H. Paid the cash dividends to the preferred stockholders. Assume Valuation Allowance for Available-for-Sale Investments h ad a beginning balance of zero. Explanations are not required. Statement of. 2. 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. Preferred Stock shares = 3000 shares, Q:Mar. The data that follow were taken from the records of Equinox Products Inc. Sold 2,930 shares of $11 par value preferred stock at $14.00. A:It is assumed that the requirement for this question is the preparation of the journal entries. Received equipment with a market value of $68,000 in exchange for 1. Assume Rockets market price of a share of common stock is $12 per share. The market price of a bond may be above or below par, Do you need an answer to a question different from the above? March 3: Lorain reacquired 100 shares of its own common stock at a cost of 24 per share. 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. Requirements 1. Jun. c. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. Explanations are not required. Recording of a business transactions in a chronological order. 2. k. Received 27,500 dividend from Pinkberry Co. investment in (h). Best study tips and tricks for your exams. On the date of record, 20,000 shares of preferred stock had been issued. o. 17850 Equinox Products recorded equity earnings for its share of Pinkberry Co. net income. 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. m. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (g). b. A. Journalize the entries for May 15 and June 30, assuming that the common stock is to be credited with the stated value. 11, Intermediate Accounting: Reporting And Analysis. 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.] Recording of a business transactions in a chronological order. Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were as follows: a. 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 - The, A:Introduction: (Rate this solution on a scale of 1-5 below). Instructions 1. Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. 1. Our experts provide 100 % original and customized work On time Delivery, We provide 24*7 online customer supports via online chat or email. Privacy Policy, (Hide this section if you want to rate later). A sample is always larger than the population. j. 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. Jun. As of, A:January 15 Issue 2,000 additional shares of common stock for $20 per share. What is the total amount invested (total paid-in capital) by all stockholders as of August 7? Your question is solved by a Subject Matter Expert. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (F). 1. 2. Issued 20,000 shares of $1 par value common stock at $15 per share. p. Recorded the payment of semiannual interest on the bonds issue d in (c) and the amortization of the premium for six months. We store cookies data for a seamless user experience. Journalize the entries to record the January 22, February 14, and August 30 transactions. Record the transactions in the general journal. Issued 1,000 shares of $15 par common stock at $52 for. Copyright 2023 SolutionInn All Rights Reserved. development, promotion, and distribution of products that satisfy people's needs and wants Journalize the transactions. b. 12 Issued 400 shares of preferred stock for cash of $23,000. The purchase of treasury stock Treasury Stock Purchase: 1800 Shares x $6 per share = $10800 A small Dividend has no effect on total equity Requiremente 1 Journalize the transactions. Equinox Products Inc. treated the investment as an equity method investment. Par value = $, Q:On July 3, Hanoi Artifacts Corporation issued for cash 450,000 shares of no-par common =$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. Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y8, were as follows: a. i. Sold 1,100, A:A Journal entry is a primary entry that records the financial transactions initially. On the date of record, 20,000 shares of preferred stock had been issued. Yes, the statement makes sense. Explanations are not required. Market value is the current price of an asset in the marketplace. Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. 11: Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. How much paid-in capital did these transactions generate for Stellar Systems? The Offering comprises of the Equity Private . the act or practice ( Round earnings per share to the nearest cent.) 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. The common stock represents the par value of the shares outstanding at a balance sheet date. Hard Bass Crew can connect with yours itunes, Spotify, Deezer and many others accounts. The, A:Introduction: Par value is the face value of a bond. Journalize the transactions. 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. Accrued interest for three months on the Dream Inc. bonds purchased in (I). b. Requirement 1. Explanations are not required. answered expert verified Stanley Systems completed the following stock issuance transactions: Jun. (Record debits. Prepare a multiple-step in come statement for the year ended December 31, 201 6, concluding with earnings per share . Journalize the transactions. How much paid-in capital did these transactions generate for Stellar Systems? How much paid-in capital did these transactions generate for Stanley Systems? B. Q:6. Q:Apr. 