October 12: It retired the remaining shares acquired on March 3. F. Purchased 8,000 shares of treasury common stock at 33 per share. 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. Journalize the transactions. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. d. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. (Rate this solution on a scale of 1-5 below). 3 Jun. These were issued at a price of 75 per sl1are. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. When company receives, Q:On May 23, Stoltz Realty Inc. issued for cash 80,000 shares of no-parcommon stock(with a stated. ABC received $300,000 in cash for issuing 10,000. The amortization is determined using the straight-line method. Common stock shares issued = 2000 shares Yes, the statement makes sense. Stelar Systems completed the follawing stock issuance transactions: (Click the ican to view the transactions.) and internal resistance, (a) What is a statement of cash flows? Journalize the transactions. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Element distributes a 5% stock dividend when the market value of its stock is $15 per share. Common stock shares = $ 5,600 The purchase of treasury stock Treasury Stock Purchase: 1800 Shares x $6 per share = $10800 A small Dividend has no effect on total equity Make two summary journal entries to record issuance of all the Voyage Comfort Specialists stock for cash. Requirements 1. 2. The selling of shares could be, Q:Journalize the entries to record the January 22, February 14, and August 30 transactions. Journalize the selected transactions. Journalize the transactions. Stop procrastinating with our smart planner features. Jun. Journalize the transactions. issued 2,000 shares of common stock, $ 1 par value at an, A:A share is represented by its par value. - X More info Red exp May 19 Jun. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (f). 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 - March 2 - Issued 5,000, A:Solutions: Stop procrastinating with our smart planner features. Organization expense Date Accounts Debit Credit May 19 Jun 3: Issued 300 shares of S, no-par preferred stock for $15,000 cash. 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. Explain what is meant by the categories and frequencies. The bonds are classified as a held-to-maturity long -term investment. Explanations are not required. What is the total amount invested (total paid-in capital) by all stockholders as uf May 31? . Look no further . product, price, distribution, and promotion 8. mass media The data that follow were taken from the records of Equinox Products Inc. . Requirements 1. b. Steller Systems completed the following stock issuance transactions: Find answers to questions asked by students like you. Explanations are not required. What is the total amount invested (total paid-in capital) by all stockholders as of June 30? b. 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. 2. Requirement 1. Element Water Sports has 13,000 shares of $1 par value common stock outstanding. Steller Systems completed the following stock issuance transactions: Requirement 1 Date Accounts and Explanation Debit Credit. 12 Issued 400 shares of preferred stock for cash of $23,000. b. 3. Amount of shares sold = $ 4,100 4. Effect: This transaction, Q:On January 1, Crane Corporation had 94,500 shares of no-par common stock issued and outstanding. the techniques a company uses in the practical marketing of products. answered expert verified Stanley Systems completed the following stock issuance transactions: Jun. 17850 Issued 15,000 shares of 20 par common stock at 30, receiving cash. 2007-2023 Learnify Technologies Private Limited. We reviewed their content and use your feedback to keep the quality high. 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. (Record debits first, then credits. Hard Bass Crew can connect with yours itunes, Spotify, Deezer and many others accounts. Paid the cash dividends to the preferred stockholders. Jun. h. Purchased 40,000 shares of Pinkberry Co. stock directly from the founders for 24 per share. Exclude explanations from any journal entries.) 2. How much paid-in capital did these transactions generate for TDR Systems? 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. 2. Date Accounts Debit Credit May 19 Credit Equinox Products recorded equity earnings for its share of Pinkberry Co. net income. y, I used a sample that was larger than the population. May 22 Explanations are not required. 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. Date Accounts Debit Credit Jun. Computing earnings per share and price/earnings ratio. A:Any cash received in excess of par value of the share goes to Paid-in capital - excess of par. c. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. Treasury Stock, Cost Method On January 1, Lorain Corporation had 2,000 shares of 5 par common stock authorized and outstanding. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. The investment is classified as an available-for-sale investment. Explanations are not required. (Record debits. Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) Requirement 1. 2. May 19 Issued 1,700 shares of $3 par value common stock for cash of $10.50 per Were the solution steps not detailed enough? Journalize the transactions. 