Analyzing and Identifying Financial Statement Effects of Stock Transactions The

Question

Analyzing and Identifying Financial Statement Effects of Stock Transactions The stockholders' equity section of Gupta Company at December 31, 2014, follows 8% preferred stock, $.25 par value, 50,000 shares authorized; 6,800 shares issued and outstanding $170,000 Common stock, $10 par value, 200,000 shares authorized; 50,000 shares issued and outstanding Paid-in capital in excess of par value-preferred stock Paid-in capital in excess of par value-common stock Retained earnings 500,000 68,000 200,000 270,000

Explanation / Answer

a.

b.

e.

Balance Sheet Transaction Cash Asset + Noncash Assets = Liabilities + Contrib. Capital + Earned Capital - Contra-Equity 1/10 Issued common stock 476000 + = + 280000 + - + = + 196000 + - 1/23 Purchased treasury stock -152000 + = + + - 152000 3/14 Sold treasury stock 84000 + = + 8000 + - -76000 7/15 Issued preferred stock 128000 + = + 80000 + - + = + 48000 + - 11/15 Sold treasury stock 24000 + = + 5000 + - -19000 560000 + = + 617000 + - 57000

Related Questions

Navigate

• Browse (All)
• Browse A
• Subjects

---