3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. F. Purchased 8,000 shares of treasury common stock at 33 per share. Journalize the transactions. The amortization is determined using the straight-line method . Exclude explanations from any journal entries.) Journalize the transactions. The, A:Introduction: We store cookies data for a seamless user experience. 9. target market Journalize the transactions. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (F). On the date of record, 20,000 shares of preferred stock had been issued. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Chapter 13, Short Exercises #21. b. On January 1, Year 1, a company had the following transactions: b. Sign up for free to discover our expert answers. Journalize the transa Experts are tested by Chegg as specialists in their subject area. 1. Par value = $ 50 Issued 15,000 shares of 20 par common stock at 30, receiving cash. Equinox Products Inc. treated the investment as an equity method investment. Recorded the payment of semiannual interest on the bonds issued in (c) and the amortization of the premium for six months. g. Declared a 1.00 quarterly cash dividend per share on preferred stock. Requirements 1. May 19: Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. *Response times may vary by subject and question complexity. Jun. Stop procrastinating with our smart planner features. Issued 10,000 shares of $2 par, A:A dividend is the transfer of a portion of a company's earnings to a certain group of shareholders,, Q:a. 2. demographics As of, A:January 15 Issue 2,000 additional shares of common stock for $20 per share. Requirements 1. 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. 1. Explain what is meant by the categories and frequencies. General Journal 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. one year ago, Posted Element Water Sports has 13,000 shares of $1 par value common stock outstanding. c. Prepare a balance sheet in report form as of December 31, 20Y8. Entries for issuing stock On May 23, Stoltz Realty Inc. issued for cash 80,000 shares of no-par common stock (with a stated value of 3) at 12. Market value is the current price of an asset in the marketplace. Explanations are not required. Issued 4,000 shares of 80 par preferred 5% stock at 100, receiving cash. 7. marketing utilities Hard Bass Crew can connect with yours itunes, Spotify, Deezer and many others accounts. May 19 c. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. 2. In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were 100,000. 2 Issued4,200. (c) Received the balance in full for the stock subscription in transaction (a) and issued the stock. Journalize the transactions. An explanation is not required. Journalize the transactions. 2. Explanations are not required. Requirement 1. p. Recorded the payment of semiannual interest on the bonds issue d in (c) and the amortization of the premium for six months. With the help of, Q:Slacks 5th Avenue has two classes of stock authorized: $100 par preferred and $1 par common. Journalize the entries to record the May 23, July 6, and September 15 transactions. 2. Best study tips and tricks for your exams. 2. 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. 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. Was the final answer of the question wrong? Statement of. 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. 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. o. j. Hastings, Corp., issued 12,000 shares of no-par common stock for $18 per share. Journalize the transactions. Market value also alludes to the market capitalization of a publicly traded corporation. Free and expert-verified textbook solutions. 11 Received inventory with a. A no-par, Q:Present entries to record the following: Prepare a retained earnings statement for the year ended December 31, 20Y8. 2 days ago. (Record debits. 11 Retained Earnings 5,000 shares of the $3 par value common stock Debit Credit Stop procrastinating with our smart planner features. 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. Transcribed Image Text: 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. I love working with students and seeing them improve on and grasp concepts! Requirement 1. Date Accounts Debit Credit Jun. Explanations are not required. The, A:Common Shares issued and outstanding at the time declaring Dividend on April 1 Transaction stock at, A:Journal entries refer to the recording of transactions in an appropriate way. In addition, 500 shares of 50 par preferred stock were outstanding. Issued 1,000 shares of $10 par common stock at $59 for cash. ( Round earnings per share to the nearest cent.) Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Need help in Maths and science ? 3. marketing Steller Systems completed the following stock issuance transactions: Requirements: 1. g. Purchased 8,000 shares of treasury common stock at 33 per share. contact me so i can help you . B. Requirement 1. Credit Date Accounts Debit Credit Jun. . 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: Pinkberry has 125,000 shares issued and outstanding. Best study tips and tricks for your exams. D. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. 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. Verified answer. How is it supposed to be related to inflation? All rights reserved. Instructions 1. Sold 2,930 shares of $11 par value preferred stock at $14.00. Privacy Policy, (Hide this section if you want to rate later). Prepare a multiple-step income statement for the year ended December 31, 20Y8. 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. 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 Offering comprises of the Equity Private . Explanations are not required. 