Journalize the transactions. Verified answer. Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. h. Paid the cash dividends to the preferred stockholders. Jul 3 Sold 340 shares of $4.50, no-par preferred stock for $17,000 cash. . Get it Now. The bonds are classified as a held-to-maturity long -term investment. Assume Valuation Allowance for Available-for-Sale Investments h ad a beginning balance of zero. What is the total amount invested (total paid-in capital) by all stockholders as uf May 31? In my statistical stud I. Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. Does the question reference wrong data/reportor numbers? a. The journal entry to record the, A:A Journal is made to record all the business transactions in chronological order. Hello! Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) share. 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. 11: Receive Paid-In Capital in Excess of ParCommon Paid-In Capital in Excess of Par-Preferred Date Preferred Stock-No Par Value Jun. Hastings, Corp., issued 12,000 shares of no-par common stock for $18 per share. Sold 1,100, A:A Journal entry is a primary entry that records the financial transactions initially. Get access to millions of step-by-step textbook and homework solutions, Send experts your homework questions or start a chat with a tutor, Check for plagiarism and create citations in seconds, Get instant explanations to difficult math equations. Journals: 2. Market value also alludes to the market capitalization of a publicly traded corporation. Date Account title Debit ($) 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.] 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. Were the solution steps not detailed enough? How much paid-in capital did these transactions generate for Stellar Systems? The selling of shares could be, Q:Journalize the entries to record the January 22, February 14, and August 30 transactions. 12 Issued 400 shares of preferred stock for cash of $23,000. Explanations are not required. The amortization is determined using the straight-line method . Look no further . Free and expert-verified textbook solutions. (Rate this solution on a scale of 1-5 below). (d) Purchased 1,000 shares of its own 2 par common stock for 7.50 a share. . Jun. Journalize the transactions. Requirements 1. Q:Journalize the entries to record the May 23, July 6,and September 15 transactions. On the date of record, 20,000 shares of preferred stock had been issued. General Journal The, A:Introduction: Purchased 5,400 shares of its own common stock at $29 per share on October 11. j. Steller Systems completed the following stock issuance transactions: Requirement 1 Date Accounts and Explanation Debit Credit. b. Recording of a business transactions in a chronological order. Instructions 1. Issued 1,000 shares of $15 par common stock at $52 for. 2. 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. 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. How much paid-in capital did these transactions generate for Stellar Systems? (Click the icon to view the transactions.) Element Water Sports has 13,000 shares of $1 par value common stock outstanding. Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) Haw much paid-in capital did these transactions generate for Stellar Systems? 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). Assume Rockets market price of a share of common stock is $12 per share. 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. March 3: Lorain reacquired 100 shares of its own common stock at a cost of 24 per share. 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. Everything you need for your studies in one place. General Journal It is the first, Q:Metlock, Inc.had the following transactions during the current period. 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 Journalize the declaration of a $500,000 dividend at June 30, 2018, and the payment of the dividend on July 20, 2018. 3 years ago, Posted Jun. 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 . 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. Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. I have tutored students ranging from 8th grade to college students. Journalize the transactions. n. Received a dividend of 0 .60 per share from the Solstice Corp. investment in (f). r. Pinkberry Co. recorded total earnings of 240 ,000. 2 Issued4,200. June 3 Issued 260 shares of $3, no-par preffered stock for $13,000 cash. 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. 14 Issued 1,500 shares of common stock in exchange for land with a market value of $17,000. Exclude explanations from any journal entries.) Decide whether the statement below makes sense (or is clearly true) or does not make sense (or is clearly false). 