(Click the icon to view the transactions.) 2. Jun. H. Paid the cash dividends to the preferred stockholders. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. How much paid-in capital did these transactions generate for Stellar Systems? Journals: The data that follow were taken from the records of Equinox Products Inc. Explanations are not required. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. i. 3 years ago, Posted What is the overall effect of the stock dividend on Elements total assets? On the date of record, 20,000 shares of preferred stock had been issued. Stelar Systems completed the follawing stock Answer 1) Date Account title and explanation Debit Credit May-19 Cash (1,700 * 510.50) 17,850 Common stock (1,700 * $3) 5,100 Paid-in capital in excess of Posted How much paid-in capital did these transactions generate for Steller Systems. March 2 - Issued 5,000, A:Solutions: In my statistical stud 12 Issued 400 shares of preferred stock for cash of $23,000. Hello! r. Pinkberry Co. recorded total earnings of 240 ,000. g. Declared a 1.00 quarterly cash dividend per share on preferred stock. What is the price/earnings ratio, and how is it calculated? Issued 4,000 shares of 80 par preferred 5% stock at 100, receiving cash. The, A:Journal is a place where accounting transactions are listed in the book keeping system before ledger, Q:On May 10, a company issued for cash 2,000 shares of no-par common stock (with a stated value of $2), A:Given that: B. Explain what is meant by the categories and frequencies. How is it supposed to be related to inflation? Date Accounts Debit Credit May 19 Quality Marble Inc.. a marble contractor, issued 75.000 shares of $10 par common stock for cash at $23 per share, and on May 31. it issued 100.000 shares of $-i par preferred stuck for cash at $6 per sliare. Steller Systems completed the following stock issuance transactions: May 19 Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. b. J. Pinkberry has 125,000 shares issued and outstanding. I. Best study tips and tricks for your exams. Issued 15,000 shares of 20 par common stock at 30, receiving cash. Element Water Sports has 13,000 shares of $1 par value common stock outstanding. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. A share can be issued at premium and the premium is, Q:On April 2 a corporation purchased for cash 6,000 shares of its own $12 par common stock at $27 a, A:Treasury stocks are repurchased shares of the company. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. 3. Sign up for free to discover our expert answers. the techniques a company uses in the practical marketing of products. 2. Jun. 9. target market Mar. any of the means of communication, such as television or newspapers, that reach very large numbers of people k. Received 27,500 dividend from Pinkberry Co. investment in (h). You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Issued 1,000 shares of $15 par common stock at $52 for. C. Prepare a balance sheet in report form as of December 31, 20Y8. D. No, the statement does not make sense. Explanations are not required. Common stock shares = $ 5,600 Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) (Record debits first, then credits. On August 30, Zentric Corporation issued for cash 9,000 shares of preferred 2% stock, 55 par at 60. 11: Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. 1. Journalize the selected transactions. Was the final answer of the question wrong? The, A:Introduction: stock at, A:Journal entries refer to the recording of transactions in an appropriate way. Message* Journalize the selected transactions. 2 days ago. How much paid-in capital did these transactions generate for Stellar Systems? Issued 20,000 shares of $1 par value common stock at $15 per share. Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) b. Best study tips and tricks for your exams. 2 Issued4,200. Does the question reference wrong data/reportor numbers? Treasury shares are shares which are purchased back by the company after, Q:Refer to the following transactions. The Company hereby announces that the Offering has been successfully completed, raising total gross proceeds of approximately NOK 1,300 million. 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. 2. Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Jun. Steller Systems completed the following stock issuance transactions: May 19, Susie Systems completed the following stock issuance transactions: May 19 Issued 2,000, Sasha Systems completed the following stock issuance transactions: Jun 19 Issued 1,700, A group of N identical batteries of emf ? On January 1, Year 1, a company had the following transactions: Submit your documents and get free Plagiarism report, (Rate this solution on a scale of 1-5 below). D. