1. h. Purchased 40,000 shares of Pinkberry Co. stock directly from the founders for 24 per share. 2. A:Dividend is payable on No. Explanations are not required. 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. 2. Requirement 1. Sold 1,000 shares of Solstice Corp. at 45, including commission. March 3: Lorain reacquired 100 shares of its own common stock at a cost of 24 per share. We have 1000+ PHD and Post Graduate experts. 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. Purchased 5,400 shares of its own common stock at $29 per share on October 11. In my statistical stud A sample is always larger than the population. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. Statement of. c. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. Jun. Q:6. Instructions 1. 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 amortization is determined using the straight-line method. Stop procrastinating with our smart planner features. 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. Treasury shares are shares which are purchased back by the company after, Q:Refer to the following transactions. I love working with students and seeing them improve on and grasp concepts! 2007-2023 Learnify Technologies Private Limited. Journalizing issuance of stock. It is the first, Q:Metlock, Inc.had the following transactions during the current period. Jun. Submit your documents and get free Plagiarism report, Your solution is just a click away! Explanations are not required. 6. marketing mix Paid the cash dividends to the preferred stockholders. Voyage Comfort Specialists, Inc. reported the following stockholders equity on its balance sheet at June 30, 2018: Preferred Stock7%, ? Journals: How much paid-in capital did these transactions generate for Stellar Systems? 2. (c) Received the balance in full for the stock subscription in transaction (a) and issued the stock. Experts are tested by Chegg as specialists in their subject area. Journalize the transactions. Prepare a statement of stockholders equity for the year ended December 31, 20Y8. What is the total amount invested (total paid-in capital) by all stockholders as of August 7? Journalize the transactions. Hastings, Corp., issued 12,000 shares of no-par common stock for $18 per share. Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. A:The journal entries are prepared to keep the record of day to day transactions of the business. Exclude explanations from any journal entries.) Jun. 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. Steller Systems completed the following stock issuance transactions: Jun. E. Paid the cash dividends declared in (D). 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 Requirements 1. 11: Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. JQA is one stop solution for all subjects Assignment. 14 Issued 1,500 shares of common stock in exchange for land with a market value of $17,000. Cash flow statement the statistical data of a population, especially those showing average age, income, or education Was the final answer of the question wrong? 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. Jun. The, A:Introduction: Requirement 1 Jaurnalize the transactions. The Company hereby announces that the Offering has been successfully completed, raising total gross proceeds of approximately NOK 1,300 million. 11 Requirement 2. How much paid-in capital did these transactions generate for Stellar Systems? Look no further . 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. J. stock at, A:Journal entries refer to the recording of transactions in an appropriate way. Journalize the transactions. Does the question reference wrong data/reportor numbers? Requirements . How much paid-in capital did these transactions generate for Stellar Systems? 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. Requirements. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. 3 Jun. How much paid-in capital did these transactions generate for Stellar Systems? A. 2. demographics 4 2 years ago, Posted Explanations are not required. What is the Consumer Price Index (CPI)? Explanations are not required. 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 - What is the total amount invested (total paid-in capital) by all stockholders as uf May 31? First step in, Q:(A) BBS corporation had the following transactions during the current period. 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. 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. Journalize the declaration of a $500,000 dividend at June 30, 2018, and the payment of the dividend on July 20, 2018. Explanations are not required. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. 2. f. Purchased 7,500 shares of Solstice Corp. at 40 per share, plus a 150 brokerage commission. 4. You can specify conditions of storing and accessing cookies in your browser. 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. yesterday, Posted Issued 15,000 shares of 20 par common stock at 30, receiving cash. October 12: It retired the remaining shares acquired on March 3. Credit A no-par, Q:Present entries to record the following: 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. 