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.RequiredShow the effect of the two stock issues on Leuig's books in a horizontal statements model. In the Cash Flow column, indicatewhether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). If an element was not affected by theevent, leave the cell blank.Event1- Common stock2- Issue of additional sharesCashAssets+++Balance SheetLandLEUIG CORP.Horizontal Statements Model=Stockholders' EquityPIC inExcessCommonStock++RevenueIncome StatementExpense=11=Net IncomeStatement of CashFlow

Identifying and comprehending the direction and size of changes in financial data from one period to…

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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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! Required information [The following information applies to the questions displayed below.] a. On March 22, purchased 880 shares of RPI Company stock at $13 per share. Duke's stock investment results in it having an insignificant influence over RPI. b. On July 1, received a $2 per share cash dividend on the RPI stock purchased in part a. c. On October 8, sold 440 shares of RPI stock for $23 per share. Prepare journal entries to record the given transactions involving the short-term stock investments of Duke Company, all of which occurred during the current year. View transaction list
Alanae Inc issues 500 common shares to the organizers of its corporation to pay for their services valued at $5,000. What is included in the journal entry to record this transaction? O a. O b. C. O d. A debit to an asset account A credit to an expense account A credit to a liability account A credit to an equity account
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ABP signment/takeAssignmentMain.do?invoker3D&takeAssignmentSessionLocator=&inprogress=false Calculator Alliance Corp. issues 2,370 shares of $12 par value common stock at $15 per share. When the transaction is recorded, what credit entry or entries are made? Select the correct answer. Common Stock $35,550. Common Stock $7,110 and Retained Earnings $28,440. Common Stock $28,440 and Paid-in Capital in Excess of Par Value $7,110. Common Stock $28,440 and Paid-in Capital in Excess of Stated Value $7,11o. 4:03 PM
At what amount should the investment be recorded initially? 2. On April 15, 2021, Pepper purchased 15,000 shares of Atty Group for P150,000. The commission paid to the broker amounted to P8,500. Management made an irrevocable choice to subsequently measure the shares at FVOCI. At what amount should the investment be recorded initially?
Tropical Rainwear issues 2,000 shares of its $16 par value preferred stock for cash at $18 per share. Record the issuance of the preferred shares. (If no entry is required for a particular transaction/event, select "No Jour Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the issuance of the preferred, shares. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal
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odriguez Corporation issues 10,000 shares of its common stock for $146,700 cash on February 20. Prepare journal entries to record his event under each of the following separate situations. 1. The stock has a $12 par value. 2. The stock has neither par nor stated value. 3. The stock has a $6 stated value. View transaction list Journal entry worksheet A B Record the issue of 10,000 shares of $12 par value common stock for $146,700 cash. Transaction 1 C Note: Enter debits before credits. Record entry General Journal Clear entry Debit Credit View general journal
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Tom Yuppy, a wealthy investor, paid $49,920 for 1,280 shares of $10 par common stock issued to him by Leuig Corp. A month later, Leuig Corp. issued an additional 2,560 shares of stock to Yuppy for $39 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. LEUIG CORP. Horizontal Statements Model Balance Sheet Income Statement Statement of Cash Assets Stockholders' Equity Revenue Expense = Net Income Flow Event Common PIC in Cash Land Stock Excess 1- Common stock 2- Issue of additional shares
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