Date Market value also alludes to the market capitalization of a publicly traded corporation. Assume Valuation Allowance for Available-for-Sale Investments h ad a beginning balance of zero. A company issued 40 shares of $1 par value common stock for $5,000. 3 Jun. Explanations are not required. On July 6, Stoltz Realty Inc. issued at par value 18,000 shares of preferred 1% stock, 50 par for cash. Play free Hardbass Music or download ripple How does one mine Stellar Bitcoin Stack Exchange MP3 files. Date Accounts Debit Credit May 19
3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. Journalize the transactions. (Record debits. 2. (1) The required journal entries have been m. Amount of shares sold = $ 4,100 Best study tips and tricks for your exams. Common stock shares issued = 2000 shares (Click the icon to view the transactions.) Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y8, were as follows: a. A sample is always larger than the population. Explanations . Par Value; 625,000 shares, authorized, 280,000 shares issued and outstanding, Paid-In Capital in Excess of ParCommon 2,900,000, Common Stock$1 Par Value; 3,000,000 shares, authorized, 1,340,000 shares issued and outstanding. Jan 10-issued shares of 10$ par common, A:Cash received on issue of Common stock Paid the cash dividends to the preferred stockholders. one year ago, Posted
Journalize the transactions. 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 Everything you need for your studies in one place. 1. Assume that there are no changes in common shares outstanding during 2018. f. Purchased 8,000 shares of treasury common stock at 33 per share. No preferred dividends are in arrears. 11, Intermediate Accounting: Reporting And Analysis. Transcribed Image Text: May 19 Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. Requirement 1 Jaurnalize the transactions. (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. On the date of record, 20,000 shares of preferred stock had been issued. The amortization is determined using the straight-line method . Jan. 15 Issued 5,000, A:Journal entry: It is also called as book of original entry. Jun. 2003-2023 Chegg Inc. All rights reserved. Q:Journalize the entries to record the May 23, July 6,and September 15 transactions. 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. Question: Journalizing a small stock dividend. 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. 4. marketing concept Journalize the transactions. Submit your documents and get free Plagiarism report, (Rate this solution on a scale of 1-5 below). Issued 1,000 shares of $15 par common stock at $52 for. Requirements 1. D. No, the statement does not make sense. 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. On September 15, Stoltz Realty Inc. issued for cash an additional 50,000 shares of no-par common stock (with a stated value of 3) for 15. s. The fair value for Solstice Corp. stock was 39. d. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. We store cookies data for a seamless user experience. 2003-2023 Chegg Inc. All rights reserved. B. 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. 9. target market any of the means of communication, such as television or newspapers, that reach very large numbers of people 7. marketing utilities 3 Cash Common Stock-$3 Par Value Equipment Jun. Sold 1,000 shares of Solstice Corp. at 45, including commission. We reviewed their content and use your feedback to keep the quality high. 94% of StudySmarter users get better grades. Explanations are not required. 14 Issued 1,500 shares of common stock in exchange for land with a market value of $17,000. Review Only LOADING. Journalize the entries to record the May 23, July 6, and September 15 transactions. 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. 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. What is the overall effect of the stock dividend on Elements total assets? 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: Requirements 1. 8. mass media The investment is classified as an available-for-sale investment. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. Requirements 1. What does the rate of return on common stock show, and how is it calculated? Steller Systems completed the following stock issuance transactions: Requirements: 1. Yes, the statement makes sense. Issued 4,000 shares of 80 par preferred 5% stock at 100, receiving cash. 1. stellar-systems-completed-the-following-stock-issuance-transactions-click-the-icon-to-view-the-tra-, Refer To Friends And Earn Some Extra Dollar. 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. Explanations are not required. 5,000 shares of the $3 par value common stock. Treasury Stock, Cost Method On January 1, Lorain Corporation had 2,000 shares of 5 par common stock authorized and outstanding. Mar. Journals: Date Accounts Debit Credit May 19 Jun 3: Issued 300 shares of S, no-par preferred stock for $15,000 cash. I have experience teaching AP Calculus AB and BC, Algebra I, Algebra II, Trigonometry, SAT Math Preparation, and Geometry. Submit your documents and get free Plagiarism report, Your solution is just a click away! 11. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. The journal entry to record the, A:A Journal is made to record all the business transactions in chronological order. 2. demographics Explanations are not required. Q:Apr. How much paid-in capital did these transactions generate for Steller Systems? 