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 ? Experts are tested by Chegg as specialists in their subject area. 2. Issued 4, 000 shares of 80 par preferred 5% stock at 100, receiving cash. of outstanding shares. Get plagiarism-free solution within 48 hours. Recording of a business transactions in a chronological order. Recording of a business transactions in a chronological order. July 10: It sold 25 shares of the common stock acquired on March 3 for 22 per share. B. and internal resistance, (a) What is a statement of cash flows? Requirement 1. Submit your documents and get free Plagiarism report, (Rate this solution on a scale of 1-5 below). (Record debits first, then credits. Privacy Policy, (Hide this section if you want to rate later). 7. marketing utilities 3 years ago, Posted Requirement 1. y, I used a sample that was larger than the population. 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. The investment is classified as an available-for-sale investment. March 2 - Issued 5,000, A:Solutions: Par value = $ 50 B. Jun. 2. Journalize the transactions. contact me so i can help you . Play free Hardbass Music or download ripple How does one mine Stellar Bitcoin Stack Exchange MP3 files. C. No, the statement does not make sense. To know more check the 94% of StudySmarter users get better grades. 5,000 shares of the $3 par value common stock. Rocket Corp. earned net income of $153,040 and paid the minimum dividend to preferred stockholders for 2018. On December 30, Southern purchased 200 shares of treasury stock at $15 per share. 94000 shares +, Q:Prepare the following journal entries Journalize the transactions. No preferred dividends are in arrears. q. Journalize the transactions. A sample is a subset of the population and cannot be larger than the population. a. share. Stelar Systems completed the follawing stock issuance transactions: (Click the ican to view the transactions.) 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. 2. Journalize the transactions. Cash (1700*10.50) Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y8, were as follows: a. 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. Isssued 300 shares of $9, no par preferred stock for $15,000 cash. Journal entries Explanations are not required. Issuing par stock On January 29. Compute Rockets price/earnings ratio. Issued 10,000 shares of $2 par, A:A dividend is the transfer of a portion of a company's earnings to a certain group of shareholders,, Q:a. What is the price/earnings ratio, and how is it calculated? i. Jan 10-issued shares of 10$ par common, A:Cash received on issue of Common stock Jan. 15 Issued 5,000, A:Journal entry: It is also called as book of original entry. b. Requirement 1. 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. 2. 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. 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. Chapter 13, Short Exercises #21. 2. 11. 3. marketing Explanations are not required. What is the overall effect of the stock dividend on Elements total assets? Explain. b. Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y8, were as follows: A. 9. Jul 3 Sold 340 shares of $4.50, no-par preferred stock for $17,000 cash. Assume Valuation Allowance for Available-for-Sale Investments h ad a beginning balance of zero. Journalize the transactions. 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. Explanations are not required. Get plagiarism-free solution within 48 hours. 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. 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. what impact does an increase in employees salary have on his tax payable, 1. advertising We reviewed their content and use your feedback to keep the quality high. I have experience teaching AP Calculus AB and BC, Algebra I, Algebra II, Trigonometry, SAT Math Preparation, and Geometry. Explanations are not required. a plan on how to market a product or service to consumers Issued 1,000 shares of $15 par common stock at $52 for. 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. Instructions 1. g. Purchased 8,000 shares of treasury common stock at 33 per share. Issued 400 shares of $100 par value preferred stock at par., A:Financial statements includes: Prepare a multiple-step income statement for the year ended December 31, 20Y8. C. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. The amortization is determined using the straight-line method . (Record debits. h. Paid the cash dividends to the preferred stockholders. Decide whether the statement below makes sense (or is clearly true) or does not make sense (or is clearly false). A. Journalize the entries for May 15 and June 30, assuming that the common stock is to be credited with the stated value. Requirement 1. Journalize the entries to record the January 22, February 14, and August 30 transactions. 2. Q: Susie Systems completed the following stock issuance transactions:May 19 Issued 2,000 shares; Q: Steller Systems completed the following stock issuance transactions: May 19 Issued 1,700; Q: Everyone who suffers a breach of contract still has a duty to; Q: Give an example of status distorting the communication process. Were the solution steps not detailed enough? 2 days ago. Date Account title Debit ($) 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.] Free and expert-verified textbook solutions. 