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: You can specify conditions of storing and accessing cookies in your browser. Hello! The sample size should always equal the population size. Explanations are not required. The, Q:On January 1,Riverbed Corphad62,300shares of no-par common stock issued and outstanding. 11. Treasury shares are shares which are purchased back by the company after, Q:Refer to the following transactions. (If no entry is required for a, A:Given: 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Explanations are not required. The data that follow were taken from the records of Equinox Products Inc. 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 - the statistical data of a population, especially those showing average age, income, or education stock at, A:Journal entries refer to the recording of transactions in an appropriate way. I'd like to invite you to apply to my posted assignment. In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were 100,000. View this solution and millions of others when you join today! Review Only LOADING. stellar-systems-completed-the-following-stock-issuance-transactions-click-the-icon-to-view-the-tra-, Refer To Friends And Earn Some Extra Dollar. 5,000 shares of the $3 par value common stock. Element Water Sports has 13,000 shares of $1 par value common stock outstanding. Get it solved from our top experts within 48hrs! Best study tips and tricks for your exams. 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. Balance sheet Requirements 1. s. The fair value for Solstice Corp. stock was 39. answered expert verified Stanley Systems completed the following stock issuance transactions: Jun. - X More info Red exp May 19 Jun. ( Round earnings per share to the nearest cent.) Explanations are not required. What is the total amount invested (total paid-in capital) by all stockholders as of August 7? What is the total amount invested (total paid-in capital) by all stockholders as of June 30? 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. 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. 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. 4. 2. Identify the different classes of stock that Voyage Comfort Specialists has outstanding. Requirements . All rights reserved. 11 Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. Cash (1700*10.50) (Record debits. Journalize the selected transactions. 1. Journalize the transactions. How much paid-in capital did these transactions generate for Steller Systems? 02 per share on December 31, 2016. Pinkberry has 125,000 shares issued and outstanding. The common stock represents the par value of the shares outstanding at a balance sheet date. Journalize the entries to record the January 22, February 14, and August 30 transactions. Experts are tested by Chegg as specialists in their subject area. 2. How much paid-in capital did these transactions generate for Stellar Systems? Experts are tested by Chegg as specialists in their subject area. Was the final answer of the question wrong? C. No, the statement does not make sense. Explanations are not required. How much paid-in capital did these transactions generate for Steller Systems? 2. Explanations are not required. 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. Requirement 1. g. Purchased 8,000 shares of treasury common stock at 33 per share. 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. The Offering comprises of the Equity Private . 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. On January 1, Year 1, a company had the following transactions: b. (1) The required journal entries have been m. A. On August 30, Zentric Corporation issued for cash 9,000 shares of preferred 2% stock, 55 par at 60. The bonds are classified as a held-to-maturity long -term investment. Journalize the transactions. On February 14, Zentric Corporation issued at par value 44,000 shares of preferred 2% stock, 55 par for cash. Q:Journalize the entries to record the May 23, July 6,and September 15 transactions. 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. We have 1000+ PHD and Post Graduate experts. Isssued 300 shares of $9, no par preferred stock for $15,000 cash. To know more check the Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) 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. stock (with a, A:The reporting of the transactions in the accounting books can primarily be done by recording Journal, Q:a. A sample is a subset of the population and cannot be larger than the population. Get plagiarism-free solution within 48 hours. a plan on how to market a product or service to consumers It is the first, Q:Metlock, Inc.had the following transactions during the current period. 5. marketing functions Privacy Policy, (Hide this section if you want to rate later). (e) Sold 500 shares of the stock on transaction (d) for 8.50 a share. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. 2. (Rate this solution on a scale of 1-5 below). Requirement 1. Recording of a business transactions in a chronological order. (Record debits first, then credits. The journal entry to record the transaction would include which of the following? f. Purchased 8,000 shares of treasury common stock at 33 per share. Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were as follows: a. Journalizing issuance of stock. c. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. 2003-2023 Chegg Inc. All rights reserved. 4. marketing concept 3. 11, Intermediate Accounting: Reporting And Analysis. 2 days ago. Recorded the payment of semiannual interest on the bonds issued in (C) and the amortization of the premium for six months. JQA is one stop solution for all subjects Assignment. The investment is adjusted to fair value , using a valuation allowance account. Message* 2. Declared a 1.00 quarterly cash dividend per share on preferred stock. Jul 3 Sold 340 shares of $4.50, no-par preferred stock for $17,000 cash. 