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[The following information applies to the questions displayed below.] Concord Corp. completed the following transactions in...
[The following information applies to the questions displayed below.] Concord Corp. completed the following transactions in 2014, the first year of operation: 1. Issued 32,000 shares of $20 par common stock for $30 per share. 2. Issued 4,900 shares of $54 par, 8 percent, preferred stock at $56 per share. 3. Paid the annual cash dividend to preferred shareholders. 4. Issued a 5 percent stock dividend on the common stock. The market value at the dividend declaration date was $43 per share. 5. Later that year, issued a 2-for-1 split on the 33,600 shares of outstanding common stock. 6. Earned $250,700 of cash revenues and paid $131,000 of cash operating expenses.
Required a. Record each of these events in a horizontal statements model like the following one. In the Cash Flow column, indicate whether the item is an operating activity (OA), an investing activity (IA), or a financing activity (FA) and net change in cash (NC). Use NA to indicate that an element is not affected by the event. (Enter any decreases to account balances and cash outflows with a minus sign.)
Please answer question in its entirety.
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Solution;
| Concord Corp. | ||||||||||||||||||
| Horizontal Statement Model | ||||||||||||||||||
| Event | Balance Sheet | Income Statement | Statement of Cash Flows | |||||||||||||||
| Assets | = | Stockholder's Equity | Revenue | - | Expense | = | Net Income | |||||||||||
| Cash | = | Common Stock | + | Paid in capital in excess of par - common stock | + | Preferred Stock | + | Paid in capital in excess of par - Preferred stock | + | Retained Earnings | ||||||||
| 1 | $960,000.00 | = | $640,000.00 | + | $320,000.00 | + | $0.00 | + | $0.00 | + | $0.00 | $0.00 | - | $0.00 | = | $0.00 | $960,000.00 | FA |
| 2 | $274,400.00 | = | $0.00 | + | $0.00 | + | $264,600.00 | + | $9,800.00 | + | $0.00 | $0.00 | - | $0.00 | = | $0.00 | $274,400.00 | FA |
| 3 | -$21,168.00 | = | $0.00 | + | $0.00 | + | $0.00 | + | $0.00 | + | -$21,168.00 | $0.00 | - | $0.00 | = | $0.00 | -$21,168.00 | FA |
| 4 | $0.00 | = | $32,000.00 | + | $36,800.00 | + | $0.00 | + | $0.00 | + | -$68,800.00 | $0.00 | - | $0.00 | = | $0.00 | $0.00 | NA |
| 5 | $0.00 | = | $0.00 | + | $0.00 | + | $0.00 | + | $0.00 | + | $0.00 | $0.00 | - | $0.00 | = | $0.00 | $0.00 | NA |
| 6 | $119,700.00 | = | $0.00 | + | $0.00 | + | $0.00 | + | $0.00 | + | $119,700.00 | $250,700.00 | - | $131,000.00 | = | $119,700.00 | $119,700.00 | OA |
| Total | $1,332,932.00 | = | $672,000.00 | + | $356,800.00 | + | $264,600.00 | + | $9,800.00 | + | $29,732.00 | $250,700.00 | - | $131,000.00 | = | $119,700.00 | $1,332,932.00 | NC |
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