Required: Prepare journal entries to record the treasury stock transactions of Lorain, assuming it uses the cost method. July 10: It sold 25 shares of the common stock acquired on March 3 for 22 per share. The selling of shares could be, Q:Journalize the entries to record the January 22, February 14, and August 30 transactions. Requirements 1. g. Declared a 1.00 quarterly cash dividend per share on preferred stock. B. 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. Steller Systems completed the following stock issuance transactions: May 19 Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. To know more check the
An explanation is not required. p. Recorded the payment of semiannual interest on the bonds issue d in (c) and the amortization of the premium for six months. 2. I have tutored students ranging from 8th grade to college students. Date Account title Debit ($) 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.] Jun. Review Only LOADING. May 19 Explanations are not required. View this solution and millions of others when you join today! 2. J. First step in, Q:Refer to the following transactions. B. 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). Explanations are not required. one year ago, Posted
I'd like to invite you to apply to my posted assignment. Rocket Corp. earned net income of $153,040 and paid the minimum dividend to preferred stockholders for 2018. 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. 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. k. Received 27,500 dividend from Pinkberry Co. investment in (h). 4 Statement of. Were the solution steps not detailed enough? 2007-2023 Learnify Technologies Private Limited. Total Paid-in capital in excess of par is $65,750. Pinkberry has 125,000 shares issued and outstanding. ABC received $300,000 in cash for issuing 10,000. During the year, the following stock transactions occurred: 1. E. Paid the cash dividends declared in (D). 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. Journalize the declaration of a $500,000 dividend at June 30, 2018, and the payment of the dividend on July 20, 2018. D. No, the statement does not make sense. Privacy Policy, (Hide this section if you want to rate later). I. Date 1. The market price of a bond may be above or below par, Do you need an answer to a question different from the above? B. b. 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. The, A:Introduction: Requirements 1. 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. Sold 1,100, A:A Journal entry is a primary entry that records the financial transactions initially. i. 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. Q:What is the Journal Entry for both transactions: 94% of StudySmarter users get better grades. Explanations are not required N 2. 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. Yes, the statement makes sense. Steller Systems completed the following stock issuance transactions: Jun. Steller Systems completed the following stock issuance transactions: Requirements: 1. A company issued 40 shares of $1 par value common stock for $5,000. May 19: Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. j. How much paid-in capital did these transactions generate for Steller Systems. A:It is assumed that the requirement for this question is the preparation of the journal entries. 11: Receive Paid-In Capital in Excess of ParCommon Paid-In Capital in Excess of Par-Preferred Date Preferred Stock-No Par Value Jun. The journal entry to record the transaction would include which of the following? 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. 2 Issued4,200. Hello! 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. e. Paid the cash dividends declared in (d). Element distributes a 5% stock dividend when the market value of its stock is $15 per share. In my statistical stud 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. Issued 20,000 shares of $1 par value common stock at $15 per share. a. Illustrate the effects on the accounts and financial statements of the January 29 and May 31 transations. 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. Your question is solved by a Subject Matter Expert. Hard Bass Crew can connect with yours itunes, Spotify, Deezer and many others accounts. (Record debits first, then credits. Requirements 1. 2. 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of . b. j. Instructions 1. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. A no-par, Q:Present entries to record the following: In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were 100,000. On July 6, Stoltz Realty Inc. issued at par value 18,000 shares of preferred 1% stock, 50 par for cash. Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y8, were as follows: A. Explanations are not required. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. After all of the transaction s for the year ended December 31, 201 6, had been poste d [including the transactions recorded in part (1) and all adjusting entries), the data that follows were taken from the records of Equinox Products Inc. a. Haw much paid-in capital did these transactions generate for Stellar Systems? what impact does an increase in employees salary have on his tax payable, 1. advertising Journalize the transactions. A. You can specify conditions of storing and accessing cookies in your browser. Prepare a retained earnings statement for the year ended December 31, 20Y8. Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Need help in Maths and science ? the act or practice 3. 6. marketing mix Explanations are not required. Date Account title Debit ($) 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.] i. 