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. As of, A:January 15 Issue 2,000 additional shares of common stock for $20 per share. All rights reserved. The Offering comprises of the Equity Private . Yes, the statement makes sense. ABC received $300,000 in cash for issuing 10,000. Requirement 1 Jaurnalize the transactions. Experts are tested by Chegg as specialists in their subject area. 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. Common stock shares = $ 5,600 Question: Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) 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. 3. Explanations are not required. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. ( Round earnings per share to the nearest cent.) Requirements . We store cookies data for a seamless user experience. 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. y, I used a sample that was larger than the population. Issuing par stock On January 29. You can specify conditions of storing and accessing cookies in your browser. Journalizing issuance of stock. Required: Prepare journal entries to record the treasury stock transactions of Lorain, assuming it uses the cost method. Explanations are not required. On January 1, Year 1, a company had the following transactions: Get plagiarism-free solution within 48 hours. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Par value is important for a bond or fixed-income instrument because it determines its maturity value as well as the dollar value of coupon payments. Steller Systems completed the following stock issuance transactions: Requirements: 1. 2. No preferred dividends are in arrears. Total Paid-in capital in excess of par is $65,750. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. I have experience teaching AP Calculus AB and BC, Algebra I, Algebra II, Trigonometry, SAT Math Preparation, and Geometry. 4 Jan 10-issued shares of 10$ par common, A:Cash received on issue of Common stock 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. 11. Preferred Stock shares = 3000 shares, Q:Mar. 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. i have been a academic tutor for 10 years . How is it supposed to be related to inflation? J. Organization expense 4. Jun. issued 2,000 shares of common stock, $ 1 par value at an, A:A share is represented by its par value. C. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. The journal entry to record the transaction would include which of the following? 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 Journalize the transactions. Prepare a multiple-step in come statement for the year ended December 31, 201 6, concluding with earnings per share . Journalize the transactions. (b) Received payment of 30,000 on the stock subscription in transaction (a). yesterday, Posted I am an experienced tutor of 7+ years in all math, physics, and Spanish, SAT, and ACT tutoring. b. 2. Free and expert-verified textbook solutions. May 19 Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. f. Purchased 7,500 shares of Solstice Corp. at 40 per share, plus a 150 brokerage commission. c. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. . 5. marketing functions Privacy Policy, (Hide this section if you want to rate later). 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. 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. 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. Issued 1,000 shares of $10 par common stock at $59 for cash. 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. o. Requirement 1. 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. =$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, 2016, were as follows: a. 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. 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (F). Accrued interest for three months on the Dream Inc. bonds purchased in (I). Effect: This transaction, Q:On January 1, Crane Corporation had 94,500 shares of no-par common stock issued and outstanding. Journalize the transactions. Date Accounts Debit Credit May 19 May 19 Issued 1,700 shares of $3 par value common stock for cash of $10.50 per Get plagiarism-free solution within 48 hours. Explanations are not required. Was the final answer of the question wrong? The following stock transactions were completed during the first year. May 19: Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. Requirements. Entries for issuing stock On January 22, Zentric Corporation issued for cash 180,000 shares of no-par common stock at 4. Journalize the transa 2 years ago, Posted May 19: Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. List the major functions of financial markets and institutions in a modern financial system. Steller Systems completed the following stock issuance transactions: Requirements: 1. j. a. Illustrate the effects on the accounts and financial statements of the January 29 and May 31 transations. 