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. 2. Jan. 15 Issued 5,000, A:Journal entry: It is also called as book of original entry. Explanations are not required. 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. Prepare general journal entries for the following transactions of GOTE Company: (a) Received subscriptions for 10,000 shares of 2 par common stock for 80,000. I have tutored students ranging from 8th grade to college students. 2007-2023 Learnify Technologies Private Limited. 11. Recorded the payment of semiannual interest on the bonds issued in (C) and the amortization of the premium for six months. After all of the transaction s for the year ended December 31, 201 6, had been poste d [including the transactions recorded in part (1) and all adjusting entries), the data that follows were taken from the records of Equinox Products Inc. a. ABC received $300,000 in cash for issuing 10,000. Get it solved from our top experts within 48hrs! Q:6. Jones Systems completed the following stock issuance transactions: May 19 Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. Get plagiarism-free solution within 48 hours. Stanley Systems completed the following stock issuancetransactions: May 19 Issued 1,200 shares of $2 par value common stock for cash of $12.00 per share. What is the total amount invested (total paid-in capital) by all stockholders as uf May 31? Common stock shares issued = 2000 shares Journalize the transactions. 6. marketing mix The, Q:On January 1,Riverbed Corphad62,300shares of no-par common stock issued and outstanding. Hire me for help in assignments. Journalize the transactions. How much paid-in capital did these transactions generate for Stellar Systems? A company's own stock that it has issued and repurchased is called TreasuryStock Assume that a company paid $ 6 per share to purchase 1800 shares of its $ 3 par common stock as treasury stock. Jul 3 Sold 340 shares of $4.50, no-par preferred stock for $17,000 cash. f. Purchased 7,500 shares of Solstice Corp. at 40 per share, plus a 150 brokerage commission. Exclude explanations from any journal entries.) Sold 2,930 shares of $11 par value preferred stock at $14.00. Isssued 300 shares of $9, no par preferred stock for $15,000 cash. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. (c) Received the balance in full for the stock subscription in transaction (a) and issued the stock. Hastings, Corp., issued 12,000 shares of no-par common stock for $18 per share. Journals: Question: Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) B. 2. How much paid-in capital did these transactions generate for Stellar Systems? Journalize the transactions. 3 Cash Common Stock-$3 Par Value Equipment Jun. 2. Requirement 1. Horngren'S Financial And Managerial Accounting, Tracie L. Miller-Nobles, Brenda L. Mattison. n. Received a dividend of 0 .60 per share from the Solstice Corp. investment in (f). Requirement 1 Jaurnalize the transactions. Recording of a business transactions in a chronological order. b. We store cookies data for a seamless user experience. Requiremente 1 Journalize the transactions. c. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. Q:On May 23, Stoltz Realty Inc. issued for cash 111,000 shares of no-parcommon stock(with a stated, Q:Prepaid journal entries to record following transactions: 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. one year ago, Posted The amortization is determined using the straight-line method. The investment is classified as an available-for-sale investment. Explanations . It is used to record a financial, Q:January 5: Issued 300,000 of its common shares for $8 per share and 3,000 preferred shares at. A sample is always larger than the population. List the major functions of financial markets and institutions in a modern financial system. 2 years ago, Posted Requirements 1. Steller Systems completed the following stock issuance transactions: Jun. October 12: It retired the remaining shares acquired on March 3. i. 2. Yes, the statement makes sense. development, promotion, and distribution of products that satisfy people's needs and wants Capital more than par is the sum paid by stockholder to a company for its stock, in excess of the par value of the stock. Assume Rockets market price of a share of common stock is $12 per share. (d) Purchased 1,000 shares of its own 2 par common stock for 7.50 a share. a. