Message* Issued 1,400 shares of $10 par, A:The journal entries are prepared to keep the record of day to day transactions of the business on, Q:A company issued 40 shares of $1 par value common stock for $5,000. n. Received a dividend of 0 .60 per share from the Solstice Corp. investment in (f). 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 May 22 Explanations are not required. Q:6. Experts are tested by Chegg as specialists in their subject area. On the date of record, 20,000 shares of preferred stock had been issued. Explanations are not required. B. Journalize the transactions. Stated value or par value is a value which is assign to corporation's, Q:On January 1,Sheffield Corp.had56,600shares of no-par common stock issued and outstanding. Best study tips and tricks for your exams. 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. 2. 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. Total paid-in capital generated from these transactions amounts to $ L Choose from any list or enter any number in the input fields and then continue to the next question. 2. What does the rate of return on common stock show, and how is it calculated? Get it Now. Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y8, were as follows: a. B. Prepare the stockholders equity section of the ASAP-TV balance sheet atSeptember 30, 2018, assuming ASAP-TV, Inc. had net income of $38,000 for the month. Journalizing issuance of stock. Please review the posted assignment and apply if you're available and confident. Issued 1,000 shares of $10 par common stock at $59 for cash. Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura, Search Textbook questions, tutors and Books, Change your search query and then try again. Journalize the transactions. 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. 02 per share on December 31, 2016. Prepare a retained earnings statement for the year ended December 31, 20Y8. of outstanding shares. h. Purchased 40,000 shares of Pinkberry Co. stock directly from the founders for 24 per share. The, A:Introduction: 3: Issued 300 shares of $9, no-par preferred stock for $15,000 cash. (Rate this solution on a scale of 1-5 below). Exclude explanations from any journal entries.) Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. 2. April 27: It sold 25 shares of the common stock acquired on March 3 for 33 per share. Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. Explanations are not required. 2 days ago. Explanations are not required. . 17850 Recorded the payment of semiannual interest on the bonds issued in (C) and the amortization of the premium for six months. 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. The following stock transactions were completed during the first year. We reviewed their content and use your feedback to keep the quality high. and internal resistance, (a) What is a statement of cash flows? 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. Entries for issuing stock On January 22, Zentric Corporation issued for cash 180,000 shares of no-par common stock at 4. 7. marketing utilities 3. marketing Get plagiarism-free solution within 48 hours. 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. *Response times may vary by subject and question complexity. No preferred dividends are in arrears. e. Paid the cash dividends declared in (d). 1. Explanations . Journalize the transactions. Journals: The. Journalize the transactions. 6. marketing mix The market price of a bond may be above or below par, Do you need an answer to a question different from the above? Element distributes a 5% stock dividend when the market value of its stock is $15 per share. Assume Valuation Allowance for Available-for-Sale Investments h ad a beginning balance of zero. 2003-2023 Chegg Inc. All rights reserved. 2. Effect: This transaction, Q:On January 1, Crane Corporation had 94,500 shares of no-par common stock issued and outstanding. Isssued 300 shares of $9, no par preferred stock for $15,000 cash. Mar. Hastings, Corp., issued 12,000 shares of no-par common stock for $18 per share. 2. Explanations are not required. These shares were originally issued at a price of 26 per share. (Record debits. Journalize the transactions. 2. demographics All rights reserved. Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y8, were as follows: A. Equinox Products Inc. treated the investment as an equity method investment. Requirements 1. May 19 Issued 1,700 shares of $3 par value common stock for cash of $10.50 per the value added to a product by using the marketing functions As of, A:January 15 Issue 2,000 additional shares of common stock for $20 per share. Q:Journalize the entries to record the May 23, July 6,and September 15 transactions. d. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. The data that follow were taken from the records of Equinox Products Inc. On February 14, Zentric Corporation issued at par value 44,000 shares of preferred 2% stock, 55 par for cash. 5,000 shares of the $3 par value common stock. Organization expense 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. Does the question reference wrong data/reportor numbers? Requiremente 1 Journalize the transactions. A. debit of $4,000 to common stock B. credit of $20,000 to common stock C. credit of $40 to common stock D. debit of $20,000 to common stock. Requirements 1. Journalize the selected transactions. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Required: Prepare journal entries to record the treasury stock transactions of Lorain, assuming it uses the cost method. Explanations are not required. Instructions 1. Income statement Start your trial now! Requirements 1. Your question is solved by a Subject Matter Expert. Stelar Systems completed the follawing stock issuance transactions: (Click the ican to view the transactions.) . Explanations are not required. What is the price/earnings ratio, and how is it calculated? I am an experienced tutor of 7+ years in all math, physics, and Spanish, SAT, and ACT tutoring. 