Prepare a statement of stockholders equity for the year ended December 31, 20Y8. 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. (e) Sold 500 shares of the stock on transaction (d) for 8.50 a share. Stelar Systems completed the follawing stock issuance transactions: (Click the ican to view the transactions.) Yes, the statement makes sense. Requirements 1. 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. 2. Requirement 1. What does the rate of return on common stock show, and how is it calculated? Voyage Comfort Specialists, Inc. reported the following stockholders equity on its balance sheet at June 30, 2018: Preferred Stock7%, ? Par Value; 625,000 shares, authorized, 280,000 shares issued and outstanding, Paid-In Capital in Excess of ParCommon 2,900,000, Common Stock$1 Par Value; 3,000,000 shares, authorized, 1,340,000 shares issued and outstanding. Par value = $ 50 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. 11: Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. Purchased 5,400 shares of its own common stock at $29 per share on October 11. The journal entry to record the, A:A Journal is made to record all the business transactions in chronological order. 2. Common stock shares = $ 5,600 2. 3 Jun. 2 years ago, Posted 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. Requirements 1. 9. target market (Record debits first, then credits. Journalize the transactions. The investment is adjusted to fair value , using a valuation allowance account. List the major functions of financial markets and institutions in a modern financial system. 53000, Q:On February 13, Elman Corporation issued for cash 75,000 shares of no-par common 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 . We reviewed their content and use your feedback to keep the quality high. Journalize the transactions. B. May 19: Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. Look no further . 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. j. the value added to a product by using the marketing functions Organization expense yesterday, Posted Stop procrastinating with our smart planner features. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (f). 2. I. (1) The required journal entries have been m. f. Purchased 8,000 shares of treasury common stock at 33 per share. Hire me for help in assignments. Sold 2,930 shares of $11 par value preferred stock at $14.00. Sold 1,000 shares of Solstice Corp. at 45, including commission. . of outstanding shares. On August 30, Zentric Corporation issued for cash 9,000 shares of preferred 2% stock, 55 par at 60. Journalize the transactions. The investment is classified as an available-for-sale investment. 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. Does the question reference wrong data/reportor numbers? 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. Everything you need for your studies in one place. r. Pinkberry Co. recorded total earnings of 240 ,000. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. h. Purchased 40,000 shares of Pinkberry Co. stock directly from the founders for 24 per share. Hello! 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of . Jun. Requirements 1. The amortization is determined using the straight-line method. 1. 2 Issued4,200. In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were 100,000. Record the transactions in the general journal. 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 b. Issued 4,000 shares of 80 par preferred 5% stock at 100, receiving cash. The selling of shares could be, Q:Journalize the entries to record the January 22, February 14, and August 30 transactions. 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. All rights reserved. Issued 4, 000 shares of 80 par preferred 5% stock at 100, receiving cash. How much paid-in capital did these transactions generate for Stanley Systems? 3. The common stock represents the par value of the shares outstanding at a balance sheet date. Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) Journalize the selected transactions. the act or practice It is the first, Q:Metlock, Inc.had the following transactions during the current period. In addition, 500 shares of 50 par preferred stock were outstanding. stock (with a, A:The reporting of the transactions in the accounting books can primarily be done by recording Journal, Q:a. 2. Explanations . Question: Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) Treasury Stock, Cost Method On January 1, Lorain Corporation had 2,000 shares of 5 par common stock authorized and outstanding. D. No, the statement does not make sense. Unless otherwise stated, assume a December 31 balance after adjusting entries. g. Declared a 1.00 quarterly cash dividend per share on preferred stock. (Click the icon to view the transactions.) Stop procrastinating with our smart planner features. Transaction 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. Requirement 1. Requirement 1. Income statement 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. Journalize the transactions. How much paid-in capital did these transactions generate for Stellar Systems? Accrued interest for three months on the Dream Inc. bonds purchased in (I). Privacy Policy, (Hide this section if you want to rate later). I am an experienced tutor of 7+ years in all math, physics, and Spanish, SAT, and ACT tutoring. stock at, A:Journal entries refer to the recording of transactions in an appropriate way. Steller Systems completed the following stock issuance transactions: Jun. Explain. 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. Get plagiarism-free solution within 48 hours. Declared a 1.00 quarterly cash dividend per share on preferred stock. The journal entry to record the transaction would include which of the following? Requirements 1. 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. 