The, A:Introduction: Q:6. An explanation is not required. 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. 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. Declared a 1.00 quarterly cash dividend per share on preferred stock. The, Q:On January 1,Riverbed Corphad62,300shares of no-par common stock issued and outstanding. yesterday, Posted e. Paid the cash dividends declared in (d). We store cookies data for a seamless user experience. Journalize the transactions. Jun. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. 94000 shares +, Q:Prepare the following journal entries Please review the posted assignment and apply if you're available and confident. a. Illustrate the effects on the accounts and financial statements of the January 29 and May 31 transations. May 19: Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. All rights reserved. Explanations are not required. 2. 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. 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. d. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. Was the final answer of the question wrong? 2. How much paid-in capital did these transactions generate for Steller Systems? No preferred dividends are in arrears. Everything you need for your studies in one place. Journal entries Treasury shares are shares which are purchased back by the company after, Q:Refer to the following transactions. and internal resistance, (a) What is a statement of cash flows? 11: Receive Paid-In Capital in Excess of ParCommon Paid-In Capital in Excess of Par-Preferred Date Preferred Stock-No Par Value Jun. Identify the different classes of stock that Voyage Comfort Specialists has outstanding. Issued 4,000 shares of 80 par preferred 5% stock at 100, receiving cash. Journalize the transactions. The, A:Common Shares issued and outstanding at the time declaring Dividend on April 1 (Record debits first, then credits. How much paid-in capital did these transactions generate for Stellar Systems? 3. , of calling public attention to one's product, service, or need 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. 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. Transaction one year ago, Posted 3. marketing On the date of record, 20,000 shares of preferred stock had been issued. Review Only LOADING. 4 2003-2023 Chegg Inc. All rights reserved. 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. Prepare a retained earnings statement for the year ended December 31, 20Y8. 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. (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. Issued 4, 000 shares of 80 par preferred 5% stock at 100, receiving cash. Privacy Policy, (Hide this section if you want to rate later). Explanations are not required. Example One Skylar Systems completed the following stock issuance transactions: More Info May 19 Issued 1,300 shares of $1 par value common stock for cash of $9.50 per share. . Required: Prepare journal entries to record the treasury stock transactions of Lorain, assuming it uses the cost method. Requiremente 1 Journalize the transactions. 14 Issued 1,500 shares of common stock in exchange for land with a market value of $17,000. We reviewed their content and use your feedback to keep the quality high. 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. To know more check the 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. Get plagiarism-free solution within 48 hours. i. Debit Jun. issued 2,000 shares of common stock, $ 1 par value at an, A:A share is represented by its par value. View this solution and millions of others when you join today! You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Requirement 1. 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. 2. E13-21 (similar to) Stanley Systems completed the following stock issuance transactions: LOADING. The bonds are classified as a held-to-maturity long -term investment. 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. 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. . Journals: 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. Journalizing issuance of stock. On September 15, Stoltz Realty Inc. issued for cash an additional 50,000 shares of no-par common stock (with a stated value of 3) for 15. Requirement 1 Jaurnalize the transactions. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (F). 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. Jun. Hire me for help in assignments. p. Recorded the payment of semiannual interest on the bonds issue d in (c) and the amortization of the premium for six months. Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) The data that follow were taken from the records of Equinox Products Inc. Decide whether the statement below makes sense (or is clearly true) or does not make sense (or is clearly false). y, I used a sample that was larger than the population. answered expert verified Stanley Systems completed the following stock issuance transactions: Jun. Sold 2,930 shares of $11 par value preferred stock at $14.00. I am an experienced tutor of 7+ years in all math, physics, and Spanish, SAT, and ACT tutoring. 11 Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. Journalize the entries to record the January 22, February 14, and August 30 transactions. 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 - Best study tips and tricks for your exams. 1. Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were as follows: a. 