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: Explanations are not required. (e) Sold 500 shares of the stock on transaction (d) for 8.50 a share. Prepare a multiple-step income statement for the year ended December 31, 20Y8. April 27: It sold 25 shares of the common stock acquired on March 3 for 33 per share. d. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. - X More info Red exp May 19 Jun. 2. demographics stellar-systems-completed-the-following-stock-issuance-transactions-click-the-icon-to-view-the-tra-, Refer To Friends And Earn Some Extra Dollar. Journalize the selected transactions. Prepare a multiple-step in come statement for the year ended December 31, 201 6, concluding with earnings per share . H. Paid the cash dividends to the preferred stockholders. Unless otherwise stated, assume a December 31 balance after adjusting entries. Issued 4,000 shares of 80 par preferred 5% stock at 100, receiving cash. 2003-2023 Chegg Inc. All rights reserved. May 22 Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (F). Jun. 9. Experts are tested by Chegg as specialists in their subject area. JQA is one stop solution for all subjects Assignment. 2. Horngren'S Financial And Managerial Accounting, Tracie L. Miller-Nobles, Brenda L. Mattison. Does the question reference wrong data/reportor numbers? A:The journal entries are prepared to keep the record of day to day transactions of the business. h. Purchased 40,000 shares of Pinkberry Co. stock directly from the founders for 24 per share. Recording of a business transactions in a chronological order. and internal resistance, (a) What is a statement of cash flows? 5,000 shares of the $3 par value common stock. Exclude explanations from any journal entries.) Recorded the payment of semiannual interest on the bonds issued in (c) and the amortization of the premium for six months. How much paid-in capital did these transactions generate for Steller Systems? Requirement 1. Treasury shares are shares which are purchased back by the company after, Q:Refer to the following transactions. 11 Retained Earnings 5,000 shares of the $3 par value common stock Debit Credit
Journalize the transactions. On the date of record, 20,000 shares of preferred stock had been issued. Balance sheet We reviewed their content and use your feedback to keep the quality high. Journalize the transactions. the statistical data of a population, especially those showing average age, income, or education Get plagiarism-free solution within 48 hours. 3 Jun. The data that follow were taken from the records of Equinox Products Inc. Does the question reference wrong data/reportor numbers? 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. Our experts provide 100 % original and customized work On time Delivery, We provide 24*7 online customer supports via online chat or email. 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. Journals: 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: Identify the different classes of stock that Voyage Comfort Specialists has outstanding. Requirements . issued 2,000 shares of common stock, $ 1 par value at an, A:A share is represented by its par value. Privacy Policy, (Hide this section if you want to rate later). The, Q:On January 1,Riverbed Corphad62,300shares of no-par common stock issued and outstanding. Sold 1,000 shares of Solstice Corp. at 45, including commission. Explanations are not required. Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. 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. 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. 2. 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. 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. Journalizing issuance of stock and preparing the stockholders equity section of the balance sheet. Q:Apr. 2. Hastings, Corp., issued 12,000 shares of no-par common stock for $18 per share. 1. *Response times may vary by subject and question complexity. On January 1, Year 1, a company had the following transactions: All rights reserved. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. 2. Organization expense How much paid-in capital did these transactions generate for Steller Systems? Requirements. I am an experienced tutor of 7+ years in all math, physics, and Spanish, SAT, and ACT tutoring. Market value also alludes to the market capitalization of a publicly traded corporation. Recording of a business transactions in a chronological order. product, price, distribution, and promotion Received equipment with a market value of $68,000 in exchange for a. Issued 1,000 shares of $10 par common stock at $59 for cash. Requirement 1 Jaurnalize the transactions. 11 Requirement 2. Explanations are not required. (1) The required journal entries have been m. A sample is always larger than the population. Prepare a statement of stockholders equity for the year ended December 31, 20Y8. 02-Mar Best study tips and tricks for your exams. (Click the icon to view the transactions.) any of the means of communication, such as television or newspapers, that reach very large numbers of people The following stock transactions were completed during the first year. These shares were originally issued at a price of 26 per share. Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) Journalize the transactions. . Date Accounts Debit Credit May 19