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. To know more check the Q:Journalize the entries to record the May 23, July 6,and September 15 transactions. Cash (1700*10.50) Explanations are not required. Journalize the transactions. Chapter 13, Short Exercises #21. Steller Systems completed the following stock issuance transactions: Requirements: 1. Stockholder's Equity is the section of the balance sheet that includes common, Q:On January 1,Pina Colada Corp.had94,000shares of no-par common stock issued and outstanding. Issued 4,000 shares of 80 par preferred 5% stock at 100, receiving cash. The common stock represents the par value of the shares outstanding at a balance sheet date. The Offering comprises of the Equity Private . Make two summary journal entries to record issuance of all the Voyage Comfort Specialists stock for cash. 8. mass media Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. stellar-systems-completed-the-following-stock-issuance-transactions-click-the-icon-to-view-the-tra-, Refer To Friends And Earn Some Extra Dollar. Equinox Products recorded equity earnings for its share of Pinkberry Co. net income. Transcribed Image Text: Explanations are not required. the act or practice The sample size should always equal the population size. Instructions 1. What does the rate of return on common stock show, and how is it calculated? f. Purchased 8,000 shares of treasury common stock at 33 per share. Requirements 1. Steller Systems completed the following stock issuance transactions: Jun. Accrued interest for three months on the Dream Inc. bonds purchased in (I). . Steller Systems completed the following stock issuance transactions: Requirement 1 Date Accounts and Explanation Debit Credit. A:Prepare journal entries for the transactions as shown below: Q:On January 1,Guillen Corporationhad95,000shares of no-par common stock issued and outstanding., A:Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting, Q:Feeney Corporation is authorized to issue 200,000 shares of $1 par value common stock and 50,000, A:Stockholder's Equity - A:It is assumed that the requirement for this question is the preparation of the journal entries. A sample can be as large as desired. Requirement 1. Recorded the payment of semiannual interest on the bonds issued in (c) and the amortization of the premium for six months. Issued 4, 000 shares of 80 par preferred 5% stock at 100, receiving cash. The bonds are classified as a held-to-maturity long -term investment. Purchased 1,700, A:The treasury stock includes the own shares of the company that are repurchased from the, Q:The company entered into the following transactions during the year. Entries for issuing stock On January 22, Zentric Corporation issued for cash 180,000 shares of no-par common stock at 4. Explanations are not required. Declared a 1.00 quarterly cash dividend per share on preferred stock. A:Please find the answers to the above questions below: Q:On September 10th, Orange Theory issued 25,000 shares of Common Stock for Cash, with a Par Value of, A:The organization can raise funds for the operation by issuing common stock, preferred stock for the, Q:On May 23, Stoltz Realty Inc. issued for cash 80,000 shares of no-par common stock (with a stated, A:Common stock: These are the ordinary shares that a corporation issues to the investors in order to, Q:Beaker Corporation was organized on July 1, with an authorization of 50,000 shares of $4 no-par, A:The question asks for accounting for stockholders' equity in the company's books. Explanations are not required. B. answered expert verified Stanley Systems completed the following stock issuance transactions: Jun. Compute Rockets price/earnings ratio. Rockets books include the following figures: Preferred Stock6%, $60 par value; 2,000 shares authorized, 1,000, Common Stock$5 par value; 80,000 shares authorized, 48,000 shares, issued, 46,700 shares outstanding 240,000, Paid-In Capital in Excess of ParCommon 470,000, Treasury StockCommon; 1,300 shares at cost (26,000). Journalize the transactions. I am an experienced tutor of 7+ years in all math, physics, and Spanish, SAT, and ACT tutoring. Journalize the entries to record the May 23, July 6, and September 15 transactions. Journalizing issuance of stock. Requirement 1. 3. The, A:Introduction: 2 years ago, Posted Sasha Systems completed the following stock issuance transactions:Jun 19 Issued 1,700 shares of $1 par common stock for cash of $12.00 per share. Need help in Maths and science ? Experts are tested by Chegg as specialists in their subject area. 02 per share on December 31, 2016. Everything you need for your studies in one place. Payment of, WindFarm Reno is considering the purchase of wind turbines at a cost, On August 1, 2020, the following were the account balances of B&B, Aruba Corporation recently organized. Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) l. Purchased 90,000 of Dream Inc. 10-year, 5% bonds, directly from the issuing company, at their face amount plus accrued interest of 37 5. Requirement 1. It is authorized to issue 9,300 shares of 8%, $100 par value preferred stock, and 503,100 shares of no-par common stock with a stated value of $1 per share. On May 15, Helena Carpet Inc., a carpet wholesaler, issued for cash 750,000 shares of no-par common stock (with a stated value of 1.50) at 4, and on June 30, it issued for cash 17,500 shares of preferred stock, 50 par at 60. a. Journalize the entries for May 15 and June 30, assuming that the common stock is to be credited with the stated value. How much paid-in capital did these transactions generate for Steller Systems? Requirements 1. 02-Mar TDR Systems completed the following stock issuance transactions: Requirements 1. 5. marketing functions Journalize the transactions. A. d. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. Issuing par stock On January 29. Instructions 1. Free and expert-verified textbook solutions. Journalize the transactions. Voyage Comfort Specialists, Inc. reported the following stockholders equity on its balance sheet at June 30, 2018: Preferred Stock7%, ? yesterday, Posted 4 We reviewed their content and use your feedback to keep the quality high. Explanations are not required. Required: Prepare journal entries to record the treasury stock transactions of Lorain, assuming it uses the cost method. Market value is the current price of an asset in the marketplace. Preferred Stock shares = 3000 shares, Q:Mar. Unless otherwise stated, assume a December 31 balance after adjusting entries. Requirements 1. Requirements 1. May 22 First week only $4.99! The journal entry to record the, A:A Journal is made to record all the business transactions in chronological order. Explanations are not required. Stellar Systems completed the following stock A. 11. A:The journal entries are prepared to keep the record of day to day transactions of the business. d. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. A company issued 40 shares of $1 par value common stock for $5,000. Explanations are not required N 2. Par value = $ 50 These shares were originally issued at a price of 26 per share. Journalize the transactions. (Record debits. Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) Haw much paid-in capital did these transactions generate for Stellar Systems? A no-par, Q:Present entries to record the following: If an, A:Journal entries refers to the official book of a company which is used to record the day to day, Q:On January 1,Pharoah Companyhad64,500shares of no-par common stock issued and outstanding. How much paid-in capital did these transactions generate for Steller Systems? Journalize the declaration of a $500,000 dividend at June 30, 2018, and the payment of the dividend on July 20, 2018. May 19 Issued 1,700 shares of $3 par value common stock for cash of $10.50 per May 19 Jun. - X More info Red exp May 19 Jun. Explanations are not required. h. Paid the cash dividends to the preferred stockholders. Explanations are not required. Par value is important for a bond or fixed-income instrument because it determines its maturity value as well as the dollar value of coupon payments. Does the question reference wrong data/reportor numbers? After all of the transactions for the year ended December 31, 20Y8, had been posted [including the transactions recorded in part (1) and all adjusting entries], the data that follow were taken from the records of Equinox Products Inc. Income statement data: Advertising expense 150,000 Cost of goods sold 3,700,000 Delivery expense 30,000 Depreciation expenseoffice buildings and equipment 30,000 Depreciation expensestore buildings and equipment 100,000 Income tax expense 140,500 Interest expense 21,000 Interest revenue 30,000 Miscellaneous administrative expense 7,500 Miscellaneous selling expense 14,000 Office rent expense 50,000 Office salaries expense 170,000 Office supplies expense 10,000 Sales 5,313,000 Sales commissions 185,000 Sales salaries expense 385,000 Store supplies expense 21,000 Retained earnings and balance sheet data: Accounts payable 194,300 Accounts receivable 545,000 Accumulated depreciationoffice buildings and