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Identifying and Analyzing Financial Statement Effects of Stock Transactions The stockholders equity section of XPress Media Company for the current year follows. 8 % preferred
Identifying and Analyzing Financial Statement Effects of Stock Transactions
The stockholders equity section of XPress Media Company for the current year follows.
preferred stock, $ par value, shares authorized;
shares issued and outstanding $
Common stock, $ par value, shares authorized;
shares issued and outstanding
Paidin capital in excess of par valuepreferred stock
Paidin capital in excess of par valuecommon stock
Retained earnings
During the year, the following transactions occurred.
Jan. Issued shares of common stock for $ cash per share.
Jan. Repurchased shares of common stock at $ cash per share.
Mar. Sold onehalf of the treasury shares acquired January for $ cash per share.
July. Issued shares of preferred stock for $ cash.
Nov. Sold of the treasury shares acquired January for $ cash per share.
Required
a Use the financial statement effects template to indicate the effects from each of these transactions.
Note: For each account category, indicate the appropriate account name. Enter NA for any account category that is not used for a given transaction.
Note: Indicate a decrease in an account category by including a negative sign with the amount.
Balance Sheet Income Statement
Transaction Cash Noncash Assets Liabilities Contrib. Capital Earned Revenues Expenses Net
Asset Capital Income
Jan. Answer
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Common Stock Answer
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Mar. Answer
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Treasury Stock Answer
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July Answer
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Preferred Stock Answer
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Nov. Answer
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Treasury Stock Answer
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b Prepare the stockholders equity section of the balance sheet assuming the company reports net income of $ for the current year.
Note: Do not use a negative sign with any of your answers.
XPRESS MEDIA COMPANY
Stockholders Equity
Paidin capital
preferred stock, $ par value, shares authorized;
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shares issued and outstanding Answer
Common stock, $ par value, shares authorized;
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shares issued Answer
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Additional paidin capital
Paidin capital in excess of par valuepreferred stock Answer
Paidin capital in excess of par valuecommon stock Answer
Paidin capital from treasury stock Answer
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Total paidin capital Answer
Retained earnings Answer
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Less: Treasury stock common shares at cost Answer
Total stockholders equity Answer
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Fundamentals of Advanced Accounting
Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik
7th edition
1259722635, 978-1259722639