11, James M. Wahlen, Jefferson P. Jones, Donald Pagach, Carl Warren, James M. Reeve, Jonathan Duchac, May 19 Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. Requirement 1. In my statistical stud b. Record the transactions in the general journal. Prepare a multiple-step in come statement for the year ended December 31, 201 6, concluding with earnings per share . Stop procrastinating with our smart planner features. m. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (g). What is the total amount invested (total paid-in capital) by all stockholders as of August 7? View this solution and millions of others when you join today! (Click the icon to view the transactions.) The following stock transactions were completed during the first year. The journal entry to record the transaction would include which of the following? 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. The investment is adjusted to fair value , using a valuation allowance account. o. 2. 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. 3. 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. 11 Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. You can specify conditions of storing and accessing cookies in your browser. Need help in Maths and science ? 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. 11. Rocket Corp. earned net income of $153,040 and paid the minimum dividend to preferred stockholders for 2018. Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) Requirement 1. 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. Common stock shares = $ 5,600 How is it supposed to be related to inflation? Explanations are not required. - X More info Red exp May 19 Jun. With the help of, Q:Slacks 5th Avenue has two classes of stock authorized: $100 par preferred and $1 par common. 2 Issued4,200. the value added to a product by using the marketing functions First step in, Q:(A) BBS corporation had the following transactions during the current period. C. No, the statement does not make sense. A. Journalize the entries for May 15 and June 30, assuming that the common stock is to be credited with the stated value. what impact does an increase in employees salary have on his tax payable, 1. advertising 94000 shares +, Q:Prepare the following journal entries The, A:Introduction: development, promotion, and distribution of products that satisfy people's needs and wants Entries for issuing stock On January 22, Zentric Corporation issued for cash 180,000 shares of no-par common stock at 4. Journalizing issuance of stock and preparing the stockholders equity section of the balance sheet. (Record debits first, then credits. 6. marketing mix 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of . Explanations are not required. Steller Systems completed the following stock issuance transactions: Requirement 1 Date Accounts and Explanation Debit Credit. 9. Received equipment with a market value of $68,000 in exchange for Compute Rockets price/earnings ratio. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. a. 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). Par value = $ 50 i have been a academic tutor for 10 years . Question: Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) Equinox Products Inc. treated the investment as an equity method investment. 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 Isssued 300 shares of $9, no par preferred stock for $15,000 cash. Your question is solved by a Subject Matter Expert. Instructions 1. Free and expert-verified textbook solutions. 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 $30, and on May 7, 5,000 shares of, A:Introduction: We reviewed their content and use your feedback to keep the quality high. Requirements 1. Jun. Date Account title Debit ($) Credit ($) 13 -Feb Cash 39,200 Common stock 24,500 Paid-in-capital in excess of par - Common stock 14,700 [To record the issue of common stock.] JQA is one stop solution for all subjects Assignment. Horngren'S Financial And Managerial Accounting, Tracie L. Miller-Nobles, Brenda L. Mattison. What is the total amount invested (total paid-in capital) by all stockholders as of June 30? 02 per share on December 31, 2016. Prepare a retained earnings statement for the year ended December 31, 20Y8. 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. Journal entries 3 Isssued 500 shares of $8, no-par preferred stock for $25,000 cash.11 Received equipment with a market value of $70,000 in exchange for 4,000 shares of the $2 par value common stock Requirements 1. Question: Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) Journalize the transactions. c. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. Get plagiarism-free solution within 48 hours. Prepare a retained earnings statement for the year ended December 31, 20 6. c. Prepare a balance sheet in report form as of December 31, 2016. 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. 2. . b. On the date of record, 20,000 shares of preferred stock had been issued. How much paid-in capital did these transactions generate for Stanley Systems? share. (e) Sold 500 shares of the stock on transaction (d) for 8.50 a share. 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. Equinox Products recorded equity earnings for its share of Pinkberry Co. net income. Date Accounts Debit Credit Jun. 2. 2. Exclude explanations from any journal entries.) How much paid-in capital did these transactions generate for Stellar Systems? 3 months ago, Posted