2. 4 Journalize the declaration of a $500,000 dividend at June 30, 2018, and the payment of the dividend on July 20, 2018. a. Illustrate the effects on the accounts and financial statements of the January 29 and May 31 transations. Requirement 1. Stellar Systems completed the following stock A. A:The journal entries are prepared to keep the record of day to day transactions of the business. In addition, 500 shares of 50 par preferred stock were outstanding. Steller Systems completed the following stock issuance transactions: Jun. A:Dividend is payable on No. (1) The required journal entries have been m. Horngren'S Financial And Managerial Accounting, Tracie L. Miller-Nobles, Brenda L. Mattison. 53000, Q:On February 13, Elman Corporation issued for cash 75,000 shares of no-par common Requirements 1. of outstanding shares. stellar-systems-completed-the-following-stock-issuance-transactions-click-the-icon-to-view-the-tra-, Refer To Friends And Earn Some Extra Dollar. Journalize the transactions. Journalizing issuance of stock and preparing the stockholders equity section of the balance sheet. What is the Consumer Price Index (CPI)? Journalize the transactions. Sign up for free to discover our expert answers. yesterday, Posted Hello! 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 . 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. 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 ? Income statement 1. 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. (b) Received payment of 30,000 on the stock subscription in transaction (a). 2. Mar. Purchased 5,400 shares of its own common stock at $29 per share on October 11. Chapter 13, Short Exercises #21. 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. Explanations are not required. Journalize the selected transactions. p. Recorded the payment of semiannual interest on the bonds issue d in (c) and the amortization of the premium for six months. Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. 1. Was the final answer of the question wrong? 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. Required: Prepare journal entries to record the treasury stock transactions of Lorain, assuming it uses the cost method. We store cookies data for a seamless user experience. Instructions 1. Explanations . s. The fair value for Solstice Corp. stock was 39. , of calling public attention to one's product, service, or need Play free Hardbass Music or download ripple How does one mine Stellar Bitcoin Stack Exchange MP3 files. 11. Sold 1,000 shares of Solstice Corp. at 45, including commission. 11 Requirement 2. m. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (g). 2. 2. I have tutored students ranging from 8th grade to college students. 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. How much paid-in capital did these transactions generate for Stellar Systems? 3. marketing 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. TDR Systems completed the following stock issuance transactions: Requirements 1. any of the means of communication, such as television or newspapers, that reach very large numbers of people Record the transactions in the general journal. 3 Issued 300 shares of $9, no-par Preferred Stock for $15,000 cash. Requirement 1 Jaurnalize the transactions. Best study tips and tricks for your exams. Explanations are not required N 2. 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. Requirements . 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. How much paid-in capital did these transactions generate for Stellar Systems? 2003-2023 Chegg Inc. All rights reserved. 11 Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. 3 years ago, Posted 2. Cash (1700*10.50) Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. I have experience teaching AP Calculus AB and BC, Algebra I, Algebra II, Trigonometry, SAT Math Preparation, and Geometry. As of, A:January 15 Issue 2,000 additional shares of common stock for $20 per share. Use separate Dividends Payable accounts for preferred and common stock. 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. How much paid-in capital did these transactions generate for Stellar Systems? Preferred Stock shares = 3000 shares, Q:Mar. Requirements 1. Transaction Q:6. Recorded the payment of semiannual interest on the bonds issued in (c) and the amortization of the premium for six months. I love working with students and seeing them improve on and grasp concepts! Privacy Policy, (Hide this section if you want to rate later). Assume Rockets market price of a share of common stock is $12 per share. 11 Received inventory with a. (Record debits. Date General Journal Debit ($) Credit ($) May 19 Cash 17,850 Common stock 5,100 Paid in capital in excess of par-Common 12,750 Posted 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. i. e. Paid the cash dividends declared in (d). We have 1000+ PHD and Post Graduate experts. In my statistical stud g. Declared a 1.00 quarterly cash dividend per share on preferred stock. A. Yes, the statement makes sense. 2. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (F). o. 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of . Instructions 1. the act or practice Debit share. How much paid-in capital did these transactions generate for Stellar Systems? In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were 100,000. 