Acc 291 week 4 discussion question 1

1. Find needed answers here
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In this work ACC 291 Week 4 Discussion Question 1 you will
find right answers on the following questions: "Why are
companies required to prepare a statement of cash flows?
Why is the statement of cash flows divided into three
sections? What does each section tell you about the
operations of a company? What are the differences between
the direct and indirect presentation of cash flows? Why does
the Financial Accounting Standards Board allow both
methods? Which do you prefer? Why?"
Business - Accounting
ACC 291 All Week 4 Assignments - Individual WileyPlus
Assignment
Includes:
Week 4 Chapter 13 practice quiz 1
Week 4 Chapter 14 Practice quiz 1
Week 4 reflection summary
Week 4 Discussion questions 1 and 2
Week 4 Individual WileyPlus assignment as described below:
Exercise Do It! 11-1
Indicate whether each of the following statements is true or
false
Exercise E11-15
On October 31, the stockholders' equity section of Omar
Company consists of common stock $600,000 and retained
earnings $900,000. Omar is considering the following two

2. courses of action: (1) declaring a 5% stock dividend on the
60,000, $10 par value shares outstanding, or (2) effecting a 2-
for-1 stock split that will reduce par value to $5 per share.
The current market price is $14 per share.
Complete the tabular summary of the effects of the
alternative actions on the components of stockholders'
equity and outstanding shares. (If answer is zero, please
enter 0. Do not leave any fields blank.)
Exercise E11-16
Before preparing financial statements for the current year,
the chief accountant for Springer Company discovered the
following errors in the accounts
1. The declaration and payment of $50,000 cash dividend
was recorded as a debit to Interest Expense $50,000 and a
credit to Cash $50,000
2. A 10% stock dividend (1,000 shares) was declared on the
$10 par value stock when the market value per share was
$16. The only entry made was: Retained Earnings (Dr.)
$10,000 and Dividend Payable (Cr.) $10,000. The shares have
not been issued
3. A 4-for-1 stock split involving the issue of 400,000 shares
of $5 par value common stock for 100,000 shares of $20 par
value common stock was recorded as a debit to Retained
Earnings $2,000,000 and a credit to Common Stock
$2,000,000
Prepare the correcting entries at December 31. (For multiple
debit/credit entries, list amounts from largest to smallest e.g.
10, 5, 3, 2.)
Problem P11-6A
Arnold Corporation has been authorized to issue 40,000
shares of $100 par value, 8%, noncumulative preferred stock

3. and 2,000,000 shares of no-par common stock. The
corporation assigned a $5 stated value to the common stock.
At December 31, 2011, the ledger contained the following
balances pertaining to stockholders' equity
so on...
Problem P11-8A
The following stockholders' equity accounts arranged
alphabetically are in the ledger of McGrath Corporation at
December 31, 2011
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