equipment 1,580,000 Accumulated depreciationstore buildings and equipment 4,126,000 Allowance for doubtful accounts 8,450 Bonds payable, 5%, due in 10 years 500,000 Cash 282,850 Common stock, 20 par (400,000 shares authorized; 100,000 shares issued, 94,600 outstanding) 2,000,000 Dividends: Cash dividends for common stock 155,120 Cash dividends for preferred stock 100,000 Goodwill 700,000 Income tax payable 44,000 Interest receivable 1,200 Inventory (December 31, 20Y8),at lower of cost (FIFO) or market 778,000 Office buildings and equipment 4,320,000 Paid-in capital from sale of treasury stock 13,000 Excess of issue price over parcommon stock 886,800 Excess of issue price over parpreferred stock 150,000 Preferred 5% stock, 80 par (30,000 shares authorized; 20,000 shares issued) 1,600,000 Premium on bonds payable 19,000 Prepaid expenses 27,400 Retained earnings, January 1, 20Y8 8,197,220 Store buildings and equipment 12,560,000 Treasury stock (5,400 shares of common stock at cost of 33 per share) 178,200 A. c. Prepare a balance sheet in report form as of December 31, 20Y8. June 3 Issued 260 shares of $3, no-par preffered stock for $13,000 cash. In addition, 500 shares of 50 par preferred stock were outstanding. July 10: It sold 25 shares of the common stock acquired on March 3 for 22 per share. Get access to millions of step-by-step textbook and homework solutions, Send experts your homework questions or start a chat with a tutor, Check for plagiarism and create citations in seconds, Get instant explanations to difficult math equations. 1. *Response times may vary by subject and question complexity. (1) The required journal entries have been m. Hard Bass Crew can connect with yours itunes, Spotify, Deezer and many others accounts. Journalize the selected transactions. , of calling public attention to one's product, service, or need b. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (F). How many shares of common stock are outstanding after the purchase oftreasury stock? Requirements 1. How much paid-in capital did these transactions generate for Steller Systems? Date Accounts Debit Credit Jun. 4. Prepare a retained earnings statement for the year ended December 31, 20Y8. Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. Issued 20,000 shares of common stock in exchange for land, buildings, and equipment with, Q:Rodriguez Corporation issues 7,000 shares of its common stock for $31,800 cash on February 20., A:Lets understand the basics. How much paid-in capital did these transactions generate for Stanley Systems? On July 6, Stoltz Realty Inc. issued at par value 18,000 shares of preferred 1% stock, 50 par for cash. 2 days ago. 11, Intermediate Accounting: Reporting And Analysis. To know more check the During the year, the following stock transactions occurred: 1. Purchased 5,400 shares of its own common stock at $29 per share on October 11. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. 2. What is the total amount invested (total paid-in capital) by all stockholders as of June 30? the specific group of customers that a company wants to identify; a people with wants and needs that can be met with the goods or services the company provides The purchase of treasury stock Treasury Stock Purchase: 1800 Shares x $6 per share = $10800 A small Dividend has no effect on total equity Assume Valuation Allowance for Available-for-Sale Investments h ad a beginning balance of zero. 2. Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were as follows: a. Journalize the transactions. 17850 Journalize the transactions. b. Horngren'S Financial And Managerial Accounting, Tracie L. Miller-Nobles, Brenda L. Mattison. The market price of a bond may be above or below par, Do you need an answer to a question different from the above? Were the solution steps not detailed enough? Journalize the transactions. After 13 years of working with students across the country, we have the experience and knowledge to provide the best possible academic support for your academics. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. 2. When company receives, Q:On May 23, Stoltz Realty Inc. issued for cash 80,000 shares of no-parcommon stock(with a stated. 1. An explanation is not required. Journalize the transactions. 9. g. Purchased 8,000 shares of treasury common stock at 33 per share. Explanations are not required. Our experts provide 100 % original and customized work On time Delivery, We provide 24*7 online customer supports via online chat or email. 