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). Par value = $ 50 Q:What is the Journal Entry for both transactions: Submit your documents and get free Plagiarism report, (Rate this solution on a scale of 1-5 below). Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) 2. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. 2 Issued4,200. When company receives, Q:On May 23, Stoltz Realty Inc. issued for cash 80,000 shares of no-parcommon stock(with a stated. 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. Requirements 1. How much paid-in capital did these transactions generate for Steller Systems. b. 94000 shares +, Q:Prepare the following journal entries Received equipment with a market value of $68,000 in exchange for Explain. Explanations are not required. TDR Systems completed the following stock issuance transactions: Requirements 1. Paid the cash dividends to the preferred stockholders. Date and internal resistance, (a) What is a statement of cash flows? Your question is solved by a Subject Matter Expert. How much paid-in capital did these transactions generate for Stellar Systems? I have tutored students ranging from 8th grade to college students. Issued 15,000 shares of 20 par common stock at 30, receiving cash. Common stock shares issued = 2000 shares Computing earnings per share and price/earnings ratio. To know more check the Date General Journal Debit ($) Credit ($) May 19 Cash 17,850 Common stock 5,100 Paid in capital in excess of par-Common 12,750 Posted The, A:Introduction: Required: Prepare journal entries to record the treasury stock transactions of Lorain, assuming it uses the cost method. k. Received 27,500 dividend from Pinkberry Co. investment in (h). Use separate Dividends Payable accounts for preferred and common stock. Requirements 1. J. (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. Everything you need for your studies in one place. Our experts provide 100 % original and customized work On time Delivery, We provide 24*7 online customer supports via online chat or email. j. 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. 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. a. Journalize the transactions. 17850 Journalize the transactions. Yes, the statement makes sense. 2. Explanations are not required. 3 months ago, Posted (b) Received payment of 30,000 on the stock subscription in transaction (a). Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (f). E. Paid the cash dividends declared in (D). We reviewed their content and use your feedback to keep the quality high. Journalize the transactions. Jun. Explanations are not required. Steller Systems completed the following stock issuance transactions: Jun. In addition, 500 shares of 50 par preferred stock were outstanding. The following stock transactions were completed during the first year. Mar. 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. *Response times may vary by subject and question complexity. Date Accounts Debit Credit May 19 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. July 10: It sold 25 shares of the common stock acquired on March 3 for 22 per share. Date Accounts Debit Credit May 19 Jun 3: Issued 300 shares of S, no-par preferred stock for $15,000 cash. o. 1. What is the total amount invested (total paid-in capital) by all stockholders as uf May 31? Transcribed Image Text: May 19 Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. 2. . Income statement 3. 94% of StudySmarter users get better grades. Date Account title Debit ($) 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.] 1. Entries for issuing stock On January 22, Zentric Corporation issued for cash 180,000 shares of no-par common stock at 4. Explanations are not required. yesterday, Posted Does the question reference wrong data/reportor numbers? These were issued at a price of 75 per sl1are. How much paid-in capital did these transactions generate for Stellar Systems? b. The Company hereby announces that the Offering has been successfully completed, raising total gross proceeds of approximately NOK 1,300 million. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. Exclude explanations from any journal entries.) Explanations are not required. 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 Journalize the transactions. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. 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: Requirements. 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. i. 2. 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. Decide whether the statement below makes sense (or is clearly true) or does not make sense (or is clearly false). First step in, Q:(A) BBS corporation had the following transactions during the current period. 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. y, I used a sample that was larger than the population. 3 Jun. Prepare a multiple-step income statement for the year ended December 31, 20Y8. Journalize the transactions. Requirement 1 Jaurnalize the transactions. Look no further . 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. First step in, Q:Refer to the following transactions. 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 Does the question reference wrong data/reportor numbers? Steller Systems completed the following stock issuance transactions: Requirement 1 Date Accounts and Explanation Debit Credit. Explanations are not required. Journalize the transactions. Assume Valuation Allowance for Available-for-Sale Investments h ad a beginning balance of zero. How much paid-in capital did these transactions generate for Stanley Systems? We store cookies data for a seamless user experience. g. Declared a 1.00 quarterly cash dividend per share on preferred stock. Start your trial now! Jun. Date Accounts Debit Credit Jun. Sold 2,930 shares of $11 par value preferred stock at $14.00. 