n. Received a dividend of 0 .60 per share from the Solstice Corp. investment in (f). Stellar Systems completed the following stock A. Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Issued 1,000 shares of $10 par common stock at $59 for cash. j. 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. I have experience teaching AP Calculus AB and BC, Algebra I, Algebra II, Trigonometry, SAT Math Preparation, and Geometry. 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. (e) Sold 500 shares of the stock on transaction (d) for 8.50 a share. The common stock represents the par value of the shares outstanding at a balance sheet date. 3: Issued 300 shares of $9, no-par preferred stock for $15,000 cash. Computing earnings per share and price/earnings ratio. Explain. JQA is one stop solution for all subjects Assignment. Income statement Explanations are not required. To know more check the General Journal During the year, the following stock transactions occurred: 1. Our experts provide 100 % original and customized work On time Delivery, We provide 24*7 online customer supports via online chat or email. any of the means of communication, such as television or newspapers, that reach very large numbers of people Credit Issued 15,000 shares of 20 par common stock at 30, receiving cash. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. Explanations are not required. f. Purchased 8,000 shares of treasury common stock at 33 per share. E. Paid the cash dividends declared in (D). Journalize the transactions. 2007-2023 Learnify Technologies Private Limited. Journalize the transactions. 2. I love working with students and seeing them improve on and grasp concepts! Prepare a multiple-step in come statement for the year ended December 31, 201 6, concluding with earnings per share . Issued 20,000 shares of $1 par value common stock at $15 per share. Explanations are not required. The data that follow were taken from the records of Equinox Products Inc. 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. Journalize the transactions. Voyage Comfort Specialists, Inc. reported the following stockholders equity on its balance sheet at June 30, 2018: Preferred Stock7%, ? Transcribed Image Text: May 19 Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. March 2 - Issued 5,000, A:Solutions: Horngren'S Financial And Managerial Accounting, Tracie L. Miller-Nobles, Brenda L. Mattison. How much paid-in capital did these transactions generate for Stellar Systems? Declared a 1.00 quarterly cash dividend per share on preferred stock. Steller Systems completed the following stock issuance transactions: Jun. Submit your documents and get free Plagiarism report, Your solution is just a click away! Yes, the statement makes sense. . 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. Balance sheet B. Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) Unless otherwise stated, assume a December 31 balance after adjusting entries. The, Q:On January 1,Riverbed Corphad62,300shares of no-par common stock issued and outstanding. These were issued at a price of 75 per sl1are. Journalize the transactions. Explanations are not required. D. No, the statement does not make sense. First week only $4.99! Were the solution steps not detailed enough? 1. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. 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. Amount of shares sold = $ 4,100 3 Jun. 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. 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. When company receives, Q:On May 23, Stoltz Realty Inc. issued for cash 80,000 shares of no-parcommon stock(with a stated. 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. 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). Journalize the transactions. A:The journal entries are prepared to keep the record of day to day transactions of the business. (Click the icon to view the transactions.) 7. marketing utilities 2. 11: Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. What is the total amount invested (total paid-in capital) by all stockholders as uf May 31? Does the question reference wrong data/reportor numbers? 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. May 19 Issued 1,700 shares of $3 par value common stock for cash of $10.50 per Requirement 1 Jaurnalize the transactions. yesterday, Posted 2. Play free Hardbass Music or download ripple How does one mine Stellar Bitcoin Stack Exchange MP3 files. 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 ? 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. i. g. Purchased 8,000 shares of treasury common stock at 33 per share. Explanations are not required. 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. b. 3 years ago, Posted Credit product, price, distribution, and promotion Requirement 1. 2. Stop procrastinating with our smart planner features. 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. Explanations are not required. We can provide assignment help for almost all subjects. 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. Instructions 1. Journalize the transactions. Jun. Journalize the transactions. 2. demographics Your question is solved by a Subject Matter Expert. 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. On the date of record, 20,000 shares of preferred stock had been issued. Issued 4,000 shares of 80 par preferred 5% stock at 100, receiving cash. 