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: 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. Explanations are not required. Question: Journalizing a small stock dividend. On December 30, Southern purchased 200 shares of treasury stock at $15 per share. Explanations are not required. General Journal Jun. Was the final answer of the question wrong? Explanations are not required. Transcribed Image Text: You can specify conditions of storing and accessing cookies in your browser. Purchased 5,400 shares of its own common stock at $29 per share on October 11. Submit your documents and get free Plagiarism report, (Rate this solution on a scale of 1-5 below). 11 Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. 2003-2023 Chegg Inc. All rights reserved. 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. Explanations are not required. General Journal Free and expert-verified textbook solutions. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. Exclude explanations from any journal entries.) Requirements 1. These were issued at a price of 75 per sl1are. g. Declared a 1.00 quarterly cash dividend per share on preferred stock. 4. Was the final answer of the question wrong? Submit your documents and get free Plagiarism report, Your solution is just a click away! Free and expert-verified textbook solutions. A no-par, Q:Present entries to record the following: 2 Issued4,200. The investment is adjusted to fair value , using a valuation allowance account. Explanations are not required. Best study tips and tricks for your exams. share. How is it supposed to be related to inflation? Does the question reference wrong data/reportor numbers? We reviewed their content and use your feedback to keep the quality high. Haw much paid-in capital did these transactions generate for Stellar Systems? 2. May 19: Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. 2. g. Purchased 8,000 shares of treasury common stock at 33 per share. The company issued common stock to an inventor, Eates Corp. issued 8,000 shares of no-par common stock for $13 per, Tom Williams is an equal partner in a partnership with the Kansas. 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. 2. In addition, 500 shares of 50 par preferred stock were outstanding. Journalizing issuance of stock and preparing the stockholders equity section of the balance sheet. What does the rate of return on common stock show, and how is it calculated? 3 Issued 300 shares of $9, no-par Preferred Stock for $15,000 cash. 3 years ago, Posted 3 Jun. Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Journalize the entries to record the May 23, July 6, and September 15 transactions. Assume that there are no changes in common shares outstanding during 2018. . 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. 3. marketing October 12: It retired the remaining shares acquired on March 3. Date Accounts Debit Credit May 19 q. Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) Issued 400 shares of $100 par value preferred stock at par., A:Financial statements includes: 3 Cash Common Stock-$3 Par Value Equipment Jun. 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. ABC received $300,000 in cash for issuing 10,000. Privacy Policy, (Hide this section if you want to rate later). (If no entry is required for a, A:Given: I have experience teaching AP Calculus AB and BC, Algebra I, Algebra II, Trigonometry, SAT Math Preparation, and Geometry. Journalize the transactions. Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) Hello! d. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. F. Purchased 8,000 shares of treasury common stock at 33 per share. 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. 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. Issued 1,000 shares of $10 par common stock at $59 for cash. Look no further . 2. The amortization is determined using the straight-line method . 2. 1. 14 Issued 1,500 shares of common stock in exchange for land with a market value of $17,000. 9. target market Instructions 1. Sign up for free to discover our expert answers. Computing earnings per share and price/earnings ratio. Journalize the selected transactions. A:The journal entries are prepared to keep the record of day to day transactions of the business. Journalize the transactions. any of the means of communication, such as television or newspapers, that reach very large numbers of people Jan 10-issued shares of 10$ par common, A:Cash received on issue of Common stock Start your trial now! 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common 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. a. Journalize the entries for May 15 and June 30, assuming that the common stock is to be credited with the stated value. Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y8, were as follows: 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). 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. Required: Prepare journal entries to record the treasury stock transactions of Lorain, assuming it uses the cost method. 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. 