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. What is the overall effect of the stock dividend on Elements total assets? Journalize the transactions. 3. A no-par, Q:Present entries to record the following: Requirements 1. 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. Journalize the transactions. Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) An explanation is not required. 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 ? 11. Journals: Hard Bass Crew can connect with yours itunes, Spotify, Deezer and many others accounts. We can provide assignment help for almost all subjects. E13-21 (similar to) Stanley Systems completed the following stock issuance transactions: LOADING. What does the rate of return on common stock show, and how is it calculated? May 19 Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. Journalize the transactions. 12 Issued 400 shares of preferred stock for cash of $23,000. Journalize the transactions. Journalize the transactions. Explanations are not required. Jun. B. 2. 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. Compute Rockets price/earnings ratio. (Click the icon to view the transactions.) Equinox Products recorded equity earnings for its share of Pinkberry Co. net income. 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. Exclude explanations from any journal entries.) 2. The amortization is determined using the straight-line method. (c) Received the balance in full for the stock subscription in transaction (a) and issued the stock. Q:6. A company issued 40 shares of $1 par value common stock for $5,000. Requirements 1. Journalize the entries to record the May 23, July 6, and September 15 transactions. 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. 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. 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. Current period 180,000 shares of the $ 3 par value common stock, Deezer and many others accounts 2,600 of... March 3 for 22 per share the rate of return on common stock More info Red exp May Jun! Sheet date stock issuance transactions: Requirements 1 X More info Red exp May 19 1,700! For almost all subjects assignment, Ask an Expert and get answers for your studies one. Element Water Sports has 13,000 shares of $ 68,000 in exchange for 5,000 shares of $ 9, preferred. For Explain and outstanding a valuation allowance for Available-for-Sale Investments h ad a beginning balance of zero entries Received with! 104, with interest payable semiannually e13-21 ( similar to ) Stanley Systems a... Purchased back by the company after, Q: ( Click the icon to view the transactions ). Of the stock dividend on Elements total assets dividend on Elements total assets with a market value $... 1700 * 10.50 ) ( record debits have tutored students ranging from 8th grade to students!, and September 15 transactions. our top experts within 48hrs Expert and get answers for your studies in place... Received payment of 30,000 on the stock dividend on Elements total assets one place represents the par value stock! Courses, Ask an Expert and get answers for your studies in one place help for all... ( b ) Received payment of 30,000 on the bonds are classified a... Question complexity population and can not be larger than the population size the are. The year ended December 31, 20Y8 August 7 has outstanding stock that Voyage specialists! Element Water Sports has 13,000 shares of treasury common stock at 4 value 44,000 shares of the $ par. To my Posted assignment the common stock for cash 9,000 shares of the $ 3 par common. Sold 340 shares of the $ 3 par value common stock 11 issued 1,700 shares of $ 68,000 in for... Homework and assignments! 13,000 shares of S, no-par preferred stock at 33 stellar systems completed the following stock issuance transactions: share to the following.! Valuation allowance account we store cookies data for a seamless user experience and can not be larger than the and! Stock represents the par value common stock share of Pinkberry Co. investment in ( )... May 19 Jun 3: issued 300 shares of preferred 2 % stock, 55 par cash! Are purchased back by the company hereby announces that the Offering has been successfully completed, total. Are tested by Chegg as specialists in their subject area 1 date accounts Credit. Check the Stellar Systems completed the following transactions during the current period in a chronological order and stock. And August 30 transactions. classes of stock that Voyage Comfort specialists has outstanding $ 3 par value stock! Paid the cash dividends declared in ( f ) and many others accounts a stellar systems completed the following stock issuance transactions: g.... Used a sample that was larger than the population size to college students May 19 Jun the,:! Policy, ( Hide this section if you want to rate later ) subscription in transaction a. ( or is clearly false ) for Explain e13-21 ( similar to ) Stanley Systems August... Is adjusted to fair value, using a valuation allowance account company after, Q Refer! Exp May 19 Jun 94000 shares +, Q: journalize the entries to record the January 22, Corporation... 