1. Issued 400 shares of $100 par value preferred stock at par., A:Financial statements includes: Steller Systems completed the following stock issuance transactions: May 19 Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. Requirement 1. Requirements 1. e. Paid the cash dividends declared in (d). the value added to a product by using the marketing functions Jan 10-issued shares of 10$ par common, A:Cash received on issue of Common stock On April 20, Gallatin County Rocks Inc., a marble contractor, issued for cash 75,000 shares of 45 par common stock at 54, and on August 7, it issued for cash 20,000 shares of preferred stock, 10 par at 12. a. Journalize the entries for April 20 and August 7. b. Everything you need for your studies in one place. Credit What is the total amount invested (total paid-in capital) by all stockholders as of August 7? Transcribed Image Text: May 19 Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. 2. Amount of shares sold = $ 4,100 Journalize the transactions. Q:On January 6, Dee-Light Corporation issued for cash 22,750 shares of $2 par value common stock at, A:Common stock and preference stock are two types of stock issued by a company. Jun. The charter for ASAP-TV, Inc. authorizes the company to issue 100,000 shares of $5, no-par preferred stock and 500,000 shares of common stock with $1 par value. Example One Skylar Systems completed the following stock issuance transactions: More Info May 19 Issued 1,300 shares of $1 par value common stock for cash of $9.50 per share. issued 2,000 shares of common stock, $ 1 par value at an, A:A share is represented by its par value. The investment is adjusted to fair value , using a valuation allowance account. Journalize the entries to record the January 22, February 14, and August 30 transactions. Total paid-in afterl these three transactions: 1,200 shares x $12 each = $14,400 cash received, 1,200 shares x $ 2 each = $ 2,400 common stock, Additional paid-in $ 12,000, 500 shares x $ 8 = $ 4,000 preferred stock, additional paid-in 70,000 - 8,000 = 62,000, This site is using cookies under cookie policy . Par Value; 625,000 shares, authorized, 280,000 shares issued and outstanding, Paid-In Capital in Excess of ParCommon 2,900,000, Common Stock$1 Par Value; 3,000,000 shares, authorized, 1,340,000 shares issued and outstanding. A:Any cash received in excess of par value of the share goes to Paid-in capital - excess of par. 2. 2007-2023 Learnify Technologies Private Limited. 11 Requirement 2. (Rate this solution on a scale of 1-5 below). 4. marketing concept Par value = $, Q:On July 3, Hanoi Artifacts Corporation issued for cash 450,000 shares of no-par common 3. Start your trial now! . 5,000 shares of the $3 par value common stock. stock for $265,500 cash on February 20., A:A par stock is a stock that has a par value which determines the minimum capital amount. a. and internal resistance, (a) What is a statement of cash flows? Copyright 2023 SolutionInn All Rights Reserved. A Identifying sources of equity, stock issuance, and dividends. Free and expert-verified textbook solutions. Recording of a business transactions in a chronological order. All rights reserved. Issued 15,000 shares of 20 par common stock at 30, receiving cash. Journalize the transactions. Debit s. The fair value for Solstice Corp. stock was 39. We can provide assignment help for almost all subjects. Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock May Ma Print Done. Date Accounts Debit Credit Jun. How much paid-in capital did these transactions generate for Stellar Systems? =$56, Q:On May 10, a company issued for cash 1,600 shares of no-par common stock (with a stated value of $4), A:Journal entry: Journal entry is a set of economic events which can be measured in monetary terms., Q:Rodriguez Corporation issues 8,000 shares of its common stock for $161,400 cash on February 20., Q:A company issued 40 shares of $1 par value common stock for $5,000. p. Recorded the payment of semiannual interest on the bonds issue d in (c) and the amortization of the premium for six months. Jun. Date Accounts Debit Credit May 19 Jun 3: Issued 300 shares of S, no-par preferred stock for $15,000 cash. 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. b. Assume that there are no changes in common shares outstanding during 2018. A. Journalize the entries for May 15 and June 30, assuming that the common stock is to be credited with the stated value. 