Identifying and Analyzing Financial Statement Effects of Stock Transactions Pyle Corp. reports the following transactions relating...

 

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Identifying and Analyzing Financial Statement Effects of Stock Transactions Pyle Corp. reports the following transactions relating to its stock accounts in the current year. (a) Feb. 3 Issued 48,000 shares of $5 par value common stock at $27 cash per share. (b) Feb. 27 Issued 10,800 shares of $50 par value, 8% preferred stock at $88 cash per share. (c) Mar.31 Purchased 6,000 shares of its own common stock at $30 cash per share. (d) June. 25 Sold 3,600 shares of its treasury stock at $38 cash per share. (e) July. 15 Sold the remaining 2,400 shares of treasury stock at $29 cash per share. 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 "N/A" 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. Transaction (a) Feb 3 (b) Feb 27 (c) Mar 31 (d) Jun 25 (e) Jul 15 Cash Asset ! answer all parts of the question. AD <> A < 0 C 0 0 0 Noncash Assets <> O <> <> 0 = 0 = 0 = 0 = 0 = Balance Sheet Liabilities 0 → 0 0 0 → 0 = Contrib. Capital Common Stock Preferred Stock Treasury Stock Treasury Stock <► → 41 < 0 <> 0 0 → O 0 0 0 O Earned Capital 0 → 0 0 → 0 0 → Revenues < < < < ◄► <> 0 0 0 O 0 Income Statement Expenses ♦ <► 0 = <> <> 0 = ◆ 0 = 0 = 0 = Net Income 0 0 0 O 0 Identifying and Analyzing Financial Statement Effects of Stock Transactions Pyle Corp. reports the following transactions relating to its stock accounts in the current year. (a) Feb. 3 Issued 48,000 shares of $5 par value common stock at $27 cash per share. (b) Feb. 27 Issued 10,800 shares of $50 par value, 8% preferred stock at $88 cash per share. (c) Mar.31 Purchased 6,000 shares of its own common stock at $30 cash per share. (d) June. 25 Sold 3,600 shares of its treasury stock at $38 cash per share. (e) July. 15 Sold the remaining 2,400 shares of treasury stock at $29 cash per share. 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 "N/A" 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. Transaction (a) Feb 3 (b) Feb 27 (c) Mar 31 (d) Jun 25 (e) Jul 15 Cash Asset ! answer all parts of the question. AD <> A < 0 C 0 0 0 Noncash Assets <> O <> <> 0 = 0 = 0 = 0 = 0 = Balance Sheet Liabilities 0 → 0 0 0 → 0 = Contrib. Capital Common Stock Preferred Stock Treasury Stock Treasury Stock <► → 41 < 0 <> 0 0 → O 0 0 0 O Earned Capital 0 → 0 0 → 0 0 → Revenues < < < < ◄► <> 0 0 0 O 0 Income Statement Expenses ♦ <► 0 = <> <> 0 = ◆ 0 = 0 = 0 = Net Income 0 0 0 O 0