Tom Yuppy, a wealthy investor, paid $31,320 for 1,080 shares of $10 par common stock issued to him by Leuig Corp. A month later, Leuig Corp. issued an additional 2,160 shares of stock to Yuppy for $29 per share. Required: Show the effect of the two stock issues on Leuig's books in a horizontal statements model. In the Cash Flow column, indicate whether the cell blank. LEUIG CORP. Horizontal Statements Model Balance Sheet Income Statement Stockholders' Equity Statement of Cash Flow Assets Revenue Expense = Net Income Event PIC in Land Common Stock Cash Excess 1- Common Stock 2- Issue of additional shares
Tom Yuppy, a wealthy investor, paid $31,320 for 1,080 shares of $10 par common stock issued to him by Leuig Corp. A month later, Leuig Corp. issued an additional 2,160 shares of stock to Yuppy for $29 per share. Required: Show the effect of the two stock issues on Leuig's books in a horizontal statements model. In the Cash Flow column, indicate whether the cell blank. LEUIG CORP. Horizontal Statements Model Balance Sheet Income Statement Stockholders' Equity Statement of Cash Flow Assets Revenue Expense = Net Income Event PIC in Land Common Stock Cash Excess 1- Common Stock 2- Issue of additional shares
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Tom Yuppy, a wealthy investor, paid $31,320 for 1,080 shares of $10 par common stock issued to him by Leuig Corp. A month later,
Leuig Corp. issued an additional 2,160 shares of stock to Yuppy for $29 per share.
Required:
Show the effect of the two stock issues on Leuig's books in a horizontal statements model. In the Cash Flow column, indicate whether
the cell blank.
LEUIG CORP.
Horizontal Statements Model
Balance Sheet
Income Statement
Stockholders' Equity
Statement of Cash
Flow
Assets
Revenue
Expense
= Net Income
Event
PIC in
Land
Common
Stock
Cash
Excess
1- Common Stock
2- Issue of additional shares
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