During its first year of operations, Cullumber Corporation had these transactions pertaining to its common stock. Jan 10 July 1 (a) Prepare a tabular summary to record the transactions, assuming that the common stock has a par value of $5 per share. Include margin explanations for the changes in revenues and expenses. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Jan. 10 Issued 27,400 shares for cash at $5 per share. Issued 62.000 shares for cash at $8 per share. July 1 $ Assets Cash eTextbook and Media $ Liabilities $ Common Stock Paid-in-Capital + PIC in Excess of Par Value Com. + $ Revenue Stockholders' Equity $ Expense Retained Earnings Dividend Common stock Dividends Interest expense Paid-in-capital in excess of common stock Paid-in-capital in excess of preferred stock Preferred stock

During its first year of operations, Cullumber Corporation had these transactions pertaining to its common stock. Jan 10 July 1 (a) Prepare a tabular summary to record the transactions, assuming that the common stock has a par value of $5 per share. Include margin explanations for the changes in revenues and expenses. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Jan. 10 Issued 27,400 shares for cash at $5 per share. Issued 62.000 shares for cash at $8 per share. July 1 $ Assets Cash eTextbook and Media $ Liabilities $ Common Stock Paid-in-Capital + PIC in Excess of Par Value Com. + $ Revenue Stockholders' Equity $ Expense Retained Earnings Dividend Common stock Dividends Interest expense Paid-in-capital in excess of common stock Paid-in-capital in excess of preferred stock Preferred stock

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 20BEA: The income statement, statement of retained earnings, and balance sheet for Somerville Company are...

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