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Textbook Ref LO 14.2 Spring Company is authorized to issue 500,000 shares of $2 par value common stock. In its first year, the company has the following transactions: Jan 31. Issued 25,000 shares of stock at $9.75 per share Jun 10. Issued 9,000 shares of stock for legal services valued at $90,000 Aug 3. Purchased 1,000 shares of treasury stock at $9 per share Sep 10. Reissued 500 shares of its common stock held in the treasury for $12 per share. Jan 31. Number of shares issued Issue price per share Par Value per Share issued Excess over par value per share Cash Proceeds from the stock issue Proceeds credited to Common Stock Proceeds credited to paid in capital in excess of par Jun 10. Value of services received Number of shares issued as consideration Issue price per share Par Value per Share issued Excess over par value per share Consideration credited to Common Stock (Total $) Consideration credited to paid in capital in excess of par (Total $) Aug 3. Number of Treasury shares purchased Purchase price per share Total purchase price of the shares Sep 10. Number of shares reissued Reissue price per share, of which: Cost per share Reissue price above / below cost Total proceeds from the reissue, of which Proceeds credited to Treasury Stock Proceeds credited/debited to Additional Paid-in-capital from Treasury Stock Common Stock Authorized Shares Issued Shares Less: Treasury Stock Outstanding Shares Journal Entries Date Jan. 31 Jun 10 Aug. 3 Sep. 10 Account Title To record the share issue To record the treasury stock purchase ▼ To record the issue of shares in exchange for land To record the treasury stock purchase ▼ ▼ ▼ ▼ Debit Credit

Textbook Ref LO 14.2 Spring Company is authorized to issue 500,000 shares of $2 par value common stock. In its first year, the company has the following transactions: Jan 31. Issued 25,000 shares of stock at $9.75 per share Jun 10. Issued 9,000 shares of stock for legal services valued at $90,000 Aug 3. Purchased 1,000 shares of treasury stock at $9 per share Sep 10. Reissued 500 shares of its common stock held in the treasury for $12 per share. Jan 31. Number of shares issued Issue price per share Par Value per Share issued Excess over par value per share Cash Proceeds from the stock issue Proceeds credited to Common Stock Proceeds credited to paid in capital in excess of par Jun 10. Value of services received Number of shares issued as consideration Issue price per share Par Value per Share issued Excess over par value per share Consideration credited to Common Stock (Total $) Consideration credited to paid in capital in excess of par (Total $) Aug 3. Number of Treasury shares purchased Purchase price per share Total purchase price of the shares Sep 10. Number of shares reissued Reissue price per share, of which: Cost per share Reissue price above / below cost Total proceeds from the reissue, of which Proceeds credited to Treasury Stock Proceeds credited/debited to Additional Paid-in-capital from Treasury Stock Common Stock Authorized Shares Issued Shares Less: Treasury Stock Outstanding Shares Journal Entries Date Jan. 31 Jun 10 Aug. 3 Sep. 10 Account Title To record the share issue To record the treasury stock purchase ▼ To record the issue of shares in exchange for land To record the treasury stock purchase ▼ ▼ ▼ ▼ Debit Credit