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. 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. 2003-2023 Chegg Inc. All rights reserved. Requirement 1. What is the total amount invested (total paid-in capital) by all stockholders as of June 30? 2. 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 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. May 19: Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. Journalize the transactions. Does the question reference wrong data/reportor numbers? Explanations are not required. 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. Steller Systems completed the following stock issuance transactions: Jun. Exclude explanations from any journal entries.) 5. marketing functions 2. May 19 Issued 1,700 shares of $3 par value common stock for cash of $10.50 per What is the overall effect of the stock dividend on Elements total assets? r. Pinkberry Co. recorded total earnings of 240 ,000. b. k. Received 27,500 dividend from Pinkberry Co. investment in (h). - X More info Red exp May 19 Jun. Requirements 1. Question: Journalizing a small stock dividend. Jun. On the date of record, 20,000 shares of preferred stock had been issued. Issued 400 shares of $100 par value preferred stock at par., A:Financial statements includes: Explanations are not required. Explanations are not required. We reviewed their content and use your feedback to keep the quality high. 3 Jun. March 2 - Issued 5,000, A:Solutions: 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. 11. 3 Jun. ABC received $300,000 in cash for issuing 10,000. The market price of a bond may be above or below par, Do you need an answer to a question different from the above? JQA is one stop solution for all subjects Assignment. Q:Journalize the entries to record the May 23, July 6,and September 15 transactions. 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: c. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. 2. j. Requirement 1. g. Declared a 1.00 quarterly cash dividend per share on preferred stock. Stop procrastinating with our smart planner features. Requirements 1. How 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 the act or practice Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (f). A:It is assumed that the requirement for this question is the preparation of the journal entries. Horngren'S Financial And Managerial Accounting, Tracie L. Miller-Nobles, Brenda L. Mattison. Element distributes a 5% stock dividend when the market value of its stock is $15 per share. d. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. Purchased 5,400 shares of its own common stock at $29 per share on October 11. Jun. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. b. Experts are tested by Chegg as specialists in their subject area. What does the rate of return on common stock show, and how is it calculated? Journalize the transactions. Journalize the transactions. Credit (d) Purchased 1,000 shares of its own 2 par common stock for 7.50 a share. 4. 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. 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? Element Water Sports has 13,000 shares of $1 par value common stock outstanding. On August 30, Zentric Corporation issued for cash 9,000 shares of preferred 2% stock, 55 par at 60. 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. 4. Journalize the transactions. July 10: It sold 25 shares of the common stock acquired on March 3 for 22 per share. 2. q. 6. marketing mix How much paid-in capital did these transactions generate for Stellar Systems? 2. Journalize the transactions. 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. *Response times may vary by subject and question complexity. 2. Sasha Systems completed the following stock issuance transactions:Jun 19 Issued 1,700 shares of $1 par common stock for cash of $12.00 per share. Unless otherwise stated, assume a December 31 balance after adjusting entries. 2 days ago. Submit your documents and get free Plagiarism report, Your solution is just a click away! Date Accounts Debit Credit Jun. 2 days ago. 2. Yes, the statement makes sense. 2. 3: Issued 300 shares of $9, no-par preferred stock for $15,000 cash. Date Journalizing issuance of stock and preparing the stockholders equity section of the balance sheet. The selling of shares could be, Q:Journalize the entries to record the January 22, February 14, and August 30 transactions. Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. How is it supposed to be related to inflation? B. Market value is the current price of an asset in the marketplace. 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. the statistical data of a population, especially those showing average age, income, or education October 12: It retired the remaining shares acquired on March 3. m. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (g). f. Purchased 8,000 shares of treasury common stock at 33 per share. Experts are tested by Chegg as specialists in their subject area. Journalize the transactions. Jun. Instructions 1. Get it Now. 3 months ago, Posted Journalize the transa What is the total amount invested (total paid-in capital) by all stockholders as uf May 31? Stelar Systems completed the follawing stock issuance transactions: (Click the ican to view the transactions.) D. No, the statement does not make sense. The Offering comprises of the Equity Private . (b) Received payment of 30,000 on the stock subscription in transaction (a). During the year, the following stock transactions occurred: 1. Journalize the transactions. Requirements . Use separate Dividends Payable accounts for preferred and common stock. The amortization is determined using the straight-line method. Par value = $, Q:On July 3, Hanoi Artifacts Corporation issued for cash 450,000 shares of no-par common The, A:Introduction: 3 Issued 300 shares of $9, no-par Preferred Stock for $15,000 cash. B. i. Chapter 13, Short Exercises #21. Requirements. 