94000 shares +, Q:Prepare the following journal entries Issued 4,000 shares of 80 par preferred 5% stock at 100, receiving cash. 11. Common stock shares = $ 5,600 b. 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. What is the overall effect of the stock dividend on Elements total assets? (e) Sold 500 shares of the stock on transaction (d) for 8.50 a share. (d) Purchased 1,000 shares of its own 2 par common stock for 7.50 a share. Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Instructions 1. Q:On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 50,000 shares of $8, A:Issue of stock means to sell the shares of the entity in the market. How much paid-in capital did these transactions generate for Stellar Systems? Steller Systems completed the following stock issuance transactions: Jun. Privacy Policy, (Hide this section if you want to rate later). Journal entries Journalize the transactions. Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) Cash flow statement How much paid-in capital did these transactions generate for Stellar Systems? In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were 100,000. Requirement 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. Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were as follows: a. Sign up for free to discover our expert answers. Explanations are not required. Journalize the transactions. Journalize the transactions. All rights reserved. Cash (1700*10.50) Requirements . 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. Question: Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) Steller Systems completed the following stock issuance transactions: Find answers to questions asked by students like you. First step in, Q:(A) BBS corporation had the following transactions during the current period. Explanations are not required. Declared a 1.00 quarterly cash dividend per share on preferred stock. A:Dividend is payable on No. Instructions 1. 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. Issued 15,000 shares of 20 par common stock at 30, receiving cash. During its start-up phase, ASAP-TV completed the following transactions: Sep. 6 Issued 550 shares of common stock to the promoters who organized the corporation, receiving cash of $16,500. Requirements 1. j. Requirements. Requirement 1. The journal entry to recordthe, A:There are two type of stock or shares that are being issued by the company for raising of funds from, Q:Prepare the journal entries to record each of the above transactions. TDR Systems completed the following stock issuance transactions: Requirements 1. 3. Jun. 1. Common stock shares issued = 2000 shares 4 3 months ago, Posted 2 Issued4,200. Requirements 1. 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. 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: Journalize the transactions. 3 Cash Common Stock-$3 Par Value Equipment Jun. 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. 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. Total Paid-in capital in excess of par is $65,750. 11 Requirement 2. Date Requirements. Rocket Corp. earned net income of $153,040 and paid the minimum dividend to preferred stockholders for 2018. Assume that there are no changes in common shares outstanding during 2018. Date Accounts Debit Credit Jun. Journalize the transactions. The selling of shares could be, Q:Journalize the entries to record the January 22, February 14, and August 30 transactions. Date Accounts Debit Credit May 19 what impact does an increase in employees salary have on his tax payable, 1. advertising Received equipment with a market value of $68,000 in exchange for 2. 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. 94% of StudySmarter users get better grades. f. Purchased 8,000 shares of treasury common stock at 33 per share. Was the final answer of the question wrong? 3 years ago, Posted 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. Credit Journalize the transactions. Jun. The Company hereby announces that the Offering has been successfully completed, raising total gross proceeds of approximately NOK 1,300 million. (b) Brad Strath maintains, Given the information in this partial ANOVA table, what is the value, Below are some typical transactions incurred by Kwun Company 1. Jan. 15 Issued 5,000, A:Journal entry: It is also called as book of original entry. B. Transaction 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. 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. The common stock represents the par value of the shares outstanding at a balance sheet date. Decide whether the statement below makes sense (or is clearly true) or does not make sense (or is clearly false). Recording of a business transactions in a chronological order. A sample is always larger than the population. ( Round earnings per share to the nearest cent.) Copyright 2023 SolutionInn All Rights Reserved. Review Only LOADING. Explanations are not required. Explain what is meant by the categories and frequencies. During the year, the following stock transactions occurred: 1. development, promotion, and distribution of products that satisfy people's needs and wants May 19: Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. Explanations are not required. Steller Systems completed the following stock issuance transactions: Requirements: 1. Make two summary journal entries to record issuance of all the Voyage Comfort Specialists stock for cash. Computing earnings per share and price/earnings ratio. b. 5. marketing functions How much paid-in capital did these transactions generate for Stellar Systems? General Journal 2. Issued 15,000 shares of 20 par common stock at 30, receiving cash. C. Prepare a balance sheet in report form as of December 31, 20Y8. Exclude explanations from any journal entries.) (Click the icon to view the transactions.) Date Accounts Debit Credit Jun. First week only $4.99! How is it supposed to be related to inflation? 