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QS 13-15 Financial statement impact of stock issuances and treasury stock P1 P3 Total Assets Total Liabilities Total Equity Issued $12,000 of common stock for cash Issued $23,000 of common stock for land Purchased treasury stock for $1,000 cash Issued $5,000 of preferred stock for cash For each transaction, determine the impact-increase, decrease, or no effect-on total assets, total liabilities, and total equity

QS 13-15 Financial statement impact of stock issuances and treasury stock P1 P3 Total Assets Total Liabilities Total Equity Issued $12,000 of common stock for cash Issued $23,000 of common stock for land Purchased treasury stock for $1,000 cash Issued $5,000 of preferred stock for cash For each transaction, determine the impact-increase, decrease, or no effect-on total assets, total liabilities, and total equity

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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QS 13-15 Financial statement impact of stock issuances and treasury stock P1 P3 Total Assets Total Liabilities Total Equity Issued $12,000 of common stock for cash Issued $23,000 of common stock for land Purchased treasury stock for $1,000 cash Issued $5,000 of preferred stock for cash For each transaction, determine the impact-increase, decrease, or no effect-on total assets, total liabilities, and total equity.
Transcribed Image Text:QS 13-15 Financial statement impact of stock issuances and treasury stock P1 P3 Total Assets Total Liabilities Total Equity Issued $12,000 of common stock for cash Issued $23,000 of common stock for land Purchased treasury stock for $1,000 cash Issued $5,000 of preferred stock for cash For each transaction, determine the impact-increase, decrease, or no effect-on total assets, total liabilities, and total equity.
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