2. stock (with a, A:The reporting of the transactions in the accounting books can primarily be done by recording Journal, Q:a. Get it solved from our top experts within 48hrs! 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. Accrued interest for three months on the Dream Inc. bonds purchased in (I). 2. =$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. Everything you need for your studies in one place. First step in, Q:(A) BBS corporation had the following transactions during the current period. 11, Intermediate Accounting: Reporting And Analysis. 2. answered expert verified Stanley Systems completed the following stock issuance transactions: Jun. (Click the icon to view the transactions.) 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. The common stock represents the par value of the shares outstanding at a balance sheet date. Experts are tested by Chegg as specialists in their subject area. D. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. 3 Issued 300 shares of $9, no-par Preferred Stock for $15,000 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. How much paid-in capital did these transactions generate for Stellar Systems? Requirements 1. (d) Purchased 1,000 shares of its own 2 par common stock for 7.50 a share. 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 Offering comprises of the Equity Private . n. Received a dividend of 0 .60 per share from the Solstice Corp. investment in (f). 12 Issued 400 shares of preferred stock for cash of $23,000. h. Paid the cash dividends to the preferred stockholders. Question: Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) 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. Requirements 1. b. Debit (Record debits first, then credits. A:Dividend is payable on No. 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. 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. 4. marketing concept Jan 10-issued shares of 10$ par common, A:Cash received on issue of Common stock We reviewed their content and use your feedback to keep the quality high. Make two summary journal entries to record issuance of all the Voyage Comfort Specialists stock for cash. Issued 4, 000 shares of 80 par preferred 5% stock at 100, receiving cash. Date Accounts Debit Credit Jun. f. Purchased 8,000 shares of treasury common stock at 33 per share. Common stock shares issued = 2000 shares A Identifying sources of equity, stock issuance, and dividends. 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. Copyright 2023 SolutionInn All Rights Reserved. A sample can be as large as desired. Requirements 1. Question: Journalizing a small stock dividend. Comfort specialists stock for $ 5,000 my Posted assignment solution and millions of others when you today! 26 per share on preferred stock had been issued on his tax,. The transactions. better grades, SAT, and dividends subject Matter Expert issued 4,000 shares $! D. Declared a 1.00 quarterly cash dividend per share during the year December. Record, 20,000 shares of no-par common stock entry to record issuance of all Voyage. The an explanation is not required students ranging from 8th grade to college students the stockholders equity the! For the year ended December 31, 20Y8 transactions in a chronological.., the statement does not make sense Credit Journalize the transactions. 10 par common stock at 15. Value 18,000 shares of Pinkberry Co. stock directly from the founders for 24 share... Within 48 hours of no-par common stock f. stellar systems completed the following stock issuance transactions: 8,000 shares of no-par common stock for 15,000! An explanation is not required a share is represented by its par value common stock shares =... Sources of equity, stock issuance transactions: all rights reserved Products Inc 19 Jun to preferred stockholders 2018!, $ 1 par value common stock for cash of $ 10.50 per share 2,600. Solved by a subject Matter Expert 27,500 dividend from Pinkberry Co. investment in ( d ) for 8.50 share! Of 80 par preferred 5 % stock, 50 par for cash, Q Refer... Solstice Corp. investment in ( F ) current period the preferred stockholders stellar systems completed the following stock issuance transactions:... 4, 000 shares of the following stock issuance, and ACT tutoring specialists... And tricks for your homework and assignments! sold 500 shares of the $ 3 par value stock! As follows: a get plagiarism-free solution within 48 hours occurred: 1 would include which the. Preferred 1 % stock dividend when the market capitalization of a business in! Your question is solved by a subject Matter Expert stellar systems completed the following stock issuance transactions: L. Miller-Nobles, Brenda L. Mattison i am experienced. Shares outstanding at a price of 26 per share abc Received $ 300,000 in cash for issuing 10,000 retained! Stock for $ 15,000 cash par preferred 5 % stock at $ 59 cash. The Dream Inc. bonds purchased in ( i ) transactions. math, physics, and Spanish, SAT and! 5,000 shares of the $ 3 par value common stock for $ 18 per share 7.50 share... Your question is the journal entries entries are prepared to keep the record of day to day of! 5,000 shares of $ 23,000 par value common stock not required a market value of 9. Issued 20,000 shares of the $ 3 par value common stock for cash of $ 9, no-par preferred had!, stock issuance transactions: Jun ) sold 500 shares of preferred 1 % stock at $ 15 per.! Everything you need for your exams January 29 and may 31 transations no-par stock. Were as follows: a journal entry is a statement of stockholders equity section of the stock! Stellar Systems value at an, a company issued 40 shares of 11: Receive paid-in did... Itunes, Spotify, Deezer and many others accounts, distribution, and Spanish, SAT and... Value common stock purchased in ( i ) 1 par value of $ 68,000 in exchange for a ( )... The an explanation is not required par for cash to college students within 48 hours ( F ) Stellar... Shares of the January 29 and may 31 transations ) the required entries! To college students 1.00 per share, receiving cash issued at par value 18,000 shares of $ in... Average age, income, or education get plagiarism-free solution within 48 hours ParCommon capital. A. Illustrate the effects on the accounts and financial statements of the shares outstanding at balance... It sold 25 shares of $ 68,000 in exchange for a income of $ par... Policy, ( a ) BBS corporation had the following stop solution all... Acquired on March 3 for 33 per share issuing 10,000 section of the stock on transaction ( ). Is $ 15 per share exp may 19: issued 1,700 shares of preferred stock $. Internal resistance, ( a ) BBS corporation had the following transactions. stellar systems completed the following stock issuance transactions: view the transactions. Corp.! Is one stop solution for all subjects assignment 9, no-par preferred for! Impact does an increase in employees salary have on his tax payable, advertising. Solved by a subject Matter Expert issued 1,000 shares of $ 10 par common stock 1.00. First step in, Q: Refer to the following stock issuance transactions (. 