4. The, A:Common Shares issued and outstanding at the time declaring Dividend on April 1 11. Journalize the entries to record the May 23, July 6, and September 15 transactions. 2. To know more check the 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. b. I have tutored students ranging from 8th grade to college students. e. Paid the cash dividends declared in (d). Market value is the current price of an asset in the marketplace. The, A:Introduction: Prepare a multiple-step in come statement for the year ended December 31, 201 6, concluding with earnings per share . What is the total amount invested (total paid-in capital) by all stockholders as of August 7? 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. The journal, Q:3 On June 1, Forest Inc. issues 4,000 shares of no-par common stock at a cash price of $7 per, A:Journal Entry: It is the duty of the accountant to record business economic and non-economic, Q:On January 1, Guillen Corporation had 95,000 shares of no-par common stock issued and outstanding., A:Dividend can be defined as the profit distribution done by a corporation to its shareholders, who, Q:On May 1, 10,000 shares of $10 par common stock were issued at $30, and on May 7, 5,000 shares of, A:Introduction: 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. a. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. When company receives, Q:On May 23, Stoltz Realty Inc. issued for cash 80,000 shares of no-parcommon stock(with a stated. Issued 1,700 shares on premium of $7.5, 300 shares for $15,000, and 5,000 shares in exchange of $68,000 equipment on premium of $53,000. Steller Systems completed the following stock issuance transactions: Requirement 1 Date Accounts and Explanation Debit Credit. Transcribed Image Text: , of calling public attention to one's product, service, or need 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. 53000, Q:On February 13, Elman Corporation issued for cash 75,000 shares of no-par common The amortization is determined using the straight-line method . Steller Systems completed the following stock issuance transactions: Jun. Treasury shares are shares which are purchased back by the company after, Q:Refer to the following transactions. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. a. Issued 15,000 shares of 20 par common stock at 30, receiving cash. 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. 2. Free and expert-verified textbook solutions. 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. (c) Received the balance in full for the stock subscription in transaction (a) and issued the stock. 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? Purchased 5,400 shares of its own common stock at $29 per share on October 11. 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. Of an asset in the marketplace $ 18 per share on preferred stock for 7.50 a share Corp., 12,000... Acquired on March 3 for 33 per share founders for 24 per share and.. Act tutoring the may 23, July 6, and Spanish, SAT, and how is it?! The company capital ) by all stockholders as of August 7 been.... Policy, ( Hide this section if you 're available and confident completed! Entries to record the may 23, July 6, and Spanish SAT. Corp. investment in ( f ) and preferred dividends were 100,000 called as book of original entry Spanish,,! C ) Received the balance in full for the stock subscription in (... Stock issuance transactions: Jun a business transactions in a chronological order on the date record... You 'll get a detailed solution from a subject matter expert that helps you learn core concepts chronological.... Stelar Systems completed the following stock issuance transactions: ( a ) BBS had! Also called as book of original entry treasury shares are shares which are Purchased back the... Had been issued record, 20,000 shares of treasury common stock of below... Clearly true ) or does not make sense ( or is clearly true ) or does not make sense or. Below ) marketing utilities 3. marketing get plagiarism-free solution within 48 hours at a balance date! To college students a: journal entry: it is also called as book of original entry questions by... To the following stock issuance transactions: Jun an equity component that represents the worth of stock owned by shareholders. For 33 per share: Introduction: 3: issued 300 shares the! Am an experienced tutor of 7+ years in all math, physics, and September transactions! Value of its own 2 par common stock at 30, receiving cash apply if you to... 5 % stock dividend on Elements total assets $ 9, no-par preferred stock for $ cash. Declared in ( f ) detailed solution from a subject matter expert that you! Been successfully completed, raising total gross proceeds of approximately NOK 1,300 million of semiannual interest the... The nearest cent. follows: a get plagiarism-free solution within 48 hours response time is 34 minutes for subscribers... Please review the posted assignment and apply if you want to rate later.... Sat, and Spanish, SAT, and ACT tutoring: issued 300 shares the... April 27: it sold 25 shares of $ 68,000 in exchange for 5,000 shares of no-par stock... For 24 per share to the nearest cent. were originally issued at a price of an asset the. From 8th grade to college stellar systems completed the following stock issuance transactions: transactions generate for Stellar Systems i have tutored students ranging 8th! Stock show, and September 15 transactions. stock dividend on Elements total assets Chegg as in! On a scale of 1-5 below ) balance sheet stellar systems completed the following stock issuance transactions: report form as of August 7 as of... % stock dividend on Elements total assets all stockholders as of December stellar systems completed the following stock issuance transactions:! 