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. Purchased 5,400 shares of its own common stock at $29 per share on October 11. Journalize the selected transactions. View this solution and millions of others when you join today! Was the final answer of the question wrong? what impact does an increase in employees salary have on his tax payable, 1. advertising The amortization is determined using the straight-line method. 2 days ago. Chapter 13, Short Exercises #21. Use separate Dividends Payable accounts for preferred and common stock. We reviewed their content and use your feedback to keep the quality high. j. Transaction We store cookies data for a seamless user experience. Journalize the transa 2. Get it Now. Explanations are not required. 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? Requirements 1. 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. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. 2. How much paid-in capital did these transactions generate for Steller Systems? 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. 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. 2. the value added to a product by using the marketing functions Requirements 1. All rights reserved. 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. B. b. With the help of, Q:Slacks 5th Avenue has two classes of stock authorized: $100 par preferred and $1 par common. 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. 9. Was the final answer of the question wrong? Journalize the transactions. Cash (1700*10.50) Journalize the transactions. c. Prepare a balance sheet in report form as of December 31, 20Y8. Requirements 1. How much paid-in capital did these transactions generate for Stellar Systems? 4. 2. 9. target market Prepare a retained earnings statement for the year ended December 31, 20Y8. Issuing par stock On January 29. Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) y, I used a sample that was larger than the population. Free and expert-verified textbook solutions. Steller Systems completed the following stock issuance transactions: Requirements: 1. A sample is always larger than the population. one year ago, Posted 2. Requirements . 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. Date Account title Debit ($) 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.] Need help in Maths and science ? o. . Sold 2,930 shares of $11 par value preferred stock at $14.00. Steller Systems completed the following stock issuance transactions: Find answers to questions asked by students like you. Sign up for free to discover our expert answers. 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 . 2003-2023 Chegg Inc. All rights reserved. Record the transactions in the general journal. 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. one year ago, Posted How much paid-in capital did these transactions generate for TDR Systems? b. How much paid-in capital did these transactions generate for Stanley Systems? Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y8, were as follows: a. What is the overall effect of the stock dividend on Elements total assets? f. Purchased 7,500 shares of Solstice Corp. at 40 per share, plus a 150 brokerage commission. 3. Journalize the transactions. 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. 4 Please review the posted assignment and apply if you're available and confident. 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. 11 Received inventory with a. On April 20, Gallatin County Rocks Inc., a marble contractor, issued for cash 75,000 shares of 45 par common stock at 54, and on August 7, it issued for cash 20,000 shares of preferred stock, 10 par at 12. a. Journalize the entries for April 20 and August 7. b. 3 months ago, Posted I. Treasury shares are shares which are purchased back by the company after, Q:Refer to the following transactions. Explanations are not required. Recorded the payment of semiannual interest on the bonds issued in (C) and the amortization of the premium for six months. Explanations . 11: Receive Paid-In Capital in Excess of ParCommon Paid-In Capital in Excess of Par-Preferred Date Preferred Stock-No Par Value Jun. Steller Systems completed the following stock issuance transactions: Requirements: 1. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. the statistical data of a population, especially those showing average age, income, or education Sold 1,000 shares of Solstice Corp. at 45, including commission. Requirements 1. 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. J. How many shares of common stock are outstanding after the purchase oftreasury stock? First step in, Q:(A) BBS corporation had the following transactions during the current period. Q:Apr. Question: Journalizing a small stock dividend. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. 12 Issued 400 shares of preferred stock for cash of $23,000. Issued 400 shares of $100 par value preferred stock at par., A:Financial statements includes: 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 Explanations are not required. Requirement 1. 53000, Q:On February 13, Elman Corporation issued for cash 75,000 shares of no-par common The investment is classified as an available-for-sale investment. Debit July 10: It sold 25 shares of the common stock acquired on March 3 for 22 per share. issued 2,000 shares of common stock, $ 1 par value at an, A:A share is represented by its par value. Journalizing issuance of stock. 2 days ago. E13-21 (similar to) Stanley Systems completed the following stock issuance transactions: LOADING. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. Common stock shares issued = 2000 shares In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were 100,000. e. Paid the cash dividends declared in (d). May 19: Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. Requirements 1. General Journal Look no further . Get it solved from our top experts within 48hrs! Jun. Were the solution steps not detailed enough? Assume Rockets market price of a share of common stock is $12 per share. May 19 Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. Journalize the transactions. s. The fair value for Solstice Corp. stock was 39. Isssued 300 shares of $9, no par preferred stock for $15,000 cash. 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. Q:6. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (f). 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. May 22 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 Issued 4,000 shares of 80 par preferred 5% stock at 100, receiving cash. Q: Susie Systems completed the following stock issuance transactions:May 19 Issued 2,000 shares; Q: Steller Systems completed the following stock issuance transactions: May 19 Issued 1,700; Q: Everyone who suffers a breach of contract still has a duty to; Q: Give an example of status distorting the communication process. 2. Entries for issuing stock On January 22, Zentric Corporation issued for cash 180,000 shares of no-par common stock at 4. Jun. October 12: It retired the remaining shares acquired on March 3. 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. a plan on how to market a product or service to consumers Effect: This transaction, Q:On January 1, Crane Corporation had 94,500 shares of no-par common stock issued and outstanding. Explanations are not required. B. Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) Journalize the transactions. Treasury Stock, Cost Method On January 1, Lorain Corporation had 2,000 shares of 5 par common stock authorized and outstanding. Verified answer. Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were as follows: a. Journalize the transactions. Review Only LOADING. stock at, A:Journal entries refer to the recording of transactions in an appropriate way. (1) The required journal entries have been m. 1. As of, A:January 15 Issue 2,000 additional shares of common stock for $20 per share. 14 Issued 1,500 shares of common stock in exchange for land with a market value of $17,000. Everything you need for your studies in one place. Jan 10-issued shares of 10$ 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. of outstanding shares. (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. Jun. *Response times may vary by subject and question complexity. 4. These shares were originally issued at a price of 26 per share. 2. A sample is a subset of the population and cannot be larger than the population. 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. Explanations are not required. (Click the icon to view the transactions.) Element distributes a 5% stock dividend when the market value of its stock is $15 per share. Requirements 1. Explanations are not required. C. No, the statement does not make sense. 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. 2007-2023 Learnify Technologies Private Limited. 94000 shares +, Q:Prepare the following journal entries . c. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. Exclude explanations from any journal entries.) 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. Requirement 1. We store cookies data for a seamless user experience. Market value also alludes to the market capitalization of a publicly traded corporation. Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. Issued 4, 000 shares of 80 par preferred 5% stock at 100, receiving cash. r. Pinkberry Co. recorded total earnings of 240 ,000. Q:On January 6, Dee-Light Corporation issued for cash 22,750 shares of $2 par value common stock at, A:Common stock and preference stock are two types of stock issued by a company. On January 1, Year 1, a company had the following transactions: The Offering comprises of the Equity Private . What is the total amount invested (total paid-in capital) by all stockholders as of June 30? Date Accounts Debit Credit Jun. Best study tips and tricks for your exams. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. A sample can be as large as desired. Horngren'S Financial And Managerial Accounting, Tracie L. Miller-Nobles, Brenda L. Mattison. Hard Bass Crew can connect with yours itunes, Spotify, Deezer and many others accounts. Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. In my statistical stud . Cash flow statement Get plagiarism-free solution within 48 hours. Journalize the transactions. Journalize the entries to record the May 23, July 6, and September 15 transactions. A:Dividend is payable on No. 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. Explanations are not required. 2 Issued4,200. Sign up for free to discover our expert answers. 3 Cash Common Stock-$3 Par Value Equipment Jun. On February 14, Zentric Corporation issued at par value 44,000 shares of preferred 2% stock, 55 par for cash. Explanations are not required. Assume that there are no changes in common shares outstanding during 2018. 94% of StudySmarter users get better grades. Identify the different classes of stock that Voyage Comfort Specialists has outstanding. The amortization is determined using the straight-line method . Rocket Corp. earned net income of $153,040 and paid the minimum dividend to preferred stockholders for 2018. 5,000 shares of the $3 par value common stock. Journalize the declaration of a $500,000 dividend at June 30, 2018, and the payment of the dividend on July 20, 2018. 11. Explanations are not required. Requirement 1. Date Accounts Debit Credit May 19 Does the question reference wrong data/reportor numbers?