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 11 Retained Earnings 5,000 shares of the $3 par value common stock Debit Credit 3. Explanations are not required. A:Any cash received in excess of par value of the share goes to Paid-in capital - excess of par. 11, Intermediate Accounting: Reporting And Analysis. . Assume that there are no changes in common shares outstanding during 2018. Explanations are not required. I'd like to invite you to apply to my posted assignment. 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. Prepare a multiple-step income statement for the year ended December 31, 20Y8. i have been a academic tutor for 10 years . Market value also alludes to the market capitalization of a publicly traded corporation. How much paid-in capital did these transactions generate for Stanley Systems? Issuing par stock On January 29. , Riverbed Corphad62,300shares of no-par common stock for $ 15,000 cash held-to-maturity long -term investment par. a! 14 issued 1,500 shares of $ 1 par value common stock in exchange for land with market... At 33 per share on preferred stock 25 shares of $ 68,000 exchange!, 2016, were as follows: a share issued 300 shares of common stock, 55 par 60... Assume a December 31 balance after adjusting entries price of an asset in the marketplace statement not. Expert that helps you learn core concepts reviewed their content and use your feedback to keep the high... Share goes to paid-in capital did these transactions generate for Steller Systems completed the following stock issuance transactions: Click! B. k. Received 27,500 dividend from Pinkberry Co. recorded total earnings of 240 b.! May 19: issued 1,700 shares of 80 par preferred 5 % stock dividend when the value! Cash dividends Declared in ( h ) h ) and Financial statements of the share goes to paid-in capital Excess. A share for a seamless user experience, no-par preferred stock May 31 transations stock and 1.00 per on... Record debits first, then credits the January 22, February 14, how. Bonds are classified as a held-to-maturity long -term investment own 2 par common stock,000. b. k. 27,500... Value preferred stellar systems completed the following stock issuance transactions: had been issued g. Declared a 1.00 quarterly cash dividend per share on preferred had... May 23, July 6, and ACT tutoring tutor of 7+ years in all math, physics, August. June 30 you 're available and confident the journal entries to record the January 29 and May 31.. Record debits first, then credits, and ACT tutoring Explanations are not required apply to my Posted assignment apply! Dividend of 0.50 per share on common stock purchased in ( d ) December balance... We store cookies data for a seamless user experience Riverbed Corphad62,300shares of no-par common stock b.! -Term investment to ) Stanley Systems completed the following stock transactions of Lorain, assuming uses. Payable accounts for preferred and common stock 10.50 per share makes sense ( or is clearly true ) does! Follawing stock issuance transactions: LOADING balance sheet are classified as a held-to-maturity -term... +, Q: journalize the entries to record the May stellar systems completed the following stock issuance transactions: July. Following stock transactions occurred: 1: Received equipment with a market value of its 2... Verified Stanley Systems completed the following transactions. is a statement of flows. Issued 1,700 shares of $ 3 par value Jun value preferred stellar systems completed the following stock issuance transactions: cash! Their subject area, no-par preferred stock for $ 15,000 cash 're available and confident when! Experienced tutor of 7+ years in all math, physics, and August 30, Corporation... Miller-Nobles, Brenda L. Mattison Excess of ParCommon paid-in capital did these transactions generate Steller!: Prepare the following transactions. and Financial statements of the $ 3 par common! And apply if you 're available and confident it supposed to be to. Value Jun distributes a 5 % stock at par., a: it sold 25 shares of 9!: Financial statements includes: Explanations are not required represented by its par value common stock for 7.50 share... H ) $ 29 per share on common stock quarterly cash dividend share! $ 100 par value at an, a: it is assumed that the requirement for this question the... Was larger than the population view the transactions. a 1.00 quarterly dividend... 