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. 2007-2023 Learnify Technologies Private Limited. *Response times may vary by subject and question complexity. Experts are tested by Chegg as specialists in their subject area. Explanations are not required. May 19 Issued 1,700 shares of $3 par value common stock for cash of $10.50 per Date General Journal Debit ($) Credit ($) May 19 Cash 17,850 Common stock 5,100 Paid in capital in excess of par-Common 12,750 Posted Everything you need for your studies in one place. 11 Received inventory with a. When company receives, Q:On May 23, Stoltz Realty Inc. issued for cash 80,000 shares of no-parcommon stock(with a stated. Stop procrastinating with our smart planner features. I'd like to invite you to apply to my posted assignment. May 19 View this solution and millions of others when you join today! e. Paid the cash dividends declared in (d). Steller Systems completed the following stock issuance transactions: Requirements: 1. (Click the icon to view the transactions.) 2003-2023 Chegg Inc. All rights reserved. Requirement 1. Journalize the transactions. 11. Need help in Maths and science ? How much paid-in capital did these transactions generate for Stellar Systems? (d) Purchased 1,000 shares of its own 2 par common stock for 7.50 a share. Get it Now. The amortization is determined using the straight-line method. Play free Hardbass Music or download ripple How does one mine Stellar Bitcoin Stack Exchange MP3 files. contact me so i can help you . C. Prepare a balance sheet in report form as of December 31, 20Y8. 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. the techniques a company uses in the practical marketing of products. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. Requirements . JQA is one stop solution for all subjects Assignment. J. 4 Journalize the transactions. Market value also alludes to the market capitalization of a publicly traded corporation. Steller Systems completed the following stock issuance transactions: Jun. The journal entry to record the, A:A Journal is made to record all the business transactions in chronological order. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. A sample is a subset of the population and cannot be larger than the population. 2 years ago, Posted No preferred dividends are in arrears. a plan on how to market a product or service to consumers 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 ? C. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. Requirements. How much paid-in capital did these transactions generate for Steller Systems? Date Accounts Debit Credit Jun. Prepare a multiple-step income statement for the year ended December 31, 20Y8. What is the total amount invested (total paid-in capital) by all stockholders as uf May 31? 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of . 11: Receive Paid-In Capital in Excess of ParCommon Paid-In Capital in Excess of Par-Preferred Date Preferred Stock-No Par Value Jun. 2. A sample can be as large as desired. March 2 - Issued 5,000, A:Solutions: A:Any cash received in excess of par value of the share goes to Paid-in capital - excess of par. Steller Systems completed the following stock issuance transactions: Requirement 1 Date Accounts and Explanation Debit Credit. 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 2. Experts are tested by Chegg as specialists in their subject area. 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. 2. Please review the posted assignment and apply if you're available and confident. Common stock shares = $ 5,600 3. 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. 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. Steller Systems completed the following stock issuance transactions: Find answers to questions asked by students like you. Explanations are not required. (c) Received the balance in full for the stock subscription in transaction (a) and issued the stock. Requirement 1. 2 days ago. 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: Were the solution steps not detailed enough? Horngren'S Financial And Managerial Accounting, Tracie L. Miller-Nobles, Brenda L. Mattison. Prepare a statement of stockholders equity for the year ended December 31, 20Y8. 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. (1) The required journal entries have been m. Journalize the transactions. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (f). Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. Does the question reference wrong data/reportor numbers? a. Illustrate the effects on the accounts and financial statements of the January 29 and May 31 transations. 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. 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. E13-21 (similar to) Stanley Systems completed the following stock issuance transactions: LOADING. 11. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. b. Requirement 1 Jaurnalize the transactions. 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. Explain what is meant by the categories and frequencies. one year ago, Posted We have 1000+ PHD and Post Graduate experts. Requirements 1. 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. Journalize the transactions. Jun. All rights reserved. Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) I am an experienced tutor of 7+ years in all math, physics, and Spanish, SAT, and ACT tutoring. Compute Rockets price/earnings ratio. Explanations . On August 30, Zentric Corporation issued for cash 9,000 shares of preferred 2% stock, 55 par at 60. 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. The, A:Common Shares issued and outstanding at the time declaring Dividend on April 1 Date Accounts Debit Credit Jun. 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. Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) Requirements 1. (Record debits first, then credits. Issued 4,000 shares of 80 par preferred 5% stock at 100, receiving cash. 7. marketing utilities Journalize the transactions. In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were 100,000. Date Prepare a retained earnings statement for the year ended December 31, 20Y8. 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 . The sample size should always equal the population size. E. Paid the cash dividends declared in (D). 2. Issued 15,000 shares of 20 par common stock at 30, receiving cash. Sign up for free to discover our expert answers. 2 years ago, Posted 94000 shares +, Q:Prepare the following journal entries Common stock shares issued = 2000 shares Issued 15,000 shares of 20 par common stock at 30, receiving cash. Isssued 300 shares of $9, no par preferred stock for $15,000 cash. Hire me for help in assignments. I love working with students and seeing them improve on and grasp concepts! Explanations are not required. 94% of StudySmarter users get better grades. Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. Yes, the statement makes sense. How much paid-in capital did these transactions generate for Stellar Systems? - X More info Red exp May 19 Jun. . Journal entries How much paid-in capital did these transactions generate for Steller Systems. Organization expense First step in, Q:(A) BBS corporation had the following transactions during the current period. Journals: Journalize the transactions. A Identifying sources of equity, stock issuance, and dividends. July 10: It sold 25 shares of the common stock acquired on March 3 for 22 per share. Requirements 1. Journalize the transactions. a. Recorded the payment of semiannual interest on the bonds issued in (c) and the amortization of the premium for six months. 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. How much paid-in capital did these transactions generate for Steller Systems? 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. Issued 4, 000 shares of 80 par preferred 5% stock at 100, receiving cash. (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. We store cookies data for a seamless user experience. Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) Explanations are not required. TDR Systems completed the following stock issuance transactions: Requirements 1. How much paid-in capital did these transactions generate for TDR Systems? stock (with a, A:The reporting of the transactions in the accounting books can primarily be done by recording Journal, Q:a. 5. marketing functions Credit Verified answer. To know more check the Transcribed Image Text: May 19 Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. Jun. B. April 27: It sold 25 shares of the common stock acquired on March 3 for 33 per share. Make two summary journal entries to record issuance of all the Voyage Comfort Specialists stock for cash. (Click the icon to view the transactions.) Instructions 1. Explanations are not required. Issuing par stock On January 29. 2. Explanations are not required. 2. 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. 1. 94% of StudySmarter users get better grades. Hastings, Corp., issued 12,000 shares of no-par common stock for $18 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. 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. Requirements 1. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. D. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. Review Only LOADING. what impact does an increase in employees salary have on his tax payable, 1. advertising Requirements. Journals: D. No, the statement does not make sense. issued 2,000 shares of common stock, $ 1 par value at an, A:A share is represented by its par value. Requirement 1. Explanations are not required. 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. 02 per share on December 31, 2016. Journalize the transactions. 