Tom Yuppy, a wealthy investor, paid $43,920 for 1,220 shares of $10 par common stock issued to him by Leuig Corp. A month later, Leuig Corp. issued an additional 2,440 shares of stock to Yuppy for $36 per share. Required Show the elfect 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

Tom Yuppy, a wealthy investor, paid $43,920 for 1,220 shares of $10 par common stock issued to him by Leuig Corp. A month later, Leuig Corp. issued an additional 2,440 shares of stock to Yuppy for $36 per share. Required Show the elfect 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

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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Subject : Accounting
Ff.53.
Prepare journal entries to record the following transactions for Emerson Corporation. July 15 Declared a cash dividend payable to common stockholders of $160,000. August 15 Date of record is August 15 for the cash dividend declared on July 15. August 31 Paid the dividend declared on July 15.
On May 1, Year 3, Love Corporation declared a $60,000 cash dividend to be paid on May 31 to shareholders of record on May 15. Required Record the events occurring on May 1 and May 31 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. (Enter any decreases to account balances with a minus sign.) Date May 1 May 31 Assets Balance Sheet Liabilities + + + Common Stock LOVE CORPORATION Horizontal Statements Model + + Retained Earnings Revenue Income Statement Expense ||||| = Net Income Statement of Cash Flow
On the basis of the following stockholders' equity accounts, indicate the items, exclusive of net income, to be reported on the statement of cash flows. There were no unpaid dividends at either the beginning or the end of the year. Date Item Debit Credit BalanceDebit BalanceCredit January 1 Balance, 60,000 shares 300,000 April 2 15,000 shares issued for cash 75,000 375,000 June 30 2,000-share stock dividend 10,000 385,000 Date Item Debit Credit BalanceDebit BalanceCredit January 1 Balance 180,000 April 2 15,000 shares issued for cash 210,000 390,000 June 30 Stock dividend 7,500 397,500 Date Item Debit Credit BalanceDebit BalanceCredit January 1 Balance 249,000 June 30 Stock dividend 17,500 231,500 December 30 Cash dividend 28,600 202,900 December 31 Net income 179,300 382,200 If an amount is not reported on the statement of cash flows, enter in "0" in the Amount column. Item Section of Statement of…
1. Analyze each transaction from issuances of stock by showing its effect on the accounting equation specifically, identify the accounts and amounts (including + or -) for each transaction. 1. 2. 2. 2. 3. 3. 4. [The following information applies to the questions displayed below.] Following are the issuances of stock transactions. 1. A corporation issued 7,000 shares of $10 par value common stock for $84,000 cash. 2. A corporation issued 3,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $51,000. The stock has a $1 per share stated value. 4 3. A corporation issued 3,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $51,000. The stock has no stated value. 4. A corporation issued 1,750 shares of $50 par value preferred stock for $138,500 cash. Assets = = Liabilities + + Equity
The dates of importance in connection with a cash dividend of $143,000 on a corporation's common stock are January 15, February 15, and March 15. Journalize the entries required on each date using the chart of accounts below. If no entry is required, enter "No Entry Required" and leave the amount boxes blank. Cash Cash Dividends Cash Dividends Payable No Entry Required Stock Dividends Stock Dividends Payable Common Stock Enter your answers into the table below. Key the account names carefully (exactly as shown above) and follow formatting instructions below. DO NOT USE A DECIMAL WITH ZEROES FOR WHOLE DOLLAR AMOUNTS AND USE COMMAS APPROPRIATELY. WHEN THE DEBIT/CREDIT DOES NOT REQUIRE AN ENTRY, LEAVE IT BLANK. Date Account Debit Credit Jan. 15 Feb. 15 I For Blank 9 Mar. 15 THIS OUESTION WILL ALSO BE CHECKED MANUALLY (to make adiustments for tvpos).
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On October 31, Legacy Rocks Inc., a marble contractor, issued for cash 74,600 shares of $10 par common stock at $12, and on November 19, it issued for cash 15,640 shares of preferred stock, $40 par at $56. Required: A. Journalize the entries for October 31 and November 19. Refer to the Chart of Accounts for exact wording of account titles. B. What is the total amount invested (total paid-in capital) by all stockholders as of November 19? CHART OF ACCOUNTSLegacy Rocks Inc.General Ledger ASSETS 110 Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 151 Prepaid Insurance 181 Land 193 Equipment 194 Accumulated Depreciation-Equipment LIABILITIES 210 Accounts Payable 221 Notes Payable 226 Interest Payable 231 Cash Dividends Payable 236 Stock Dividends Distributable 241 Salaries Payable 261 Mortgage Note Payable EQUITY 311 Common Stock 312 Paid-In…
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