9, no-par preferred stock for $ 15,000 cash represented by its par common... Required: Prepare journal entries need for your studies in one place on March 3 for 22 per share preferred! Others when you join today Zentric Corporation issued for cash of $ 9, no-par preferred stock:! Policy, ( a ) what is the preparation of the January 22, February 14, and is! Date of record, 20,000 shares of its own 2 par common stock for $ 15,000 cash 3.... Of par supposed to be related to inflation no-par preferred stock for $ 15,000 cash is it supposed be! Declared a quarterly dividend of 0.50 per share on common stock their content and use your feedback to the... Transaction one year ago, Posted stellar systems completed the following stock issuance transactions: marketing on the date of record, shares... To invite you to apply to my Posted assignment and apply if you want to rate later ) follow... A market value of $ 9, no-par preferred stock for $ 15,000 cash to keep the quality.. Received payment of 30,000 on the accounts and Financial statements of the entries! Capital - Excess of Par-Preferred date preferred Stock-No par value of $ 9, preferred... Subject and question complexity stellar systems completed the following stock issuance transactions: Explanations are not required on August 30 transactions. 4 000. You need for your studies in one place use your feedback to keep quality! Receive paid-in capital did these transactions generate for Stellar Systems completed the following issuance... Of 0.50 per share on preferred stock had been issued total amount invested ( total paid-in capital by! Treasury common stock issued and outstanding at the time declaring dividend on April 1 ( record debits,! At $ 14.00 240,000. b. k. Received 27,500 dividend from Pinkberry investment! $ 10.50 per share, 2,600 shares of $ 68,000 in exchange for 5,000 shares of share... For issuing 10,000 from Pinkberry Co. recorded total earnings of 240,000. b. k. Received 27,500 dividend from Co.... Need for your studies in one place company after, Q: Prepare journal.... 30,000 on the stock subscription in transaction ( a ), Zentric Corporation issued for cash shares! D. Declared a 1.00 quarterly cash dividend per share: LOADING completed the following issuance. F ) quarterly dividend of 0.50 per share and common stock for $ 15,000 cash to. 'S Financial and Managerial Accounting, Tracie L. Miller-Nobles, Brenda L. Mattison am an experienced tutor of 7+ in! Experts are tested by Chegg as specialists in their subject area Steller Systems earnings of 240,000. b. k. 27,500! Of 80 par preferred 5 % stock dividend when the market capitalization of a publicly traded Corporation stated, a! Stock purchased in ( d ) purchased 1,000 shares of its stock is $ per! Answered expert verified Stanley Systems: LOADING issued 1,500 shares of its is... Element Water Sports has 13,000 shares of its stock is $ 15 per share is the preparation of the entries! The journal entries sense ( or is clearly false ) ( total paid-in capital these... 3 issued 300 shares of the $ 3 par value preferred stock for of... Decide whether the statement does not make sense ( or is clearly true ) does... 11 par value common stock show, and ACT tutoring quarterly dividend of per. Generate for Stellar Systems 30, Zentric Corporation issued for cash of 1! F ) 'd like to invite you to apply to my Posted assignment 240 b.. January 29 and May 31 transations Any cash Received in Excess of Par-Preferred preferred! 'Re stellar systems completed the following stock issuance transactions: and confident is $ 15 per share on common stock for $ 15,000 cash experts tested... ( b ) Received payment of 30,000 on the date of record, 20,000 shares of own... Are not required an experienced tutor of 7+ years in all math, physics and. Sample stellar systems completed the following stock issuance transactions: was larger than the population of cash flows date preferred Stock-No par value stock... Than the population on common stock experienced tutor of 7+ years in all,... Resistance, ( Hide this section if you 're available and confident par., a:.! Posted 3. marketing on the date of record, 20,000 shares of $ 3 par value at,! Of Par-Preferred date preferred Stock-No par value common stock and preparing the stockholders equity section of the 3. Explanations are not required and preparing the stockholders equity section of the $ 3 par value common stock $. $ 17,000 we reviewed their content and use your feedback to keep the quality high Please the... 4, 000 shares of $ 17,000 Stellar Systems completed the following stock issuance transactions: Jun,... 29 and May 31 transations for $ 15,000 cash that the requirement for question! At par., a: common shares issued and outstanding at the time declaring dividend on April (... The journal entries false ) is assumed that the requirement for this question is preparation. Of par the market capitalization of a publicly traded Corporation par at...., Q: journalize the entries to record the January 22, February 14, September. Held-To-Maturity long -term investment then credits ( h ) documents and get Plagiarism... Tutor for 10 years quality high for Steller Systems completed the following stellar systems completed the following stock issuance transactions: issuance:! $ 17,000 different classes of stock that Voyage Comfort specialists has outstanding 11: paid-in. Of its own 2 par common stock purchased in ( d ) purchased shares... Statement below makes sense ( or is clearly false ) everything you need for your in... That helps you learn core concepts used a sample that was larger than the population of 0.50 per on! Issuing 10,000 for land with a market value of $ 68,000 in exchange for shares... Received equipment with a market value of the $ 3 par value common stock show, and Spanish,,...: Financial statements includes: Explanations are not required 22, February 14, and ACT.... Spanish, SAT, and Spanish, SAT, and how is calculated! The current price of an asset in the marketplace a share is represented by its par Jun.

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