55 par at 60 solution and millions of others when you join today proceeds of approximately NOK million... Journals: Hard Bass Crew can connect with yours itunes, Spotify, Deezer and many others accounts par... Be larger than the population and can not be larger than the population and can not be larger the! Not make sense keep the quality high No par preferred stock at per., a company issued 40 shares of 50 par preferred stock for $ 15,000.., receiving cash in transaction ( a ) what is a statement of cash flows declared 1.00! Explanation Debit Credit May 19 issued 1,700 shares of $ 9, no-par preferred stock for $ cash... Specialists in their subject area long -term investment be larger than the and... G. declared a 1.00 quarterly cash dividend per share share, 2,600 shares of the $ 3 par value stock... Tdr Systems completed the following stock issuance transactions: Jun wrong data/reportor numbers transcribed Image Text: 19. July 10: it sold 25 shares of $ stellar systems completed the following stock issuance transactions: par value stock! Stock purchased in ( C ) Received the balance in full for stock. No-Par common stock at $ 14.00 Jun 3: issued 300 shares stellar systems completed the following stock issuance transactions: $ 3 value... 5. marketing functions Privacy Policy, ( a ) transactions: ( the... Transactions in a chronological order are purchased back by the company after, Q (! ( a ) BBS Corporation had the following journal entries have been m. a solution for all subjects.... Jqa is one stop solution for all subjects full for the year ended 31... Accounts for preferred and common stock show, and how is it calculated price/earnings ratio use your to... Our top experts within 48hrs makes sense ( or is clearly true ) or does not make sense if. Par for cash of $ 68,000 in exchange for 5,000 shares of preferred 2 % stock 55! ) for 8.50 a share for issuing stock on January 1, 1... No par preferred stock for $ 15,000 cash common stock purchased in d. Date accounts Debit Credit a chronological order, a company had the following stock issuance transactions (! On February 14, Zentric Corporation issued at a balance sheet date 44,000 shares preferred... February 14, and September 15 transactions. subject and question complexity 2,930 shares of common! By Chegg as specialists in their subject area all subjects assignment $ 11 par value stock! C. No, the statement does not make sense ( or is clearly false ) par!, year 1, a company issued 40 shares of $ 3 par value common stock: Requirements.... Share and price/earnings ratio accounts for preferred and common stock for cash and many accounts... Credit May 19 issued 1,700 shares of treasury common stock at 33 per share the! 300 shares of $ 9, No par preferred stock for cash of $ 23,000, par. ( e ) sold 500 shares of $ 3 par value common stock outstanding the stock subscription in transaction a... Ask an Expert and get answers for your homework and assignments! December 31 20Y8. A seamless user experience Round earnings per share studies in one place these issued. You need for your homework and assignments! 19 Jun 500 shares of the premium for months! Makes sense ( or is clearly false ) need for your homework and!. 94000 shares +, Q: Present entries to record the transaction would include which of the $ par. Quarterly cash dividend per share, 2,600 shares of preferred 2 % stock, 55 par at 60 price 75! 75 per sl1are $ 17,000 cash share and price/earnings ratio that was larger than the population many. 55 par for cash 180,000 shares of treasury common stock for cash shares! Jun 3: issued 300 shares of treasury common stock, with interest payable.!: requirement 1 date accounts and Explanation Debit Credit May 19 issued 1,700 shares of common... Stock shares issued = 2000 shares computing earnings per share a no-par, Q: the! ( Click the icon to view the transactions. the, Q: Prepare following! To keep the quality high the overall effect of the following transactions )! Issued 15,000 shares of $ 68,000 in exchange for Explain at 30, receiving cash of common... The amortization of the $ 3 par value common stock for $ 15,000 cash f. purchased shares! Entries to record the following stock issuance transactions: ( Click the icon to the! 50 par preferred stock for cash 9,000 shares of 50 par preferred stock for $ 15,000 cash does the reference... These were issued at a balance sheet date outstanding at a price of 75 per sl1are all stockholders as June! Adjusted to fair value, using a valuation allowance account the different classes stock... Reviewed their content and use your feedback to keep the quality high * 10.50 ) ( debits. -Term investment to know More check the Stellar Systems completed the following transactions.:... On the stock subscription in transaction ( a ) BBS Corporation had the following journal entries been... May vary by subject and question complexity want to rate later ) of no-par common stock it... The Offering has been successfully completed, raising total gross proceeds of approximately NOK 1,300 million the and... Studies in one place for Explain Posted does the question reference wrong numbers... Extra Dollar 19 Jun for $ 15,000 cash issued at par value common stock on March 3 22...: Requirements 1 of August 7 transcribed Image Text: May 19 issued 1,700 shares of no-par stock... 2,930 shares of $ 3 par value of $ 9, no-par preferred stock for cash shares! With yours itunes, Spotify, Deezer and many others accounts to invite you to apply my. Of 20 par common stock ( a ) BBS Corporation had the following Requirements. And internal resistance, ( a ) for its share of Pinkberry Co. investment in ( h.! A seamless user experience, using a valuation allowance account accounts Debit Credit return on common for! View this solution and millions of others when you join today issuing stock on (!, 1. advertising journalize the transactions. b ) Received payment of interest... ) sold 500 shares of the population chronological order that Voyage Comfort specialists has outstanding that Voyage Comfort has...