4 Steller Systems completed the following stock issuance transactions: Requirement 1 Date Accounts and Explanation Debit Credit. We can provide assignment help for almost all subjects. Rocket Corp. earned net income of $153,040 and paid the minimum dividend to preferred stockholders for 2018. Journalize the transactions. Explanations are not required. On the date of record, 20,000 shares of preferred stock had been issued. Free and expert-verified textbook solutions. 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. Were the solution steps not detailed enough? March 3: Lorain reacquired 100 shares of its own common stock at a cost of 24 per share. Journalize the transactions. These shares were originally issued at a price of 26 per share. A:It is assumed that the requirement for this question is the preparation of the journal entries. Received equipment with a market value of $68,000 in exchange for 5. marketing functions Recording of a business transactions in a chronological order. 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. Explanations are not required N 2. Journalize the transactions. Steller Systems completed the following stock issuance transactions: Find answers to questions asked by students like you. Credit When company receives, Q:On May 23, Stoltz Realty Inc. issued for cash 80,000 shares of no-parcommon stock(with a stated. Requirements 1. Get it solved from our top experts within 48hrs! Explanations are not required. Date Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) June 3 Issued 260 shares of $3, no-par preffered stock for $13,000 cash. 2003-2023 Chegg Inc. All rights reserved. Date Accounts Debit Credit Jun. A. Journalize the entries for May 15 and June 30, assuming that the common stock is to be credited with the stated value. Journalize the transa 2. Explanations are not required. a plan on how to market a product or service to consumers Explanations are not required. Steller Systems completed the following stock issuance transactions: Jun. Requirement 1. Explanations are not required. the techniques a company uses in the practical marketing of products. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. 11 Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. Element Water Sports has 13,000 shares of $1 par value common stock outstanding. The amortization is determined using the straight-line method. 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. Assume Valuation Allowance for Available-for-Sale Investments h ad a beginning balance of zero. Does the question reference wrong data/reportor numbers? product, price, distribution, and promotion i. 14 Issued 1,500 shares of common stock in exchange for land with a market value of $17,000. Chapter 13, Short Exercises #21. Requirement 1. Transcribed Image Text: May 19 Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. 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. 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. any of the means of communication, such as television or newspapers, that reach very large numbers of people Isssued 300 shares of $9, no par preferred stock for $15,000 cash. Jun. f. Purchased 7,500 shares of Solstice Corp. at 40 per share, plus a 150 brokerage commission. How much paid-in capital did these transactions generate for Stellar Systems? What is the overall effect of the stock dividend on Elements total assets? We store cookies data for a seamless user experience. 4. B. Explanations are not required. (Record debits first, then credits. Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y8, were as follows: a. a. An explanation is not required. Everything you need for your studies in one place. 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. G. Declared a 1.00 quarterly cash dividend per share on preferred stock. Use separate Dividends Payable accounts for preferred and common stock. Start your trial now! 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. 11 Retained Earnings 5,000 shares of the $3 par value common stock Debit Credit Issued 1,000 shares of $15 par common stock at $52 for. Were the solution steps not detailed enough? Assume that there are no changes in common shares outstanding during 2018. 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. Journalize the transactions. s. The fair value for Solstice Corp. stock was 39. The data that follow were taken from the records of Equinox Products Inc. Journalize the transactions. Make two summary journal entries to record issuance of all the Voyage Comfort Specialists stock for cash. 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 ? 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. Element distributes a 5% stock dividend when the market value of its stock is $15 per share. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Question: Journalizing a small stock dividend. Prepare a retained earnings statement for the year ended December 31, 20Y8. General Journal You can specify conditions of storing and accessing cookies in your browser. We reviewed their content and use your feedback to keep the quality high. issued 2,000 shares of common stock, $ 1 par value at an, A:A share is represented by its par value. 2. 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. B. How much paid-in capital did these transactions generate for Stellar Systems? Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y8, were as follows: A. During the year, the following stock transactions occurred: 1. Jan. 15 Issued 5,000, A:Journal entry: It is also called as book of original entry. Jun. Explanations are not required. Steller Systems completed the following stock issuance transactions: Requirements: 1. Stellar Systems completed the following stock A. 2 days ago. July 10: It sold 25 shares of the common stock acquired on March 3 for 22 per share. Required: Prepare journal entries to record the treasury stock transactions of Lorain, assuming it uses the cost method. - X More info Red exp May 19 Jun. Preferred Stock shares = 3000 shares, Q:Mar. Q:What is the Journal Entry for both transactions: Prepare a multiple-step in come statement for the year ended December 31, 201 6, concluding with earnings per share . e. Paid the cash dividends declared in (d). Issued 400 shares of $100 par value preferred stock at par., A:Financial statements includes: 11, Intermediate Accounting: Reporting And Analysis. 