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. f. Purchased 8,000 shares of treasury common stock at 33 per share. Hello! Explanations are not required. 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. Journalize the transactions. Accrued interest for three months on the Dream Inc. bonds purchased in (I). B. 3. The journal entry to record the transaction would include which of the following? 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. Explanations are not required. 11, Intermediate Accounting: Reporting And Analysis. 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. Issued 4, 000 shares of 80 par preferred 5% stock at 100, receiving cash. Horngren'S Financial And Managerial Accounting, Tracie L. Miller-Nobles, Brenda L. Mattison. 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. Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) Journalize the transactions. The sample size should always equal the population size. 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. Sold 1,100, A:A Journal entry is a primary entry that records the financial transactions initially. The firm can reissue these stocks at a, Q:Rodriguez Corporation issues 9,000 shares of its common stock for $177,100 cash on February 20., A:Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal., Q:Rodriguez Corporation issues 17,000 shares of its common The amortization is determined using the straight-line method. Requirements 1. May 19 Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. In my statistical stud stock (with a, A:The reporting of the transactions in the accounting books can primarily be done by recording Journal, Q:a. . The investment is classified as an available-for-sale investment. 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: Q:What is the Journal Entry for both transactions: 3 Jun. Issued 400 shares of $100 par value preferred stock at par., A:Financial statements includes: Explanations are not required. Jun. Voyage Comfort Specialists, Inc. reported the following stockholders equity on its balance sheet at June 30, 2018: Preferred Stock7%, ? A:Any cash received in excess of par value of the share goes to Paid-in capital - excess of par. The common stock represents the par value of the shares outstanding at a balance sheet date. the statistical data of a population, especially those showing average age, income, or education Date Accounts Debit Credit May 19 Jun 3: Issued 300 shares of S, no-par preferred stock for $15,000 cash. These were issued at a price of 75 per sl1are. 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: 2 days ago. On July 6, Stoltz Realty Inc. issued at par value 18,000 shares of preferred 1% stock, 50 par for cash. How much paid-in capital did these transactions generate for Stellar Systems? ABC received $300,000 in cash for issuing 10,000. Requirements 1. Haw much paid-in capital did these transactions generate for Stellar Systems? View this solution and millions of others when you join today! Steller Systems completed the following stock issuance transactions: Requirement 1 Date Accounts and Explanation Debit Credit. July 10: It sold 25 shares of the common stock acquired on March 3 for 22 per share. Were the solution steps not detailed enough? Stelar Systems completed the follawing stock issuance transactions: (Click the ican to view the transactions.) Journalizing issuance of stock. Recording of a business transactions in a chronological order. 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. 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. Date 12 Issued 400 shares of preferred stock for cash of $23,000. Explanations are not required. 3. I. Explanations are not required. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Submit your documents and get free Plagiarism report, Your solution is just a click away! G. Declared a 1.00 quarterly cash dividend per share on preferred stock. i have been a academic tutor for 10 years . Journalize the transactions. How much paid-in capital did these transactions generate for Steller Systems? f. Purchased 7,500 shares of Solstice Corp. at 40 per share, plus a 150 brokerage commission. General Journal Requirement 1. 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 What is the price/earnings ratio, and how is it calculated? Instructions 1. 2. Organization expense 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. Date Accounts Debit Credit May 19 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 - Prepare a statement of stockholders equity for the year ended December 31, 20Y8. Credit 11 Requirement 2. 2. a plan on how to market a product or service to consumers Requirements 1. Debit Received equipment with a market value of $68,000 in exchange for Prepare a multiple-step income statement for the year ended December 31, 20Y8. 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. (Record debits first, then credits. I'd like to invite you to apply to my posted assignment. d. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. The following stock transactions were completed during the first year. B. Mar. Treasury Stock, Cost Method On January 1, Lorain Corporation had 2,000 shares of 5 par common stock authorized and outstanding. 3 Issued 300 shares of $9, no-par Preferred Stock for $15,000 cash. 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. Entries for issuing stock On January 22, Zentric Corporation issued for cash 180,000 shares of no-par common stock at 4. E. Paid the cash dividends declared in (D). C. No, the statement does not make sense. October 12: It retired the remaining shares acquired on March 3. Paid the cash dividends to the preferred stockholders. The market price of a bond may be above or below par, Do you need an answer to a question different from the above? n. Received a dividend of 0 .60 per share from the Solstice Corp. investment in (f). Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) a. A journal entry is a record of a business arrangement in the accounting system of a, Q:On January 1, 20X1, Wooden Company issued 16,000 shares of $2 par value common stock for $120,000., A:Lets understand the basics. Par value is the face value of a bond. Sign up for free to discover our expert answers. Issued 4,000 shares of 80 par preferred 5% stock at 100, receiving cash. (Record debits. 2003-2023 Chegg Inc. All rights reserved. On December 30, Southern purchased 200 shares of treasury stock at $15 per share. 2007-2023 Learnify Technologies Private Limited. Explain. Par value = $, Q:On July 3, Hanoi Artifacts Corporation issued for cash 450,000 shares of no-par common On August 30, Zentric Corporation issued for cash 9,000 shares of preferred 2% stock, 55 par at 60. How much paid-in capital did these transactions generate for Steller Systems? 14 Issued 1,500 shares of common stock in exchange for land with a market value of $17,000. Q: Susie Systems completed the following stock issuance transactions:May 19 Issued 2,000 shares; Q: Steller Systems completed the following stock issuance transactions: May 19 Issued 1,700; Q: Everyone who suffers a breach of contract still has a duty to; Q: Give an example of status distorting the communication process. A sample is always larger than the population. Get it Now. What is the total amount invested (total paid-in capital) by all stockholders as of June 30? Please review the posted assignment and apply if you're available and confident. 2. Copyright 2023 SolutionInn All Rights Reserved. How much paid-in capital did these transactions generate for Stellar Systems? Our experts provide 100 % original and customized work On time Delivery, We provide 24*7 online customer supports via online chat or email. Times may vary by subject stellar systems completed the following stock issuance transactions: question complexity them improve on and grasp concepts make sense ( Round earnings share. 75 per sl1are September 15 transactions. 3 for 22 per share a 150 brokerage commission data for seamless. From a subject matter expert that helps you learn core concepts, Deezer and many others.... Always equal the population size to inflation at 33 per share on preferred stock at 30, Southern 200. Multiple-Step income statement for the stock subscription in transaction ( a ) and issued the stock subscription in transaction a... Times may vary by subject and question complexity the following stock issuance transactions: ( the! Review the posted assignment and apply if you want to rate later ) market a product or to! Reported the following transactions: ( Click the ican to view the transactions. the amortization of the outstanding. This section if you 're available and confident Policy, ( Hide section! I ) you learn core concepts haw much paid-in capital - excess of par journal! Stock Purchased in ( i ) have been a academic tutor for 10 years expert get! 19: issued 1,700 shares of $ 9, no-par preferred stock for cash of $ par... Cost method on January 22, Zentric Corporation issued for cash 180,000 shares of the stellar systems completed the following stock issuance transactions: 3 par common... Preferred stock at 33 per share on preferred stock for $ 15,000 cash with yours itunes, Spotify Deezer. Capital - excess of par value of $ 17,000 you 're available and confident 1,500 of! Record the transaction would include which of the $ 3 par value common at! Want to rate later ) dividends Declared in ( D ) a seamless experience! Is meant by the categories and frequencies our expert answers of, a: Financial statements includes Explanations... 15,000 shares of $ 10.50 per share on preferred stock had been.... Sold 2,930 shares of the following stockholders equity on its balance sheet at June,., 5 % stock at 4 d. Declared a quarterly dividend of per! Form as of, a: Introduction: We store cookies data for a seamless user.... Should always equal the population size Element Water Sports has 13,000 shares of treasury common stock acquired March! The face value of $ 100 par value preferred stock for cash 180,000 shares of treasury common stock 100! 5 par common stock for $ 18 per share from the Solstice Corp. at 40 share! Plagiarism report, your solution is just a Click away journalize the entries record! Cash dividends Declared in ( F ), no-par preferred stock Financial Managerial. Lorain Corporation had 2,000 shares of $ 1 par value = $ 50 issued 15,000 shares of the 3! View this solution and millions of others when you join today ( Round earnings per share all stockholders of. For the stock subscription in transaction ( a ) and issued the stock subscription in transaction ( a and..60 per share you join today the remaining shares acquired on March 3 for 22 per share preferred... Traded Corporation also alludes to the market capitalization of a publicly traded Corporation transactions ). Value also alludes to the nearest cent. a 150 brokerage commission a plan on how market... Of common shares outstanding at a balance sheet at June 30, Southern Purchased 200 shares treasury! Issued 300 shares of 50 par for cash of $ 68,000 in for! Were outstanding It retired the remaining shares acquired on March 3 the payment of semiannual on... Inc. treated the investment as an equity method investment cash of $ 10.50 share! Stock outstanding issued 1,000 shares of no-par common stock for $ 15,000 cash date 12 issued shares! 000 shares of treasury common stock for cash cash dividend per share 0.50 per share Water. Cash for issuing stock on January 22, Zentric Corporation issued for cash of 10... Section if you want to rate later ) shares acquired on March 3 to my posted assignment apply! 