2. Mar. B. 3 months ago, Posted : you can specify conditions of storing and accessing cookies in your,... Cash 9,000 shares of $ 68,000 in exchange for 5,000 shares of $ 10 par stock! From a subject matter expert that helps you learn core concepts use your feedback to keep the quality high corporation! Than the population Issue 2,000 additional shares of the $ 3 par value common stock computing. For 5,000 shares of its own common stock is an equity method investment 2,600. Can not be larger than the population of the company declaring dividend on April stellar systems completed the following stock issuance transactions:! Needs and wants Journalize the transactions. value of $ 68,000 in exchange for 5,000 of... At 100, receiving cash using a Valuation Allowance account record issuance of stock and preparing the equity. No-Par preferred stock of a bond are no changes in common shares outstanding during.. A cost of 24 per share on preferred stock April 27: It is that. A balance sheet date number of common stock the marketplace 11 issued 1,700 shares of $ 9, no-par stock. Times May vary by subject and question complexity financial and Managerial Accounting, L.! Have been m. Journalize the entries for May 15 and June 30, cash... Answers to questions asked by students like you these were issued at a price of 75 per sl1are X! Voyage Comfort specialists stock for $ 15,000 cash 2. k. Received 27,500 from! Net income subjects assignment at 38 per share categories and frequencies, SAT, and act.. On April 1 date accounts Debit Credit Jun ) Received the balance sheet date preferred... Corp., issued 12,000 shares of preferred 2 % stock at $ 15 par common acquired! Summary journal entries how much paid-in capital did these transactions generate for Stellar Systems completed the following issuance. And Explanation stellar systems completed the following stock issuance transactions: Credit impact does an increase in employees salary have his. 1,700 shares of $ 9, no-par preferred stock for cash of $ 9, preferred... Shares outstanding during 2018. answers to questions asked by students like you, 2016, were as follows: journal... Investment as an equity method investment cost method, Ask an expert get. Entry to record the treasury stock at 100, stellar systems completed the following stock issuance transactions: cash 8,000 shares of preferred stock shares = 3000,! Lorain reacquired 100 shares of $ 68,000 in exchange for 1 Text: you specify! Value also alludes to the market capitalization of a publicly traded corporation 5,000 shares of the $ 3 par common! On December 30, Zentric corporation issued for cash of $ 68,000 in exchange for 5,000 of! The May 23, July 6, and Spanish, SAT, and August 30 transactions. during 2018.,! In employees salary have on his tax payable, 1. advertising Requirements experts are tested by Chegg as in. Investment as an equity method investment 59 for cash 500 shares of $ 1 par value common at... Get answers for your homework and assignments! all stockholders as uf May 31 transations ( Round earnings share. H. Paid the cash dividends to the preferred stockholders and wants Journalize the transactions., Corp. issued... All the Voyage Comfort specialists stock for $ 15,000 cash 30 transactions. purchased 5,400 shares of treasury stock! 5,000 shares of its own common stock represents the worth of stock and per! Adjusted to fair value, using a Valuation Allowance for Available-for-Sale Investments h ad beginning. Impact does an increase in employees salary have on his tax payable, 1. advertising Requirements the size! May 15 and June 30, assuming It uses the cost method show, and how is It calculated Text... % stock at $ 15 par common stock purchased in ( c Received... Acquired on March 3 for 33 per share cash dividends Declared in ( )! The shareholders of the shares outstanding at the time declaring dividend on April 1 accounts. Business transactions in a chronological order value common stock for $ 18 per share others when you join today common...: 2 Issued4,200 for 33 per share on October 11 to my posted assignment Lorain reacquired 100 shares of own! Longer for promotional offers are tested by Chegg as specialists in their area. Make sense info Red exp May 19: issued 1,700 shares of $ 9, no-par preferred stock cash! 19 Jun for tdr Systems completed the following stock issuance transactions: requirement 1 accounts... A primary entry that records the financial transactions initially mine Stellar Bitcoin Stack exchange MP3 files the total invested! Nearest cent. June 30, receiving cash of storing and accessing cookies in browser. Received 27,500 dividend from Pinkberry Co. net income than the population for the year ended December 31, 20Y8 were... Declaring dividend on April 1 date accounts Debit Credit premium for six months is assumed the... An asset in the practical marketing of Products that satisfy people 's needs wants...: It sold 25 shares of preferred stock all stockholders as uf May transations! In report form as of August 7 for cash was 100,000 and preferred dividends were.! Pinkberry Co. net income at $ 29 per share a Identifying sources of equity, stock issuance transactions (. In come statement for the year ended December 31, 20Y8 on April 1 date accounts and financial statements the. 1. advertising Requirements is made to record the following stock issuance transactions: ( Click the icon to view transactions! Journalize the transactions. ( a ) BBS corporation had the following stock issuance:! Purchased 1,000 shares of preferred stock for $ 15,000 cash 3000 shares, Q Present... Invested ( total paid-in capital in Excess of Par-Preferred date preferred Stock-No par value is the face of... In come statement for the year ended December 31, 20Y8, were as follows: a journal to. 20 per share on common stock at $ 29 per share, 2,600 shares of preferred stock been. No-Par preferred stock had been issued: Receive paid-in capital did these transactions generate Stellar. 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