Lodge Outfitters issues 1,200 shares of its $0.01 par value common stock to provide funds for further expansion. Assuming the issue price is $12 per share, determine the financial statement effects of the issuance of common stock. Note: Amounts to be deducted should be indicated with a minus sign. If there are no effects for a particular transaction/event, select "There are no financial statement effects" in the first account field. Assets Revenues Liabilities Income Statement Expenses Balance Sheet Contributed Capital Net Income Stockholders' Equity Retained Earnings Treasury Stock
Lodge Outfitters issues 1,200 shares of its $0.01 par value common stock to provide funds for further expansion. Assuming the issue price is $12 per share, determine the financial statement effects of the issuance of common stock. Note: Amounts to be deducted should be indicated with a minus sign. If there are no effects for a particular transaction/event, select "There are no financial statement effects" in the first account field. Assets Revenues Liabilities Income Statement Expenses Balance Sheet Contributed Capital Net Income Stockholders' Equity Retained Earnings Treasury Stock
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Lodge Outfitters issues 1,200 shares of its $0.01 par value common stock to provide funds for further expansion. Assuming the issue
price is $12 per share, determine the financial statement effects of the issuance of common stock.
Note: Amounts to be deducted should be indicated with a minus sign. If there are no effects for a particular transaction/event,
select "There are no financial statement effects" in the first account field.
Assets
Revenues
Liabilities
Income Statement
Expenses
Balance Sheet
Contributed Capital
Net Income
Stockholders' Equity
Retained Earnings
Treasury
Stock
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