Jan. 15 Issued 64,000 shares of $5 par value common stock at $17 cash per share. Jan. 20 Issued 14,400 shares of $50 par value, 8% preferred stock at $78 cash per share. Mar. 31 Purchased 7,200 shares of its own common stock at $20 cash per share. Jun. 25 Sold 4,800 shares of the treasury stock at $26 cash per share. Jul. 15 Sold the remaining 2,400 shares of treasury stock at $19 cash per share. Using the financial statement effects template, illustrate the effects of these transactions. NOTE: Use negative signs with your answers, when appropriate. NOTE: Select "N/A" as your answer if a part of the accounting equation is not affected. Cash Cash Asset 1,088,000✔ N/A Noncash Assets 0 Balance Sheet Contributed Liabilities Capital 320,000 Common stock N/A 768,000 Additional paid-in capital Earned Capital Contra Equity Rever 1,123,200✔ 0~ Cash = N/A 720,000 01 Preferred stock N/A 403,200 Additional paid-in capital く (144,000) 0✓ 0✔ Cash N/A N/A Treasury stock 124,800 0✓ 01 (19,200) * (19,200) x = (19,200) x Cash N/A N/A = Additional paid-in capital Treasury stock 45,600 0✓ 0 (19,200) x
Jan. 15 Issued 64,000 shares of $5 par value common stock at $17 cash per share. Jan. 20 Issued 14,400 shares of $50 par value, 8% preferred stock at $78 cash per share. Mar. 31 Purchased 7,200 shares of its own common stock at $20 cash per share. Jun. 25 Sold 4,800 shares of the treasury stock at $26 cash per share. Jul. 15 Sold the remaining 2,400 shares of treasury stock at $19 cash per share. Using the financial statement effects template, illustrate the effects of these transactions. NOTE: Use negative signs with your answers, when appropriate. NOTE: Select "N/A" as your answer if a part of the accounting equation is not affected. Cash Cash Asset 1,088,000✔ N/A Noncash Assets 0 Balance Sheet Contributed Liabilities Capital 320,000 Common stock N/A 768,000 Additional paid-in capital Earned Capital Contra Equity Rever 1,123,200✔ 0~ Cash = N/A 720,000 01 Preferred stock N/A 403,200 Additional paid-in capital く (144,000) 0✓ 0✔ Cash N/A N/A Treasury stock 124,800 0✓ 01 (19,200) * (19,200) x = (19,200) x Cash N/A N/A = Additional paid-in capital Treasury stock 45,600 0✓ 0 (19,200) x
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:James A. Heintz, Robert W. Parry
Chapter20: Corporations: Organization And Capital Stock
Section: Chapter Questions
Problem 1MP: Stockholders equity accounts and other related accounts of Gonzales Company as of January 1, 20--,...
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