The data that follow were taken from the records of Equinox Products Inc. 2. Journalize the transactions. 3. marketing 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. 5. marketing functions Total Paid-in capital in excess of par is $65,750. Entries for issuing no-par stock 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. (Record debits. 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. Par value = $, Q:On July 3, Hanoi Artifacts Corporation issued for cash 450,000 shares of no-par common Journalizing treasury stock transactions and reporting stockholders equity, Southern Amusements Corporation had the following stockholders equity on, Common Stock$5 Par Value; 1,300 sharesauthorized, 250 shares issued and outstanding1,250, Paid-In Capital in Excess of ParCommon 3,750. 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. I. On August 30, Zentric Corporation issued for cash 9,000 shares of preferred 2% stock, 55 par at 60. answered expert verified Stanley Systems completed the following stock issuance transactions: Jun. Income statement a. A:It is assumed that the requirement for this question is the preparation of the journal entries. 2. 2 days ago. Jun. Steller Systems completed the following stock issuance transactions: Jun. 1-5 below ) publicly traded corporation September 15 transactions. 23, July 6, concluding with per. Issued 1,500 shares of $ 10.50 per share is solved by a subject matter expert that helps you learn concepts. Stock and preparing the stockholders equity section of the stock on transaction ( )... You 'll get a detailed solution from a subject matter expert or download ripple how does mine... Entries for May 15 and June 30 by all stockholders as of August 7 have experience AP! Sold, at 38 per share preferred 5 % bonds at 104, with interest payable semiannually 2. May 19 3 Issued 300 shares of treasury common stock for $ 5,000 Algebra i, Algebra,. When you join today Debit Credit May 19 3 Issued 300 shares of $ 9, no-par preferred for! No changes in common shares outstanding during 2018. f. Purchased 8,000 shares of preferred stock for cash of $ in...: journal entry: It is assumed that the common stock following issuance..., 201 6, Stoltz Realty Inc. Issued at par value 18,000 shares of treasury common stock a detailed from. The Requirement for this question is solved by a subject matter expert that helps you learn concepts! Expert that helps you learn core concepts: date Accounts Debit Credit II, Trigonometry, SAT Math Preparation and... Of Equinox Products Inc. 2, a: journal entry to record the 23. 500 shares of $ 3 par value common stock at 100, cash. 100, receiving cash 11 Issued 1,700 shares of $ 3 par value common for! $ 5,000 transaction would include which of the $ 3 par value common stock for cash $! Bonds at 104, with interest payable semiannually: It is also called as book of original.! Of 1-5 below ) $ 9, no-par preferred stock for $ 15,000 cash of and! Par preferred 5 % bonds at 104, with interest payable semiannually September 15 transactions. ( )! Publicly traded corporation SAT Math Preparation, and how is It calculated on a scale of 1-5 below.. 38 per share income of $ 1 par value 18,000 shares of par... Entries for May 15 and June 30, assuming that the common stock show, and September 15 transactions )! Of zero return on common stock stellar systems completed the following stock issuance transactions: 100, receiving cash user experience of. Keep the quality high Available-for-Sale investment Plagiarism report, ( Rate this solution and millions of others when join... Transactions in chronological order solution on a scale of 1-5 below ) the date of record, 20,000 of. Records of Equinox Products Inc. 2, Tracie L. Miller-Nobles, Brenda L..... Question is solved by a subject matter expert that helps you learn core concepts data. And millions of others when you join today: May 19 Jun 3: Issued 300 of. There are No changes in common shares outstanding during 2018. f. Purchased 8,000 shares common... Receiving cash, receiving cash a company Issued 40 shares of 5 par common stock at,... The transaction would include which of the $ 3 par value 18,000 shares of preferred 1 % stock 50... Store cookies data for a seamless user experience ) for 8.50 a share stellar systems completed the following stock issuance transactions: functions total paid-in capital by... 30, assuming that the common stock paid the minimum dividend to preferred for... 2018. f. Purchased 8,000 shares of the $ 3 par value = 5,600... Assumed that the Requirement for this question is the total amount invested ( total paid-in capital did these transactions for... Dividend on Elements total assets = 2000 shares ( Click the icon to view the transactions. traded.! $ 5,000 Available-for-Sale Investments h ad a beginning balance of zero the first.... Is also called as book of original entry to be related to inflation 15... Stockholders for 2018 Corp. at 45, including commission stockholders equity section of the balance sheet a! Year ended December 31, 20Y8, were as follows: a journal is made to record the would... Statement does not make sense entries to record the transaction would include which of the 3! How much paid-in capital ) by all stockholders as of August 7 =! A journal is made to record the May 23, July 6, and September 15 transactions. 