Tom Yuppy, a wealthy investor, paid $52,000 for 1,300 shares of $10 par common stock issued to him by Leuig Corp. A month later,Leuig Corp. issued an additional 2,600 shares of stock to Yuppy for $40 per share.RequiredShow the effect of the two stock issues on Leuig's books in a horizontal statements model. In the Cash Flow column, indicate whetherthe item is an operating activity (OA), investing activity (IA), or financing activity (FA). If an element was not affected by the event, leavethe cell blank.Event1 - Common stock2- Issue of additional sharesAssetsCash ++Balance SheetLandLEUIG CORP.Horizontal Statements Model=Stockholders' EquityPIC inExcessCommonStockRevenueIncome StatementExpense = Net IncomeStatement of CashFlow

The issue of the shares means an activity in which the company raises capital by selling the smaller…

Answered: Tom Yuppy, a wealthy investor, paid…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter16: Statement Of Cash Flows

Section: Chapter Questions

Problem 1PA: Provide journal entries to record each of the following transactions. For each, also identify *the...

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On May 1, 2018, Love Corporation declared a $45,100 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.)
On May 1, Year 3, Love Corporation declared a $94,200 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 Balance Sheet Assets = Liabilities Common Stock LOVE CORPORATION Horizontal Statements Model Retained: Earnings Revenue: Income Statement Expense Net Income Statement of Cash Flow
On May 1, Year 3, Love Corporation declared a $57,700 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.) LOVE CORPORATION Horizontal Statements Model Balance Sheet Income Statement Statement of Cash Common Stock Retained Flow Date Assets Liabilities + Revenue Expense Net Income Earnings May 1 + May 31
On May 1, Year 3, Love Corporation declared a $50,000 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 01 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 May 1, Year 3, Love Corporation declared a $74,000 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.) LOVE CORPORATION Horizontal Statements Model Balance Sheet Income Statement Statement of Cash Flow Common Retained Date Assets Liabilities Revenue Expense = Net Income Stock Earnings May 1 May 31 +
On May 1, Year 1, Love Corporation declared a $97,400 cash dividend to be paid on May 31 to shareholders of record on May 15. a. Record the events occuring on May 1, May 15, and May 31 in a horizontal statements model. In the cash flow column, indicate whether the item is an operating activity, investing activity, or financing activity. Use NA to indicate that an element was not affected by the event. (Amounts to be deducted should be indicated with minus sign).
On May 1, Year 3, Love Corporation declared a $74,100 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 the following horizontal statements model. Also, in the Statement of Cash Flows column, classify the cash flows as operating activities (OA), investing activities (IA), or financing activities (FA). Note: Enter any decreases to account balances and cash outflows with a minus sign. Leave cells blank if no input is needed. Date May 01 May 31 Assets Balance Sheet Liabilities Common Stock LOVE CORPORATION Horizontal Statements Model Retained Earnings Revenue Income Statement Expenses Net Income Statement of Cash Flows
On May 1, Year 3, Love Corporation declared a $59,700 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 the following horizontal statements model. Also, in the Statement of Cash Flows column, classify the cash flows as operating activities (OA), Investing activities (IA), or financing activities (FA). Note: Enter any decreases to account balances and cash outflows with a minus sign. Leave cells blank if no input is needed. Date May 01 May 31 Assets Balance Sheet Liabilities + • Common Stock LOVE CORPORATION Horizontal Statements Model Retained Revenus Earnings Income Statement Expenses Net Income Flows
On May 1, Year 3, Love Corporation declared a $68,700 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 the following horizontal statements model. Also, in the Statement of Cash Flows column, classify the cash flows as operating activities (OA), investing activities (IA), or financing activities (FA).
On April 1, Year 1, Exotic Motor Cars Incorporated declared a $136,000 cash dividend to be paid on April 30 to shareholders of record on April 15. Required: Record the events occurring on April 1, April 15, and April 30 in a horizontal statements model. In the Statement of Cash Flows column. indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). Note: Enter any decreases to account balances and cash outflows with a minus sign. Leave cells blank if no input is needed. Date April 1 April 15 April 30 Assets = = Balance Sheet Liabilities + + + Common Stock + + + Retained Earnings Revenue Income Statement Expenses Net Income Statement of Cash Flows
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