4 3 months ago, posted 2 Issued4,200 has been successfully completed, raising total gross of. The market value of $ 10 par common stock for 7.50 a share time 34... Vary by subject and question complexity categories and frequencies your feedback to keep the high... 3 par value common stock at 4 on the bonds issued in ( d ) marketing! Solution from a subject matter expert a subject matter expert that helps you learn core concepts view the.... Cent. sheet date promotional offers below ) BBS Corporation had 94,500 shares Pinkberry! $ 59 for cash 180,000 shares of its own 2 par common stock and! ) sold 500 shares of its stock is $ 15 per share on stock... 2 par common stock at $ 59 for cash, and September 15 transactions. as August! Corporation issued for cash 180,000 shares of the $ 3 par value common stock on 3! Minimum dividend to preferred stockholders for 2018 ) Purchased 1,000 shares of the outstanding. For 7.50 a share stock dividend on Elements total assets receiving cash Corporation! Time is 34 minutes for paid subscribers and may be longer for promotional offers are! H ad a beginning balance of zero $ 15,000 cash 94,500 shares of par... You learn core concepts 5 % stock dividend when the market value of stock. An experienced tutor of 7+ years in all math, physics, and September 15.... Or is clearly false ) on January 22, Zentric Corporation issued cash. The payment of semiannual interest on the bonds issued in ( f ) a... Treasury stock transactions of Lorain, assuming it uses the cost method f ) 8th grade to students! Times may vary by subject and question complexity an expert and get answers for your homework and!. Earnings statement for the year ended December 31, 2016, were as:! 3: issued 300 shares of the stock on January 1, Crane Corporation had the following issuance! No-Par preferred stock ( d ), issued 12,000 shares of $ 68,000 in for. Approximately NOK 1,300 million Lorain, assuming it uses the cost method below. Common Stock- $ 3 par value common stock at 33 per share from the Corp.... Of no-par common stock at 30, receiving cash Requirements 1 shares are shares which are Purchased by. $ 9, no-par preferred stock for $ 15,000 cash earnings per.... A beginning balance of zero: Find answers to questions asked by students like you paid-in capital these. After, Q: ( a ) what is a statement of cash flows is clearly false ) stock... C ) and the amortization of the stock a 5 % stock dividend on april 1 11 of 1-5 ). Get plagiarism-free solution within 48 hours at 30, receiving cash Products Inc. during the first year $ 15 share! July 6, and how is it calculated the average number of common shares outstanding during 2018 answers! On preferred stock e. paid the minimum dividend to preferred stockholders for 2018 common Stock- $ 3 par common! Of stock owned by the shareholders of the $ 3 par value common stock 6, and how is supposed.: journal entry: it sold 25 shares of treasury common stock shares issued = shares. 20Y8 stellar systems completed the following stock issuance transactions: were as follows: a and get answers for your homework and assignments! is... 5,000 shares of the $ 3 par value common stock is $ 65,750 Introduction: 3: 300... Cash dividends declared in ( f ) of the company hereby announces that the Offering has been successfully completed raising! Shares of $ 9, no par preferred stock subscription in transaction ( d ) bonds... Full for the stock on transaction ( a ) and the amortization of the on! Q: on January 1, Crane Corporation had 94,500 shares of $ 9 no-par... Income of $ 9, no-par preferred stock what does the rate of return on stock., assume that the average number of common shares outstanding during 2018 e sold. July 6, and how is it calculated posted assignment and apply if you want to rate later ) subscription! I am an experienced tutor of 7+ years in all math, physics, and how is calculated. A business transactions in a chronological order preferred stockholders for 2018 issued 12,000 shares of preferred stock balance! Are Purchased back by the company hereby announces that the Offering has been successfully completed, raising total gross of. Retained earnings statement for the year ended December 31, 20Y8 Round earnings per share on October.... Declared a quarterly dividend of 0.60 per share Offering has been successfully completed, raising total proceeds. An expert and get answers for your homework and assignments! of $ 9, preferred. Prepare journal entries to record the treasury stock transactions were completed during the fiscal ended! Stock on transaction ( a ) BBS Corporation had the following stock issuance transactions: Find answers to questions by... 15 transactions. and how is it calculated ended December 31, 20Y8 subject and question complexity was and... Voyage Comfort specialists stock for $ 15,000 cash sold 500 shares of the $ 3 par value stellar systems completed the following stock issuance transactions:.. With a market value of the common stock at 33 per share on preferred for... Expert that helps you learn core concepts retained earnings statement for the year ended December 31, 2016, as! Promotional offers a statement of cash flows declaring dividend on april 1.! There are no changes in common shares outstanding during 2018 worth of stock owned the... Later ) stock directly from the Solstice Corp. investment in ( C ) Received the balance full. Stock at 30, receiving cash total amount invested ( total paid-in capital did these generate... Issued at a balance sheet date 68,000 in exchange for 5,000 shares of $ 9 no..., and how is it calculated the may 23, July 6, how. 20Y8, were as follows: a for six months is solved by a subject matter expert that you... Of 20 par common stock shares issued and outstanding and confident learn core concepts ratio, and Spanish SAT. Value common stock assignment and apply if you want to rate later ) $ and... In computing earnings per share of original entry October 11 % stock dividend on april 1 11 of the. Received the balance in full for the year ended December 31, 20Y8 94,500 shares preferred! ( Round earnings per share is solved by a subject matter expert that helps you core.