Tom Yuppy, a wealthy investor, paid $31,320 for 1,080 shares of $10 par common stock issued to him by Leuig Corp. A month later, Leuig Corp. issued an additional 2,160 shares of stock to Yuppy for $29 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 cell blank. LEUIG CORP. Horizontal Statements Model Balance Sheet Income Statement Stockholders' Equity Statement of Cash Flow Assets Revenue Expense = Net Income Event PIC in Land Common Stock Cash Excess 1- Common Stock 2- Issue of additional shares

Tom Yuppy, a wealthy investor, paid $31,320 for 1,080 shares of $10 par common stock issued to him by Leuig Corp. A month later, Leuig Corp. issued an additional 2,160 shares of stock to Yuppy for $29 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 cell blank. LEUIG CORP. Horizontal Statements Model Balance Sheet Income Statement Stockholders' Equity Statement of Cash Flow Assets Revenue Expense = Net Income Event PIC in Land Common Stock Cash Excess 1- Common Stock 2- Issue of additional shares

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter20: Corporations: Organization And Capital Stock

Section: Chapter Questions

Problem 1CP: Prepare general journal entries for the following transactions, identifying each transaction by...

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Astro Corporation was started with the issue of 2,000 shares of $5 par stock for cash on January 1, 2018. The stock was issued at a market price of $12 per share. During 2018, the company earned $31,000 in cash revenues and paid $17,100 for cash expenses. Also, a $2,000 cash dividend was paid to the stockholders. Please complete the balance sheet?
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Gold Co. received dividends from its common stock investments during the year ended December 31 as follows: * A cash dividend totaling $50,000 from its trading security investment in Hico Corporation, when the market price of Hico's shares was $40 per share * A cash dividend of $20,000 from Garden Corp. in which Gold Co. owns a 32% interest How much dividend income should Gold report in its income statement? Select one: a. $0 b. $20,000 c. $50,000 d. $30,000
Astro Corporation was started with the issue of 4,400 shares of $12 par stock for cash on January 1, Year 1. The stock was issued at a market price of $17 per share. During Year 1, the company earned $66,650 in cash revenues and paid $44,656 for cash expenses. Also, a $4,000 cash dividend was paid to the stockholders. Prepare a balance sheet and statement of cash flows for Astro Corporation’s Year 1 fiscal year.
Astro Corporation was started with the issue of 4,400 shares of $12 par stock for cash on January 1, Year 1. The stock was issued at a market price of $17 per share. During Year 1, the company earned $66,650 in cash revenues and paid $44,656 for cash expenses. Also, a $4,000 cash dividend was paid to the stockholders. Prepare a statement of cash flows for Astro Corporation’s Year 1 fiscal year.