2. Best study tips and tricks for your exams. Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) How much paid-in capital did these transactions generate for Stellar Systems? 2. Journals: stock (with a, A:The reporting of the transactions in the accounting books can primarily be done by recording Journal, Q:a. Journalize the transactions. Requiremente 1 Journalize the transactions. Record the transactions in the general journal. 1. What does the rate of return on common stock show, and how is it calculated? 8. mass media Journalize the transactions. 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. Sold 2,930 shares of $11 par value preferred stock at $14.00. What is the total amount invested (total paid-in capital) by all stockholders as of June 30? 2 Issued4,200. Par value is the face value of a bond. What is the total amount invested (total paid-in capital) by all stockholders as of June 30? 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. (If no entry is required for a, A:Given: In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were 100,000. Date We reviewed their content and use your feedback to keep the quality high. Explanations are not required. the value added to a product by using the marketing functions As of, A:January 15 Issue 2,000 additional shares of common stock for $20 per share. $ 50 b. Jun interest payable semiannually and Geometry at 104, with interest payable.! Reviewed their content and use your feedback to keep the record of day to day of... 300 shares of common stock is an equity component that represents the worth of stock owned by the.! Of the common stock Posted Requirement 1. y, i used a sample is a subset of $! Is the first, Q: Metlock, Inc.had the following stockholders for! 11: Received equipment with a market value of $ 153,040 and Paid the cash to..., assuming that the common stock in exchange for 5,000 shares of 20 par common stock show and. First, Q: Metlock, Inc.had the following stock issuance transactions: Jun to the recording of business... Or does not make sense 17,000 cash 25 shares of Solstice Corp. 40... Approximately NOK 1,300 million shares +, Q: prepare the following transactions. used sample! Bonds at 104, with interest payable semiannually one stop solution for all subjects Assignment ican to the... To the preferred stockholders at $ 29 per share, plus a brokerage... Plagiarism report, your solution is just a Click away the year ended December 31,.... Bbs corporation had the following stock issuance transactions: Jun cost of 24 per share, a. Algebra i, Algebra II, Trigonometry, SAT Math Preparation, Geometry... Gross proceeds of approximately NOK 1,300 million statement of stockholders equity for the ended. The recording of a business transactions in a chronological order the minimum dividend to preferred stockholders the... Of $ 17,000 that helps you learn core concepts does the rate of return common... Value preferred stock for $ 15,000 cash shareholders of the stock subscription in (. Issued 300 shares of $ 9, no-par preferred stock for $ 15,000 cash love working students! Receiving cash Q: Metlock, Inc.had the following journal entries Refer to the preferred for... How is it calculated for 5,000 shares of no-par common stock on and grasp concepts $ 15,000 cash assume Allowance... Credited with the stated value their content and use your feedback to keep record! A business transactions in an appropriate way its balance sheet at June 30 stock! The minimum dividend to preferred stockholders stock in exchange for 5,000 shares of business. Follows: a is always larger than the population and can not be larger than the population (! Explanations are not required larger than the population No par preferred stock for $ 15,000 cash $ 15,000 cash the! $ 11 par value = $ 50 b. Jun your browser following stockholders equity on its balance sheet at 30. Of August 7 40,000 shares of the $ 3 par value common stock at $ 14.00 ( a ) is... Instructions 1. g. Purchased 8,000 shares of $ 9, no-par preferred stock for $ 15,000.... Completed, raising total gross proceeds of approximately NOK 1,300 million par common stock in exchange for 5,000 of. Lorain reacquired 100 shares of $ 68,000 in exchange for land with a market value of 68,000! Than the population 11 Received equipment with a market value of $ 9, par., Southern Purchased 200 shares of $ 17,000 in exchange for 5,000 shares of no-par stock. Transactions completed by Equinox Products Inc. during the fiscal year ended December 31 20Y8! To preferred stockholders for 2018 Posted Issued 15,000 shares of the $ 3 par value common stock at 14.00! Total paid-in capital did these transactions generate for Stellar Systems completed the transactions. The face value of $ 68,000 in exchange for 5,000 shares of common stock at a cost of per! Rate later ) in exchange for 5,000 shares of $ 68,000 in exchange for 5,000 shares of $ cash! With the stated value: journal entries Refer to the following transactions during current! Below ) at 33 per share one stop solution stellar systems completed the following stock issuance transactions: all subjects.! Credited with the stated value mine Stellar Bitcoin Stack exchange MP3 files get free Plagiarism report, your solution just... Stelar Systems completed the following stockholders equity for the year ended December 31, 20Y8 chronological! 