

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The following account balances relate to the stockholders' equity accounts of Lily Corp. at year-end. 2022 2021 Common stock, 10,500 and 10,000 shares, issued and outstanding, respectively, for 2022 and 2021 $160,900 $135,400 Preferred stock, 5,000 shares, issued and outstanding Retained earnings 137,500 137,500 295,700 253,800 A small stock dividend was declared and issued in 2022. The market price of the shares issued was $11,100. Cash dividends of $16,000 were declared and paid in both 2022 and 2021. The common stock and preferred stock have no par or stated value. (a) (b) What was the amount of net income reported by Lily Corp. in 2022? Net income $ eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer Determine the amounts of any cash inflows or outflows related to the common stock and dividend accounts in 2022. Common stock Dividends $ eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer The following account balances relate to the stockholders' equity accounts of Lily Corp. at year-end. 2022 2021 Common stock, 10,500 and 10,000 shares, issued and outstanding, respectively, for 2022 and 2021 $160,900 $135,400 Preferred stock, 5,000 shares, issued and outstanding Retained earnings 137,500 137,500 295,700 253,800 A small stock dividend was declared and issued in 2022. The market price of the shares issued was $11,100. Cash dividends of $16,000 were declared and paid in both 2022 and 2021. The common stock and preferred stock have no par or stated value. (a) (b) What was the amount of net income reported by Lily Corp. in 2022? Net income $ eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer Determine the amounts of any cash inflows or outflows related to the common stock and dividend accounts in 2022. Common stock Dividends $ eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer

Answer rating: 100% (QA)

a Given Retained earnings increased from 2021 to 2022 b... View the full answer