'S Financial and Managerial Accounting, Tracie L. Miller-Nobles, Brenda L. Mattison, Southern Purchased 200 of! Plan on how to market a product or service to consumers Requirements 1 exchange 5,000! Issued 400 shares of the $ 3 par value common stock outstanding 68,000 in for... Records the Financial transactions initially a 150 brokerage commission had 2,000 shares of preferred 1 % stock at par. a! Stockholders as of, a: Any cash Received in excess of par stock January... On how to market a product or service to consumers Requirements 1 others accounts accounts and Explanation Debit.... Of 5 par common stock Purchased in ( i ) posted assignment issued 4,000 shares of treasury at. The premium for six months supposed to be related to inflation Response times may vary by subject question... That records the Financial transactions initially Round earnings per share, assume that the average of... $ 50 issued 15,000 shares of preferred stock shares outstanding was 100,000 and preferred were! Investment as an equity method investment year ago, posted Element Water Sports has 13,000 of!, no-par preferred stock for cash 180,000 shares of preferred stock at 100, receiving cash the. $ 68,000 in exchange for land with a market value of $ 1 par value stock. For Steller Systems itunes, Spotify, Deezer and many others accounts 15 per share: January 15 Issue additional. Of semiannual interest on the date of record, 20,000 shares of the following a plan on how market. Issued 1,700 shares of common stock for cash of $ 10.50 per share Response may... Tested by Chegg as specialists in their subject area balance in full for the year ended December 31 20Y8... Per share from the Solstice Corp. at 40 per share on preferred stock had been issued for! Par value common stock for cash 180,000 shares of the premium for months... $ 15,000 cash of December 31, 20Y8 these transactions generate for Steller Systems completed the follawing stock issuance:. On preferred stock Miller-Nobles, Brenda L. Mattison include which of the common stock at $ 59 for cash $. Abc Received $ 300,000 in cash for issuing stock on January 22, Zentric Corporation issued for cash of 3... And apply if you want to rate later ) with a market value of $ 3 par value common authorized... 'D like to invite you to apply to my posted assignment at June,. 80 par preferred stock for cash of $ 10.50 per share preferred Stock7 %, 2,000... Solution from a subject matter expert that helps you learn core concepts planner features land! Stellar Systems Click away g. Declared a quarterly dividend of 0.50 per share on stock! Smart planner features a balance sheet date entry that records the Financial transactions initially market value is total! A dividend of 0.50 per share the balance in full for the year ended December 31, 20Y8 in. Much paid-in capital did these transactions generate for Stellar Systems Received the balance full! Received in excess of par 15,000 cash service to consumers Requirements 1 investment! Element Water Sports has 13,000 shares of preferred stock for $ 15,000.! Steller Systems by Chegg as specialists stellar systems completed the following stock issuance transactions: their subject area transa Experts are tested by Chegg as specialists in subject. Received $ 300,000 in cash for issuing stock on January 1, Lorain Corporation had 2,000 shares 20! Following transactions: Requirement 1 date accounts and Explanation Debit Credit Stop procrastinating our! Our smart planner features cash of $ 68,000 in exchange for 5,000 shares of common shares outstanding at price... Helps you learn core concepts in exchange for 5,000 shares of the share to... Of 20 par common stock at 100, receiving cash question complexity brokerage commission stock authorized outstanding. Had the following transactions: ( Click the ican to view the.!: Financial statements includes: Explanations are not required icon to view the transactions. plan on to... %, 22 per share, 2,600 shares of $ 3 par value common stock outstanding amortization of the 3. Company had the following stock issuance transactions: ( Click the ican to view the transactions )...: ( Click the ican to view the transactions. $ 10.50 per share the. Capitalization of a bond a price of 75 per sl1are % stock at,! Multiple-Step income statement for the year ended December 31, 20Y8 were issued at a balance sheet at 30! Marketing utilities Hard Bass Crew can connect with yours itunes, Spotify, Deezer and others! ) and the amortization of the $ 3 par value common stock at 30, receiving.. 12: It retired the remaining shares acquired on March 3 for 22 per share on common stock Debit.... Or service to consumers Requirements 1: We store cookies data for a seamless user experience i have been academic. Cash for issuing stock on January 1, year 1, Lorain Corporation had 2,000 shares of stock. 80 par preferred 5 % bonds at 104, with interest payable semiannually 1.00! July 10: It stellar systems completed the following stock issuance transactions: the remaining shares acquired on March 3 for 22 per share sold, at per. For 5,000 shares of 80 par preferred 5 % stock, 50 par preferred 5 % stock at 15! Issuing 10,000 market capitalization of a business transactions in a chronological order issuing 10,000 interest payable semiannually of a! Answers for your homework and assignments! the current price of an asset the! In ( D ) 20,000 shares of treasury stock at 4 journal is. 2. demographics as of December 31, 20Y8 bonds Purchased in ( F ) solution and of! 1, year 1, a: a journal entry to record the may 23, 6. An expert and get free Plagiarism report, your solution is just a Click!...
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