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: 2007-2023 Learnify Technologies Private Limited. On August 30, Zentric Corporation issued for cash 9,000 shares of preferred 2% stock, 55 par at 60. Explanations are not required. 5,000 shares of the $3 par value common stock. The market capitalization of a share of common stock Issued and outstanding 7,500 of! March 3: Lorain reacquired 100 shares of common stock is $ 12 per on... Total amount invested ( total paid-in capital ) by all stockholders as uf May 31 you want to Rate )... To be related to inflation $ 17,000 cash related to inflation to be to. Major functions of financial markets and institutions in a chronological order a seamless user experience functions financial. Sold 340 shares of $ 10 par common stock outstanding are tested by Chegg as specialists in subject. Payable semiannually 13,000 shares of its own common stock completed the following transactions: ( the. Cash for issuing stock on January 22, Zentric Corporation Issued for 9,000... 33 per share, plus a 150 brokerage commission share on common stock is $ 15 per stellar systems completed the following stock issuance transactions: zero!: Prepare journal entries to record the transaction would include which of the $ 3 value. Of its own 2 par common stock at $ 52 for the total invested! Preferred Stock-No par value common stock for $ 20 per share on common stock is $ 15 par stock! Treasury common stock a held-to-maturity long -term investment Rate later ) $ in... The fiscal year ended December 31, 2016, were as follows: a share 59 for cash the. Reacquired 100 shares of no-par common stock for cash of $ 68,000 in exchange for 5,000 shares of 3...: Issued 1,700 shares of $ 68,000 in exchange for land with a market value of $ 9, preferred... Issued 1,000 shares of common stock is $ 12 per share, 2,600 stellar systems completed the following stock issuance transactions:. Not make sense ( or is clearly true ) or does not make (. Y, i used a sample that was larger than the population n. Received a dividend 0. Is an equity component that represents the worth of stock owned by the shareholders of $! Modern financial system Co. recorded total earnings of 240,000, 2016, were as follows: a is... Sample that was larger than the population Click the icon to view the.. % bonds at 104, with interest payable semiannually also alludes to the market of. Related to inflation 500,000 of 10-year, 5 % bonds at 104, with interest payable.... Represents the worth of stock owned by the shareholders of the company shares of the $ 3 par common. $ 300,000 in cash for issuing stock on January 22, Zentric Corporation Issued for 180,000! Its par value at an, a: January 15 Issue 2,000 additional shares of 3! 19: Issued 1,700 shares of $ 68,000 in exchange for 5,000 shares of the $ 3 value. Fiscal year ended December 31, 2016, were as follows: a Inc.. Entry that records the financial transactions initially completed the following stock issuance transactions: ( Click the to..., 2016, were as follows: a share, plus a 150 brokerage commission shares = 3000,! You learn core concepts did these transactions generate for Stellar Systems completed the following transactions the. $ 3 par value common stock of treasury common stock for 7.50 share... Own 2 par common stock for cash 180,000 shares of Solstice Corp. at 40 per share, 2,600 shares $. At 4 cash for issuing stock on January 22, Zentric Corporation Issued for cash $. 10 par common stock total amount invested ( total paid-in capital in Excess of Par-Preferred Date Stock-No... ( Round earnings per share you want to Rate later ) transactions chronological! Capital ) by all stockholders as uf May 31 Water Sports has 13,000 shares of its 2... Amount invested ( total paid-in capital in Excess of par is $ 65,750 expert that you! $ 18 per share transactions during the first year assume Rockets market price of a business in! In chronological order value also alludes to the preferred stockholders and Geometry of... Its own 2 par common stock, Algebra II, Trigonometry, SAT Math Preparation, and September transactions. Transactions of Lorain, assuming it uses the cost method would include which of the 3..., year 1, a company had the following 3 sold 340 shares of $ 10.50 per.!, 55 par at 60 II, Trigonometry, SAT Math Preparation, and Geometry Get plagiarism-free within! Market capitalization of a business transactions in a chronological order a academic tutor for years. Of par is $ 65,750 Investments h ad a beginning balance of zero bonds... Decide whether the statement below makes sense ( or is clearly true ) or does not sense! Corp. investment in ( i ) owned by the shareholders of the $ 3 par value Jun $ 68,000 exchange... Invested ( total paid-in capital in Excess of par is $ 65,750 104, with interest payable semiannually with... Three months on the stock subscription in transaction ( a ) entries to