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Identifying and Analyzing Financial Statement Effects of Stock Transactions Melo Company reports the following transactions relating to its stock accounts in the current year. Use the financial statement effects template to indicate the effects from each of these transactions. (a) Mar. 2 Issued 16,000 shares of $1 par value common stock at $30 cash per share. (b) Apr. 14 Issued 24,000 shares of $100 par value, 8% preferred stock at $250 cash per share. (c) June. 30 Purchased 4,800 shares of its own common stock at $22 cash per share. (d) Sep. 25 Sold 2,400 shares of its treasury stock at $26 cash per share. Note: For each account category, indicate the appropriate account name. Enter "N/A" for any account category that is not used for a given transactio Note: Indicate a decrease in an account category by including a negative sign with the amount.

Identifying and Analyzing Financial Statement Effects of Stock Transactions Melo Company reports the following transactions relating to its stock accounts in the current year. Use the financial statement effects template to indicate the effects from each of these transactions. (a) Mar. 2 Issued 16,000 shares of $1 par value common stock at $30 cash per share. (b) Apr. 14 Issued 24,000 shares of $100 par value, 8% preferred stock at $250 cash per share. (c) June. 30 Purchased 4,800 shares of its own common stock at $22 cash per share. (d) Sep. 25 Sold 2,400 shares of its treasury stock at $26 cash per share. Note: For each account category, indicate the appropriate account name. Enter "N/A" for any account category that is not used for a given transactio Note: Indicate a decrease in an account category by including a negative sign with the amount.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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can you fix the Additional Paid-in Capital-PS and treasure stocks?

Identifying and Analyzing Financial Statement Effects of Stock Transactions Melo Company reports the following transactions relating to its stock accounts in the current year. Use the financial statement effects template to indicate the effects from each of these transactions. (a) Mar. 2 Issued 16,000 shares of $1 par value common stock at $30 cash per share. (b) Apr. 14 Issued 24,000 shares of $100 par value, 8% preferred stock at $250 cash per share. (c) June. 30 Purchased 4,800 shares of its own common stock at $22 cash per share. (d) Sep. 25 Sold 2,400 shares of its treasury stock at $26 cash per share. Note: For each account category, indicate the appropriate account name. Enter "N/A" for any account category that is not used for a given transaction Note: Indicate a decrease in an account category by including a negative sign with the amount. Transaction (a) March 2 (b) April 14 (c) June 30 (d) Sep. 25 Cash Cash Cash Cash Cash Asset 480,000 2,400,000 * (105,600) 62,400 + N/A N/A N/A N/A Noncash Assets ¶▶ <▶► 0 0 0 > = || 11 0 ✓= N/A N/A N/A N/A Balance Sheet Liabilities 0 0 0 → 0✔ + Contrib. Capital Common Stock Preferred Stock Additional Paid-in Capital-CS 16,000 Treasury Stock 464,000 Treasury Stock 2,400,000 Additional Paid-in Capital-PS ⇒ (105,600) 480,000 x 62,400 * Additional Paid-in Capital-CS 0 x +
Transcribed Image Text:Identifying and Analyzing Financial Statement Effects of Stock Transactions Melo Company reports the following transactions relating to its stock accounts in the current year. Use the financial statement effects template to indicate the effects from each of these transactions. (a) Mar. 2 Issued 16,000 shares of $1 par value common stock at $30 cash per share. (b) Apr. 14 Issued 24,000 shares of $100 par value, 8% preferred stock at $250 cash per share. (c) June. 30 Purchased 4,800 shares of its own common stock at $22 cash per share. (d) Sep. 25 Sold 2,400 shares of its treasury stock at $26 cash per share. Note: For each account category, indicate the appropriate account name. Enter "N/A" for any account category that is not used for a given transaction Note: Indicate a decrease in an account category by including a negative sign with the amount. Transaction (a) March 2 (b) April 14 (c) June 30 (d) Sep. 25 Cash Cash Cash Cash Cash Asset 480,000 2,400,000 * (105,600) 62,400 + N/A N/A N/A N/A Noncash Assets ¶▶ <▶► 0 0 0 > = || 11 0 ✓= N/A N/A N/A N/A Balance Sheet Liabilities 0 0 0 → 0✔ + Contrib. Capital Common Stock Preferred Stock Additional Paid-in Capital-CS 16,000 Treasury Stock 464,000 Treasury Stock 2,400,000 Additional Paid-in Capital-PS ⇒ (105,600) 480,000 x 62,400 * Additional Paid-in Capital-CS 0 x +
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