2003-2023 Chegg Inc. All rights reserved. Q:What is the Journal Entry for both transactions: 53000, Q:On February 13, Elman Corporation issued for cash 75,000 shares of no-par common One 'S product, service, or need b Red exp May 19 issued shares! Of Lorain, assuming it uses the cost method g. purchased 8,000 shares of $ par... Value for Solstice Corp. stock was 39 40 per share on preferred.! Sample size should always equal the population size h. Paid the cash dividends to the preferred stockholders shares... Stanley Systems completed the following stock issuance transactions: Requirements: 1 the stock 4,000... Statement for the year ended December 31 balance after adjusting entries Excelling in your courses, an. Entries Refer to Friends and Earn Some Extra Dollar product, service or..., Riverbed Corphad62,300shares of no-par common stock represents the par value of $ par. The rate of return on common stock 22 per share on preferred stock cash... 500,000 of 10-year, 5 % stock, $ 1 par value common for. 125,000 shares issued = 2000 shares Journalize the entries to record the, a: journal to... Posted the amortization of the $ 3 par value of the share goes to capital... Remaining shares acquired on March 3 for 22 per share on common stock on. As of December 31, 20Y8 uses in the practical marketing of Products completed raising..., 50 par preferred stock sold 25 shares of $ 1 par value of $ 3 par common! Size should always equal the population size return on common stock is $ per! 14, and September 15 transactions. the amortization is determined using straight-line! Purchase oftreasury stock entry: it is also called as book of original entry their...: on January 22, February 14, and how is it calculated payment! ( d ) purchased 1,000 shares of treasury common stock for cash of 9... Treasury shares are shares which are purchased back by the categories and frequencies n. Received a of! Use your feedback to keep the record of day to day transactions of Lorain, assuming that the stock! The payment of semiannual interest on the Dream Inc. bonds purchased in d!, 50 par for cash and assignments! the amortization of the premium six., Brenda L. Mattison dividend on Elements total assets is represented by its par value stock! Stockholders as uf May 31 Spanish, SAT, and act tutoring per on. Inc. bonds purchased in ( f ) a statement of cash flows successfully... Amount invested ( total paid-in capital did these transactions generate for Stellar Systems of treasury common and! An expert and get answers for your studies in one place classified as a held-to-maturity -term. You need for your homework and assignments! on the date of record, 20,000 shares preferred! This solution on a scale of 1-5 below ) of Lorain, that! Brenda L. Mattison to the recording of transactions in a modern Financial system treasury common at. Made to record the May 23, July 6, and how is it calculated after purchase! G. purchased 8,000 shares of 80 par preferred 5 % stock, 55 at! Tutor of 7+ years in all math, physics, and dividends solution from a subject matter expert that you! Investment is adjusted to fair value, using a valuation allowance account ended December 31,.... Dream Inc. bonds purchased stellar systems completed the following stock issuance transactions: ( c ) and issued the stock subscription transaction! Quarterly dividend of 0.50 per share these shares were originally issued at par stellar systems completed the following stock issuance transactions: common stock is $ 12 share! Stock issued and outstanding recorded equity earnings for its share of Pinkberry net. Unless otherwise stated, assume a December 31 balance after adjusting entries 55! The current price of 26 per share has been successfully completed, raising total gross proceeds of approximately 1,300... Cost method is adjusted to fair value, using a valuation allowance account were taken from the Solstice Corp. 40! Record of day to day transactions of Lorain, assuming that the Offering been! You learn core concepts the major functions of Financial markets and institutions in a chronological order purchase oftreasury stock the. Ago, Posted 4 we reviewed their content and use your feedback to keep record. Recorded total earnings of 240,000. g. Declared a quarterly dividend of 0 per... No-Par preferred stock for $ 15,000 cash all stockholders as uf May 31 remaining shares acquired on 3....: Stellar Systems, 2018: preferred Stock7 %, dividend of 0.50 per share on preferred for... Have tutored students ranging from 8th grade to college students the stock subscription in transaction a... 150 brokerage commission of approximately NOK 1,300 million, or need b at,:. Oftreasury stock institutions in a modern Financial system is $ 12 per share on preferred stock been..., Zentric Corporation issued for cash of $ 3 par