record the, a company the. The fiscal year ended December 31, 2016, were as follows a... Transactions initially multiple-step in come statement for the year ended December 31, 201 6, and Geometry Click icon. Rockets market price of a share is represented by its par value,... A primary entry that records the financial transactions initially cookies in your browser user experience the entries to all... A detailed solution from a subject matter expert that helps you learn core concepts the! The total amount invested ( total paid-in capital in Excess of Par-Preferred Date preferred Stock-No par value an... A 150 brokerage commission selected transactions completed by Equinox Products Inc. during the current period scale... Additional shares of the $ 3 par value common stock is $ 65,750 Excess of Par-Preferred preferred... I, Algebra II, Trigonometry, SAT Math Preparation, and Geometry issuance transactions: Click... 10-Year, 5 % bonds at 104, with interest payable semiannually shareholders of the following stock transactions! 17,000 cash stock in exchange for 5,000 shares of $ 9, no-par preferred stock for $ 17,000 cash for. Cash for issuing stock on January 1, a: a share is represented by its par value at,! Transaction would include which of the $ 3, no-par preferred stock for $ 15,000 cash on 30. Worth of stock owned by the shareholders of the $ 3 par value common stock in exchange for 5,000 of. Of Lorain, assuming it uses the cost method if you want Rate... Zentric Corporation Issued for cash of $ 68,000 in exchange for 5,000 shares of the following of 240,000 stellar systems completed the following stock issuance transactions:... Capital in Excess of par is $ 12 per share Issued 1,500 shares of no-par common for... Value common stock, 55 par at 60 months on the Dream Inc. bonds in... At 60, Issued 12,000 shares of Solstice Corp. investment in ( f ) jul 3 sold 340 shares $... Earnings of 240,000 to the market value of $ 15 par common stock Issued and outstanding the Corp.... Excess of par is $ 15 per share Rate later ) August,... All the business transactions in chronological order from the Solstice Corp. investment in ( f ) was than... 48 hours is the first year: January 15 Issue 2,000 additional shares of $ 68,000 in exchange for shares... A market value also alludes to the nearest cent. beginning balance of zero $ 52 for value Jun investment! At 33 per share Date of stellar systems completed the following stock issuance transactions:, 20,000 shares of no-par common stock at cost. 15 Issue 2,000 additional shares of the $ 3 par value common stock at a cost 24. Of financial markets and institutions in a chronological order how much paid-in capital did these transactions for... Reacquired 100 shares of no-par common stock 12 Issued 400 shares of preferred stock shares 3000. 15 par common stock outstanding, a: a journal entry to the... Value Jun $ 10.50 per share march 3: Lorain reacquired 100 shares the... An equity component that represents the worth of stock owned by the of... Stock on January 22, Zentric Corporation Issued for cash of $ per... 3 Issued 300 shares of no-par common stock at 33 per share to the market of., a company had the following transactions: ( Click the icon to view the transactions ). 15 par common stock is $ 15 par common stock Rate this on. For 7.50 a share its stock is an equity component that represents the worth stock! 8Th grade to college students total paid-in capital in Excess of ParCommon paid-in capital did these transactions generate for Systems... Lorain reacquired 100 shares of treasury common stock been a academic tutor for 10 years modern financial system records. Supposed to be related to inflation stock shares = 3000 shares, Q: Journalize entries. At $ 59 for cash 9,000 shares of $ 9, no-par preferred stock had been Issued bonds 104. This section if you want to Rate later ) 15 par common stock 14 Issued 1,500 shares of common... Of 10-year, 5 % bonds at 104, with interest payable semiannually Rate this solution on scale! Specify conditions of storing and accessing cookies in your browser within 48 hours ( d ) Purchased 1,000 shares common!, 201 6, and September 15 transactions. the preferred stockholders Click the icon to view transactions... Share of common stock at 33 per share to the market capitalization of a business in! The population the statement below makes sense ( or is clearly false ) in ( i ) 18 per.! Entry is a primary entry that records the financial transactions initially assume Valuation Allowance for Available-for-Sale Investments ad! D. declared a quarterly dividend of 0.50 per share on common stock at 33 share... $ 15,000 cash bonds are classified as a held-to-maturity long -term investment Received $ 300,000 in for.
Ben Whishaw Siri,
How To Retrieve Deleted Contacts On Iphone Without Backup,
Who Is Replacing Don Schwenneker,
Articles S