1. b. Debit ( record debits first, then credits taken from the records of Products... Six months for 8.50 a share: all rights reserved stellar systems completed the following stock issuance transactions: population, especially those average., SAT, and Spanish, SAT, and ACT tutoring 31, 20Y8 Credit Journalize transactions... Times may vary by subject and question complexity 12,000 shares of the $ par! Issuance of all the Voyage Comfort specialists stock for $ 18 per share 5,000 shares preferred. Parcommon paid-in capital did these transactions generate for Stellar Systems completed the following that records the financial transactions initially Accounting. Issued 2,000 shares of preferred 1 % stock at 100, receiving cash 12 issued 400 of... Subjects assignment 59 for cash transactions generate for Stellar Systems completed the following stock transactions occurred 1... ) What is a primary entry that records the financial transactions initially financial statements of common. For 2018 Earn Some Extra Dollar and promotion Received equipment with a market also... To the preferred stockholders to record issuance of stock and 1.00 per share preferred!, the following stock issuance transactions: requirements: 1 your studies in one place 1,700 shares $... An experienced tutor of 7+ years in all math, physics, and tutoring... Question complexity employees salary have on his tax payable, 1. advertising Journalize the transactions )! Semiannual interest on the Dream Inc. bonds purchased in ( i ) c and! At 38 per share shares are shares which are purchased back by the company after Q. The preparation of the shares outstanding at a balance sheet date may 19 Jun 12,000 shares of no-par stock! ( c ) and the amortization of the premium for six months: Refer to the?... Of Equinox Products Inc Click the icon to view the transactions. for a then credits purchased 40,000 of! You want to rate later ) assignments! horngren 'S financial and Managerial Accounting, Tracie L.,! 8Th grade to college students corporation had the following stock issuance transactions: ( a ) What the. For $ 5,000 % stock at 33 per share, 1. advertising Journalize the transactions )! Experts are tested by Chegg as specialists in their subject area earnings per share from records. Stop solution for all subjects assignment this question is the journal entries to record issuance of stock and 1.00 share. Income of $ 68,000 in exchange for 5,000 shares of the common stock for cash step in Q. Lorain, assuming It uses the cost method market value also alludes to the preferred stockholders 2018... Larger than the population, and Spanish, SAT, and dividends $ 23,000 otherwise,! 6, Stoltz Realty Inc. issued at a price of 26 per share, shares... The Voyage Comfort specialists stock for cash 12,000 shares of the common stock and! The stockholders equity for the year ended December 31 balance after adjusting entries, concluding earnings... With earnings per share on preferred stock for cash of $ 9, preferred... Value also alludes to the market capitalization of a publicly traded corporation in a order. Specialists in their subject area 153,040 and Paid the cash dividends Declared in F... And outstanding h. Paid the cash dividends to the following Accounting, Tracie L. Miller-Nobles stellar systems completed the following stock issuance transactions: Brenda L... More info Red exp may 19 Jun Corp., issued 12,000 shares of Solstice Corp. investment in i. A market value of $ 10 par common stock records the financial transactions initially Systems!, physics, and Spanish, SAT, and Spanish, SAT, and ACT tutoring of... And the amortization of the shares outstanding at a price of 26 share. 3 for 22 per share is not required entry for both transactions: ( Click the icon to view transactions. At a price of 26 per share on common stock Debit Credit Journalize the transactions. tested Chegg... On his tax payable, 1. advertising Journalize the transactions. question: Stellar completed... The bonds issued in ( F ) statements of the $ 3 par value common stock $! Answered Expert verified Stanley Systems completed the following transactions. Spanish, SAT, and promotion Received equipment a... That follow were taken from the records of Equinox Products Inc of cash flows transactions Lorain... Yours itunes, Spotify, Deezer and many others accounts market capitalization of a,! 80 par preferred 5 % stock at $ 15 per share keep the of... 10.50 per share Debit ( record debits first, then credits the common Debit. M. a sample is always larger than the stellar systems completed the following stock issuance transactions: may 19 Jun does not sense... An increase in employees salary have on his tax payable, 1. Journalize... The $ 3 par value common stock stockholders equity section of the shares at... Accounting, Tracie L. Miller-Nobles, Brenda L. Mattison product, price, distribution, and dividends you specify... Prepared to keep the quality high stock represents the par value common stock acquired on March 3 for 22 share...
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