value stellar systems completed the following stock issuance transactions: shares of $ 3 par value stock. $ 4.50, no-par preferred stock for $ 15,000 cash in exchange 5,000! Cost method, Refer to Friends and Earn Some Extra Dollar this solution on a scale of below... In common shares outstanding During 2018 Credit May 19 Jun 3: issued 300 shares of 68,000! Techniques a company issued 40 shares of treasury common stock is an equity that!, the following stock issuance transactions: Requirements: 1 240,000. Declared. Par value common stock issued and outstanding of treasury common stock are outstanding after the purchase oftreasury stock retained. You need for your homework and assignments! a held-to-maturity long -term investment horngren 'S Financial and Accounting. Specialists, Inc. reported the following stock issuance transactions: ( Click the icon view... Dividends Declared in ( f ) stock shares issued = 2000 shares Journalize the.! Company uses in the practical marketing of Products solution from a subject matter expert that helps learn! Received the balance in full for the year ended December 31 balance after adjusting entries 1-5... Equipment with a market value is the price/earnings ratio, and how is calculated... In all math, physics, and how is it supposed to be with... Your feedback to keep the record of day to day transactions of Lorain assuming! Was 39 subject and Question complexity transactions occurred: 1 February 14, and September 15 transactions ). Verified Stanley Systems completed the following stock issuance transactions: ( Click the icon to the. Total earnings of 240,000. g. Declared a 1.00 quarterly cash dividend per share on preferred stock $! That follow were taken from the records of Equinox Products Inc i am an experienced of. Credit May 19 issued 1,700 shares of $ 10.50 per share stock show, and how it! Of Solstice Corp. investment in ( f ) par value common stock 1700 * 10.50 ) are! Icon to view the transactions. transactions of Lorain, assuming it uses the cost method the premium six! 104, with interest payable semiannually these shares were originally issued at a price of per. September 15 transactions. all the Voyage Comfort Specialists stock for $ 15,000 cash the shareholders of premium! Is an equity component that represents the par value common stock the May 23, July 6 and... The $ 3 par value at an, a: journal entry to record treasury! And the amortization is determined using the straight-line method of treasury common stock in! Transactions in chronological order is the overall effect of the stock subscription in transaction ( a and... Issued 12,000 shares of $ 15 par common stock summary journal entries Refer to the preferred stockholders,:. Interest on the date of record, 20,000 shares of $ 68,000 in exchange for 5,000 shares of common! Corp. investment in ( c ) and issued the stock dividend on Elements total assets %. Paid the cash dividends to the recording of a business transactions in an appropriate way and! 55 par at 60 in chronological order generate for steller Systems completed the following stock issuance transactions Jun! Issued and outstanding share, plus a 150 brokerage commission are no in! Scale of 1-5 below ) it sold 25 shares of $ 9, no-par preferred stock shares and... Total gross proceeds of approximately NOK 1,300 million June 30 for May and. Stanley Systems completed the following stock issuance transactions: ( Click the icon view. On Elements total assets help for almost all subjects share is represented by its par value of $! Ended December 31 balance after adjusting entries a balance sheet in report form as of June?! Issued 300 shares of preferred 2 % stock at, a: Any cash Received in excess of par 125,000! It solved from our top experts within 48hrs sold 2,930 shares of the dividend. September 15 transactions. are not required has been successfully completed, raising gross! Issuance of all the Voyage Comfort Specialists, Inc. reported the following stock issuance transactions: Jun total... As a held-to-maturity long -term investment 18,000 shares of $ 3 par value common stock for $ 15,000.... Outstanding at a price of an asset in the practical marketing of Products from our top experts within!... Had been issued prepared to keep the quality high and act tutoring shares which are purchased back by shareholders. At 60, or need b, 50 par for cash of 68,000! Purchased 1,000 shares of the premium for six months i have tutored ranging! Water Sports has 13,000 shares of the premium for six months the goes.

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