The following information pertains to Rising Suns Corporation at January 1, Year 2 Common stock, $20 par, 50,000 shares authorized, 12,400 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings $ 248,000 124,000 $ 103,000 Rising Suns completed the following events during Year 2: 1. Issued 5.240 shares of $20 par common stock for $30 per share. 2. Repurchased 1,240 shares of its own common stock for $25 per share. 3. Resold 620 shares of treasury stock for $30 per share. Required: Use a horizontal financial statements model to show how each event affects the balance sheet, income statement, and statement of cash flows. More specifically, record the amounts of the events into the 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. Legye cells blank if no innut is needed
The following information pertains to Rising Suns Corporation at January 1, Year 2 Common stock, $20 par, 50,000 shares authorized, 12,400 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings $ 248,000 124,000 $ 103,000 Rising Suns completed the following events during Year 2: 1. Issued 5.240 shares of $20 par common stock for $30 per share. 2. Repurchased 1,240 shares of its own common stock for $25 per share. 3. Resold 620 shares of treasury stock for $30 per share. Required: Use a horizontal financial statements model to show how each event affects the balance sheet, income statement, and statement of cash flows. More specifically, record the amounts of the events into the 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. Legye cells blank if no innut is needed
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter12: Statement Of Stockholders’ Equity (stockeq)
Section: Chapter Questions
Problem 1R: Chen Corporation began 2012 with the following stockholders equity balances: The following selected...
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