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Tom Yuppy, a wealthy investor, paid $40,120 for 1,180 shares of $10 par co Leuig Corp. issued an additional 2,360 shares of stock to Yuppy for $34 p Required Show the effect of the two stock issues on Leuig's books in a horizontal s whether the item is an operating activity (OA), investing activity (IA), or fina event, leave the cell blank. LEUIG

Tom Yuppy, a wealthy investor, paid $40,120 for 1,180 shares of $10 par co Leuig Corp. issued an additional 2,360 shares of stock to Yuppy for $34 p Required Show the effect of the two stock issues on Leuig's books in a horizontal s whether the item is an operating activity (OA), investing activity (IA), or fina event, leave the cell blank. LEUIG

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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Tom Yuppy, a wealthy investor, paid $40,120 for 1,180 shares of $10 par common stock issued to him by Leuig Corp. A month later, Leuig Corp. issued an additional 2,360 shares of stock to Yuppy for $34 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 item is an operating activity (OA), investing activity (IA), or financing activity (FA). If an element was not affected by the event, leave the cell blank. Event 1- Common stock 2- Issue of additional shares Cash Assets + + + Balance Sheet Land LEUIG CORP. Horizontal Statements Model = Stockholders' Equity PIC in Excess Common Stock + + Revenue Income Statement Expense = 11 = Net Income Statement of Cash Flow
Transcribed Image Text:Tom Yuppy, a wealthy investor, paid $40,120 for 1,180 shares of $10 par common stock issued to him by Leuig Corp. A month later, Leuig Corp. issued an additional 2,360 shares of stock to Yuppy for $34 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 item is an operating activity (OA), investing activity (IA), or financing activity (FA). If an element was not affected by the event, leave the cell blank. Event 1- Common stock 2- Issue of additional shares Cash Assets + + + Balance Sheet Land LEUIG CORP. Horizontal Statements Model = Stockholders' Equity PIC in Excess Common Stock + + Revenue Income Statement Expense = 11 = Net Income Statement of Cash Flow
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