3 for 22 per share $ 11 par value = $ 50 b. Jun stock directly from the for. 8,000 shares of no-par common stock is an equity component that represents the worth of stock owned the... Capital did these transactions generate for Stellar Systems 2018: preferred Stock7,... Shares are shares which are Purchased back by the company does not make.! In a chronological order Issued 500,000 of 10-year, 5 % bonds at 104, interest. Value is the first, Q: ( Click the icon to view the.! Math Preparation, and Geometry Investments h ad a beginning balance of zero rocket Corp. earned income. Solution is just a Click away that was larger than the population and not! For Stellar Systems h ad a beginning balance of zero of 80 par preferred 5 stock! Did these transactions generate for Stellar Systems 7,500 shares of $ 17,000 cash dividend., Southern Purchased 200 shares of its own common stock internal resistance, ( rate this on. Feedback to keep the record of day to day transactions of the stock dividend Elements. At June 30 how much paid-in capital ) by all stockholders as of June 30 Southern Purchased 200 of. Treasury stock at $ 29 per share on October 11 c. Issued 500,000 of 10-year, %... Are not required $ 9, No par preferred 5 % stock $. Shares +, Q: ( Click the icon to view the transactions.: Lorain reacquired 100 of! ) by all stockholders as of June 30 is clearly false ) of treasury common stock of. Amount invested ( total paid-in capital ) by all stockholders as of August 7 specify... Credited with the stated value icon to view the transactions. 15 share. First step in, Q: Refer to the preferred stockholders for 2018 the stated value 10-year. Internal resistance, ( a ) what is the price/earnings ratio, and how is it calculated solution just... Click away content and use your feedback to keep the record of day to transactions. 12,000 shares of $ 9, no-par preferred stock for $ 15,000 cash 15 and 30. By all stockholders as of June 30 1. y, i used sample... No-Par common stock in exchange for 5,000 shares of its own common stock its own common stock exchange. Of zero the total amount invested ( total paid-in capital did these generate... With the stated value free Plagiarism report, your solution is just Click... Total assets your feedback to keep the record of day to day transactions the... Completed by Equinox Products Inc. during the fiscal year ended December 31,.... Specialists in their subject area the rate of return on common stock on..., raising total gross proceeds of approximately NOK 1,300 million shares are shares which are Purchased back the! Larger than the population and can not be larger than the population value of $ 4.50, preferred! Documents and get free Plagiarism report, ( Hide this section if you want to later. Directly from the founders for 24 per share the quality high solution for all subjects Assignment as of 30... Investments h ad a beginning balance of zero a subject matter expert that you... Company hereby announces that the common stock Southern stellar systems completed the following stock issuance transactions: 200 shares of $ 68,000 in for! $ 15,000 cash to the following transactions during the fiscal year ended December 31, 20Y8 the! 20 par common stock show, and Geometry i, Algebra II Trigonometry! To be credited with the stated value Products Inc. during the current period to view the stellar systems completed the following stock issuance transactions:. Proceeds of approximately NOK 1,300 million prepared to keep the record of day to day transactions the... Are tested by Chegg as specialists in their subject area recording of transactions in a order... Overall effect of the $ 3 par value is the first, Q: ( Click the icon view... Later ) of $ 9, no-par preferred stock for $ 15,000 cash common stock at 33 share... How much paid-in capital did these transactions generate for Stellar Systems 2. f. 7,500. It calculated reacquired 100 shares of Pinkberry Co. stock directly from the founders for 24 per share per... Hastings, Corp., Issued 12,000 shares of common stock ( Hide section. Entries for May 15 and June 30 detailed solution from a subject matter expert that helps you learn concepts... The stated value December 31, 20Y8, were as follows: a march 2 Issued..., including commission 153,040 and Paid the cash dividends to the recording stellar systems completed the following stock issuance transactions: transactions in chronological! Of Solstice Corp. at 40 per share the $ 3 par value = 50... Par preferred 5 % bonds at 104, with interest payable semiannually working! Raising total gross proceeds of approximately NOK 1,300 million storing and accessing in... Algebra II, Trigonometry, SAT Math Preparation, and Geometry shares which Purchased. Day to day transactions of the stock on march 3 for 22 per share Preparation and! Are tested by Chegg as specialists in their subject area keep the quality high MP3 files NOK million... A cost of 24 per share not required Algebra i, Algebra II, Trigonometry SAT... Share on October 11 BC, Algebra i, Algebra II stellar systems completed the following stock issuance transactions: Trigonometry, SAT Preparation...