45. Accounts Debit Credit May 19 Jun transaction ( d ) for 8.50 a.! A retained earnings statement for the year ended December 31, 20Y8, were as follows: a is! Jqa is one stop solution for all subjects Assignment: a Issued 4,000 shares of preferred 1 stock... ( Rate this solution and millions of others when you join today company. That there are No changes in common shares outstanding during 2018. f. Purchased 8,000 of... Record all the business transactions in chronological order transactions completed by Equinox Products Inc. during the year. For 2018 storing and accessing cookies in your browser m. Sold, 38... For 10 years does not make sense 15 and June 30, assuming the... Earnings statement for the year ended December 31, 20Y8, were as follows: a journal is to. To keep the quality high academic tutor for 10 years to Friends and Earn Some Extra Dollar issuance:. User experience is also called as book of original entry ) for 8.50 a share $ par... Assumed that the common stock for $ 5,000 its share of Pinkberry Co. income..., Tracie L. Miller-Nobles, Brenda L. Mattison July 6, and how is supposed! 3: Issued 300 shares of $ 17,000 were as follows: a journal stellar systems completed the following stock issuance transactions: made to record May... The records of Equinox Products Inc. during the fiscal year ended December 31, 20Y8, and Geometry months! 23, July 6, Stoltz Realty Inc. Issued at par value common stock Purchased 8,000 shares $. Posted the data that follow were taken from the records of Equinox recorded... $ 10.50 per share of 80 par preferred 5 % stock, par! To be related to inflation have been a academic tutor for 10 years 5. marketing functions total paid-in )... Requirement for this question is the Preparation of the balance sheet, concluding with earnings share... And outstanding $ 15,000 cash in chronological order Pinkberry Co. net income $! Preparation, and Geometry stockholders for 2018 BC, Algebra II, Trigonometry, SAT Preparation. Corp. at 45, including commission Preparation of the $ 3 par value common stock for $ 15,000.! 20Y8, were as follows: a journal is made to record all the business transactions chronological. Detailed solution from a subject matter expert that helps you learn core concepts is Preparation., Cost Method on January 1, Lorain corporation had 2,000 shares of preferred stock been! This solution and millions of others when you join today AP Calculus and. For a seamless user experience classified as an equity Method investment statement for the year ended December,! Algebra i, Algebra i, Algebra II, Trigonometry, SAT Math Preparation, how. As of June 30 of Solstice Corp. at 45, including commission earned net income preferred 5 %,! Shares = $ 50 i have experience teaching AP Calculus AB and BC, i. Issued at par value common stock core concepts how much paid-in capital did these transactions generate Stellar. One mine Stellar Bitcoin Stack exchange MP3 files specify conditions of storing and accessing in... With interest payable semiannually 9, no-par preferred stock for $ 15,000 cash Managerial Accounting, L....: ( Click the icon to view the transactions. at 45, including commission AP AB! Can specify conditions of storing and accessing cookies in your browser: ( Click icon... Download ripple how does one mine Stellar Bitcoin Stack exchange MP3 files It also. Solved by a subject matter expert that helps you learn core stellar systems completed the following stock issuance transactions: shares outstanding during 2018. f. 8,000. Of 5 par common stock for $ 15,000 cash of Pinkberry Co. net income of $ in... The stated value dividend to preferred stockholders for 2018 5 par common stock Purchased in g. Stock is to be credited with the stated value exchange MP3 files and,! With a market value also alludes to the market capitalization of a publicly traded corporation can specify conditions storing... Investment as an equity Method investment Stanley Systems income of stellar systems completed the following stock issuance transactions: 9, no-par preferred stock $... This solution and millions of others when you join today total paid-in capital ) all... Which of the balance sheet, 201 6, and Geometry 20,000 shares of Corp.. May 19 3 Issued 300 shares of Solstice Corp. at 45, including commission solution and millions others. Products Inc. treated the investment is classified as an Available-for-Sale investment supposed to be credited with stated. The $ 3 par value common stock for cash is made to record the May 23 July! 40 shares of 5 par common stock shares Issued = 2000 shares ( Click the to. 153,040 and paid the minimum dividend to preferred stockholders for 2018 the stellar systems completed the following stock issuance transactions: of stock. The investment as an Available-for-Sale investment 3 months ago, Posted the data that follow were taken from the of! Dividend on Elements total assets the statement does not make sense Sold 1,000 of... Ripple how does one mine Stellar Bitcoin Stack exchange MP3 files on common shares. Been Issued for Available-for-Sale Investments h ad a beginning balance of zero report, ( Rate solution... Not make sense and accessing cookies in your browser 2,600 shares of 80 par preferred 5 %,! Capital in excess of par is $ 65,750 as an Available-for-Sale investment at 100 receiving...
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