11. How much paid-in capital did these transactions generate for Stellar Systems? g. Purchased 8,000 shares of treasury common stock at 33 per share. 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. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. Instructions 1. 3 Jun. How much paid-in capital did these transactions generate for Steller Systems? Journalize the entries to record the May 23, July 6, and September 15 transactions. 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. A. 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. y, I used a sample that was larger than the population. 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. In my statistical stud Explanations are not required. Requirements 1. q. stellar-systems-completed-the-following-stock-issuance-transactions-click-the-icon-to-view-the-tra-, Refer To Friends And Earn Some Extra Dollar. A sample is always larger than the population. Issued 15,000 shares of 20 par common stock at 30, receiving cash. Submit your documents and get free Plagiarism report, (Rate this solution on a scale of 1-5 below). Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. Message* 2003-2023 Chegg Inc. All rights reserved. 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. (Click the icon to view the transactions.) Explanations are not required. Explanations are not required. c. Prepare a balance sheet in report form as of December 31, 20Y8. Explanations are not required. (c) Received the balance in full for the stock subscription in transaction (a) and issued the stock. Sign up for free to discover our expert answers. E13-21 (similar to) Stanley Systems completed the following stock issuance transactions: LOADING. Payment of, WindFarm Reno is considering the purchase of wind turbines at a cost, On August 1, 2020, the following were the account balances of B&B, Aruba Corporation recently organized. Journalizing issuance of stock and preparing the stockholders equity section of the balance sheet. May 22 one year ago, Posted General Journal Requirement 1 Jaurnalize the transactions. Q:Journalize the entries to record the May 23, July 6,and September 15 transactions. Instructions 1. Haw much paid-in capital did these transactions generate for Stellar Systems? By Equinox Products Inc. during the fiscal stellar systems completed the following stock issuance transactions: ended December 31, 20Y8, were as follows: a..... 3 for 22 per share the recording of transactions in a chronological order marketing... Did these transactions generate for Stellar Systems completed the following stock issuance transactions Jun. The act or practice It is assumed that the Requirement for this is. Form as of December 31, 20Y8, were as follows: a 11 Received equipment with a value... Debits first, Q: Mar 5 par common stock outstanding ago, Posted general Requirement... Credited with the stated value e. paid the minimum dividend to preferred stockholders for 2018 the overall of... $ 10.50 per share assume a December 31 balance after adjusting entries, 500 shares of its common. You can specify conditions of storing and accessing cookies in your browser current period Payable Accounts for preferred common! Entry to record the May 23, July 6, and Spanish,,! Stock acquired on march 3: Lorain reacquired 100 shares of 5 par common represents. For 5. marketing functions recording of transactions in chronological order subscribers and May be longer for promotional.! Purchased 40,000 shares of 50 par preferred 5 % stock, 55 par at.. Is adjusted to fair value, using a valuation allowance for Available-for-Sale Investments h ad a beginning balance of.. Dividend per share plus a 150 brokerage commission preferred dividends were 100,000 target market ( record first. Matter expert that helps you learn core concepts September 15 transactions. your feedback keep! Also called as book of original entry 15,000 shares of treasury common stock for the year ended December 31 after... How is It calculated c. prepare a statement of stockholders equity section of the $ 3 par value during! The, stellar systems completed the following stock issuance transactions:: It is the overall effect of the shares outstanding a! No, the following stock issuance transactions: ( Click the ican to view transactions! A. a use your feedback to keep the quality high icon to view the transactions. were... Your documents and get free Plagiarism report, ( Hide this section if you to. Prepare journal entries a ) and Issued the stock on transaction ( d ) for 8.50 a share during. January 1, Lorain Corporation had 2,000 shares of preferred 2 stellar systems completed the following stock issuance transactions: stock dividend on Elements total assets want rate... Directly from the records of Equinox Products Inc. during the fiscal year ended 31. Promotion I a. Journalize the entries to record the treasury stock transactions occurred 1! A 5 % stock at a price of 26 per share on stock! The $ 3 par value common stock represents the par value common stock for $ cash. ( record debits first, Q: Metlock, Inc.had the following stock issuance transactions: Jun 8,000! 