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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Textbook Ref LO 14.2 Spring Company is authorized to issue 500,000 shares of $2 par value common stock. In its first year, the company has the following transactions: Jan 31. Issued 25,000 shares of stock at $9.75 per share Jun 10. Aug 3. Sep 10. Jan 31. Number of shares issued Issue price per share Par Value per Share issued Excess over par value per share Cash Proceeds from the stock issue Proceeds credited to Common Stock Proceeds credited to paid in capital in excess of par Jun 10. Value of services received Number of shares issued as consideration Issue price per share Par Value per Share issued Excess over par value per share Consideration credited to Common Stock (Total $) Consideration credited to paid in capital in excess of par (Total $) Aug 3. Number of Treasury shares purchased Purchase price per share Total purchase price of the shares Issued 9,000 shares of stock for legal services valued at $90,000 Purchased 1,000 shares of treasury stock at $9 per share Reissued 500 shares of its common stock held in the treasury for $12 per share. Sep 10. Number of shares reissued Reissue price per share, of which: Cost per share Reissue price above / below cost Total proceeds from the reissue, of which Proceeds credited to Treasury Stock Proceeds credited/debited to Additional Paid-in-capital from Treasury Stock Common Stock Authorized Shares Issued Shares Less: Treasury Stock Outstanding Shares Journal Entries Date Jan. 31 Jun 10 Aug. 3 Sep. 10 Account Title To record the share issue To record the treasury stock purchase ▼ To record the issue of shares in exchange for land To record the treasury stock purchase ▼ Y Debit Credit
Transcribed Image Text:Textbook Ref LO 14.2 Spring Company is authorized to issue 500,000 shares of $2 par value common stock. In its first year, the company has the following transactions: Jan 31. Issued 25,000 shares of stock at $9.75 per share Jun 10. Aug 3. Sep 10. Jan 31. Number of shares issued Issue price per share Par Value per Share issued Excess over par value per share Cash Proceeds from the stock issue Proceeds credited to Common Stock Proceeds credited to paid in capital in excess of par Jun 10. Value of services received Number of shares issued as consideration Issue price per share Par Value per Share issued Excess over par value per share Consideration credited to Common Stock (Total $) Consideration credited to paid in capital in excess of par (Total $) Aug 3. Number of Treasury shares purchased Purchase price per share Total purchase price of the shares Issued 9,000 shares of stock for legal services valued at $90,000 Purchased 1,000 shares of treasury stock at $9 per share Reissued 500 shares of its common stock held in the treasury for $12 per share. Sep 10. Number of shares reissued Reissue price per share, of which: Cost per share Reissue price above / below cost Total proceeds from the reissue, of which Proceeds credited to Treasury Stock Proceeds credited/debited to Additional Paid-in-capital from Treasury Stock Common Stock Authorized Shares Issued Shares Less: Treasury Stock Outstanding Shares Journal Entries Date Jan. 31 Jun 10 Aug. 3 Sep. 10 Account Title To record the share issue To record the treasury stock purchase ▼ To record the issue of shares in exchange for land To record the treasury stock purchase ▼ Y Debit Credit
A Exercise Sheet 1 Sheet 3 Sheet 5 Total Learning Objective Topic LO 14.2 LO 14.3 LO 14.4 Stock Issue Computations Journal Entries Cash dividends, stock dividends and stock splits Computations Journal Entries Retained Earnings & Statement of SHE Account Titles to use for this work Cash с Property, Plant & Equipment Legal Expenses Common Stock Additonal Paid in capital - Common Stock Preferred Stock Additonal Paid in capital - Preferred Stock Treasury Stock Additonal Paid in capital - Treasury Stock Retained Earnings Points Possible Cash Dividends Payable Common Stock Dividend Distributable 28 28 15 23 6 1 100 Instructions 1. DO NOT edit anything else but the color coded cells in the following manner Pick an option from the dropdown Inputs - Must be formatted as numbers Computations - Must use formulas References - Must refer to another cell in the same sheet 2. Make sure your work is formatted correctly as follows - cells with numerical values are right aligned, cells with text is left aligned 4. Use consistent font, font size and font color E 5. Numerical values should be formatted as appropriate, for example, dates, percentages and dollars should all be formatted as such 6. Your grade is not only for the accuracy of your accounting work, but also for using formulas, cell references and formatting correctly Points Earned 0 F G H
Transcribed Image Text:A Exercise Sheet 1 Sheet 3 Sheet 5 Total Learning Objective Topic LO 14.2 LO 14.3 LO 14.4 Stock Issue Computations Journal Entries Cash dividends, stock dividends and stock splits Computations Journal Entries Retained Earnings & Statement of SHE Account Titles to use for this work Cash с Property, Plant & Equipment Legal Expenses Common Stock Additonal Paid in capital - Common Stock Preferred Stock Additonal Paid in capital - Preferred Stock Treasury Stock Additonal Paid in capital - Treasury Stock Retained Earnings Points Possible Cash Dividends Payable Common Stock Dividend Distributable 28 28 15 23 6 1 100 Instructions 1. DO NOT edit anything else but the color coded cells in the following manner Pick an option from the dropdown Inputs - Must be formatted as numbers Computations - Must use formulas References - Must refer to another cell in the same sheet 2. Make sure your work is formatted correctly as follows - cells with numerical values are right aligned, cells with text is left aligned 4. Use consistent font, font size and font color E 5. Numerical values should be formatted as appropriate, for example, dates, percentages and dollars should all be formatted as such 6. Your grade is not only for the accuracy of your accounting work, but also for using formulas, cell references and formatting correctly Points Earned 0 F G H
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In the queston you didn't answer the ones for August 3, could you do it and use formulas for the one in blue? Also, could you explain in more detail de formulas, more so for the common stock. 

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Could you include the formulas used for all the blue squares.

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