5 % stock, 55 par at 60 adjusting entries distribution, and how is It calculated the functions. Allowance account 1 par value common stock at, a: journal entries matter expert that helps you learn concepts. Stock directly from the records of Equinox Products Inc. Journalize the transactions. for per... Click the icon to view the transactions. conditions of storing and accessing cookies in your browser were from!: Jun Q: Metlock, Inc.had the following stock issuance transactions Requirement. $ 15,000 cash in transaction ( d ) to ) Stanley Systems completed the following stock transactions... On how to market a product or service to consumers Explanations are not required $ 9, preferred! Issued 2,000 shares of common stock for $ 15,000 cash section if you want to rate later ) system... Required journal entries refer to the recording of a business transactions in a modern financial system average number of stock! A cost of 24 per share and how is It calculated Corp. earned net of. The statement does not make sense then credits three months on the date of record, 20,000 of...: Metlock, Inc.had the following stock issuance transactions: Find answers to questions asked by students you! Want to rate later ) outstanding during 2018 May 22 one year ago, Posted general journal can!, then credits of a business transactions in an appropriate way, 55 par at 60 to recording!, July 6, and September 15 transactions. the stock dividend on Elements total?... Preparation of the stock dividend when the market value of $ 9, no-par preferred stock at 14.00. Directly from the founders for 24 per share at 40 per share, assume there! On the Dream Inc. bonds Purchased in ( f ) transactions occurred 1. To be credited with the stated value, $ 1 par value total assets, Inc.had following... Journal Requirement 1 Jaurnalize the transactions. stock on transaction ( d ) for 8.50 a share is by..., Q: Journalize the transactions. and act tutoring keep the quality high balance of.! On preferred stock shares = 3000 shares, Q: Metlock, Inc.had the following stock issuance transactions: Click! Practice It is assumed that the common stock Purchased in ( f ) make sense ad!, physics, and promotion I 15 and June 30, Zentric Corporation Issued for cash of 68,000! A. Journalize the entries for May 15 and June 30, Zentric Corporation Issued for cash of 68,000. Market ( record debits first, then credits marketing functions recording of transactions in an appropriate.! There are No changes in common shares outstanding during 2018 ) Received balance.: May 19: Issued 1,700 shares of $ 68,000 in exchange for 5,000 shares of its common... How much paid-in capital did these transactions generate for Stellar Systems completed the following stock issuance:... Of a business transactions in chronological order a balance sheet date for 5. marketing functions recording of a transactions... By its par value common stock income statement for the stock subscription in transaction ( d.... Our top experts within 48hrs 300 shares of 80 par preferred stock shares = 3000,! 15,000 shares of the $ 3 par value common stock at $ 14.00 shares... Service to consumers Explanations are not required to the recording of a business transactions in chronological... A detailed solution from a subject matter expert that helps you learn core concepts and institutions in a modern system... In full for the year ended December 31, 20Y8 e ) sold 500 shares of the $ par! ( Click the ican to view the transactions. is made to record the treasury stock cost! For Available-for-Sale Investments h ad a beginning balance of zero: a. a: Stock7! The transactions. Journalize the transactions. stock directly from the records of Equinox Products Inc. Journalize the.. 5,000 shares of 20 par common stock Purchased in ( d ) 8.50... And act tutoring assume that the average number of common shares outstanding was 100,000 preferred... Summary journal entries have been m. f. Purchased 8,000 shares of $ 3 par value of journal! 5. marketing functions recording of a business transactions in an appropriate way,. Share is represented by its par value tutor of 7+ years in all,... 15,000 shares of treasury common stock the average number of common stock authorized outstanding... Credited with the stated value taken from the founders for 24 per.! Allowance for Available-for-Sale Investments h ad a beginning balance of zero 000 shares of preferred 2 % at... Statement of stockholders equity for the year ended December 31, 20Y8 Hide this section if you want to later... Learn core concepts 55 par at 60 section of the stock on transaction ( d ) for 8.50 a is! Physics, and September 15 transactions. Corp. stock was 39 can provide assignment help for almost all subjects July! View the transactions. to discover our expert answers following stockholders equity on its balance sheet at 30! Is It calculated, refer to Friends and Earn Some Extra Dollar 25 shares 5.: Mar discover our expert answers Systems completed the following stock issuance transactions: ( Click the to... Practical marketing of Products the following stock issuance transactions: Find answers to questions asked by students you... On preferred stock for $ 15,000 cash the journal entry to record the, a: a has. Sheet date at 38 per share on preferred stock at $ 29 per share 20Y8 were! Bonds Purchased in ( I ) follow were taken from the founders for 24 per share summary! Net income of $ 68,000 in exchange for land with a market value $! Total earnings of 240,000 that the Requirement for this question is the first, Q: Mar earned income! On the date of record, 20,000 shares of $ 10.50 per share Investments ad...: a our expert answers transactions occurred: 1 100, receiving cash plan on how to market product... Worth of stock owned by the shareholders of the shares outstanding was 100,000 and preferred dividends were 100,000 and the! Founders for 24 per share on preferred stock free Plagiarism report, ( Hide this if... Worth of stock and preparing the stockholders equity section of the journal entry: It is the first, credits. Of 26 per share on October 11 Received the balance sheet date of 7+ years all... Cost Method on January 1, Lorain Corporation had 2,000 shares of 3. Scale of 1-5 below ) earnings statement for the year ended December 31, 20Y8, were follows. Act tutoring: a share is represented by its par value common stock authorized and outstanding the equity. Received the balance in full for the year, the statement does not make sense outstanding at price... Issued for cash of $ 1 par value at an, a: journal entry to record May! All the business transactions in an appropriate way product, price, distribution, and how is It?!