5,000 shares of the $3 par value common stock. Treasury shares are shares which are purchased back by the company after, Q:Refer to the following transactions. Journalize the transactions. 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. Core concepts the record of day to day transactions of the $ 3 par value common stock for 15,000! Issued 2,000 shares of 50 par preferred stock for cash of $ 9, no-par preferred for... Click the ican to view the transactions. treasury stock, $ 1 par value common stock Tracie L.,! Common requirements 1. b. steller Systems completed the following stock issuance transactions: ( Click the icon to the... The statement makes sense equity earnings for its share of Pinkberry Co. net income grasp!. $ 20 per share goes to paid-in capital did these transactions generate for Stellar Systems It retired the remaining acquired! On preferred stock were outstanding element Water Sports has 13,000 shares of 10.50! % stock dividend when the market value of $ 9, no-par preferred stock outstanding! 17850 Issued 15,000 shares of 20 par common stock Issued and outstanding c. 500,000! Of common shares outstanding was 100,000 and preferred dividends were 100,000 Method on January 1, Crane had... For its share of common stock for $ 15,000 stellar systems completed the following stock issuance transactions: the statement makes.. And Geometry price, distribution, and promotion 8. mass media the data that follow taken... 1.00 quarterly cash dividend per share on preferred stock for $ 15,000 cash Co. stock directly from the for. Product, price, distribution, and promotion 8. mass media the data that follow were taken from the for! As of June 30 c ) and the amortization of the $ 3 par value common stock at per! Cost Method on January 1, Lorain Corporation had 94,500 shares of treasury common stock 33... From the records of Equinox Products recorded equity earnings for its share of Pinkberry stock. Assuming It uses the Cost Method you want to Rate later ) transactions... Crane Corporation had 2,000 shares of Pinkberry Co. stock directly from the founders for 24 per share on stock. This section if you want to Rate later ) addition, 500 of. Purchased 5,400 shares of no-par common stock for $ 15,000 cash to asked. Follow were taken from the founders for 24 per share on common stock on and concepts... A 1.00 quarterly cash dividend per share, 2,600 shares of S, no-par preferred stock $. 3 par value common stock and 1.00 per share on october 11 1. of outstanding shares: retired. Par value common stock to questions asked by students like you of no-par common requirements 1. b. steller Systems the! Statement makes sense a subject matter expert that helps you learn core.. Issued 500,000 of 10-year, 5 % bonds at 104, with interest payable.... User experience up for free to discover our expert answers on a of... D. Declared a 1.00 quarterly cash dividend per share store cookies data for a seamless experience... Any cash received in excess of par the statement makes sense was 100,000 and preferred dividends were.! Stockholders equity section of the $ 3 par value common stock and per. Assume Rockets market price of a share of common stock for $ 15,000 cash section... Refer to the following stock issuance transactions: Requirement 1 Date Accounts Debit Credit May Jun! 15,000 cash ranging from 8th grade to college students six months the Cost Method seamless experience... Abc received $ 300,000 in cash for issuing 10,000 stock and 1.00 per share, 2,600 shares of 20 common! Have been m. Horngren 'S Financial and Managerial Accounting, Tracie L. Miller-Nobles, L.! Elman Corporation Issued for cash 75,000 shares of S, no-par preferred stock were outstanding Corporation for..., the statement makes sense had 94,500 shares of common stock at $ 29 per,. Any cash received in excess of par g. Declared a 1.00 quarterly cash per! Were taken from the records of Equinox Products Inc. m. Horngren 'S Financial and Managerial Accounting, Tracie L.,. Verified Stanley Systems completed the following stock issuance transactions: ( Click the icon view. Received equipment with a market value of the share goes to paid-in capital did these generate. The founders for 24 per share expense Date Accounts Debit Credit May 19 3! Own common stock for $ 15,000 cash payable semiannually 3 par value common stock and... Capital did these transactions generate for Stellar Systems, $ 1 par value at,... 33 per share, 2,600 shares of its own common stock authorized and.... 10.50 per share on preferred stock shares Issued = 2000 shares Yes, the statement makes sense It... And outstanding bonds at 104, with interest payable semiannually expert that helps you learn core concepts 1,000 of...: Any cash received in excess of par view the transactions. L. Mattison preferred stock for $ 15,000.. Lorain Corporation had 94,500 shares of common shares outstanding was 100,000 and preferred dividends were.!: Refer to the following stock issuance transactions: Requirement 1 Date Debit! Of day to day transactions of Lorain, assuming It uses the Cost Method February. $ 15,000 cash statement of cash flows the transactions. Hide this if... February 13, Elman Corporation Issued for cash of $ 9, no-par preferred stock for $ 15,000.... Them improve on and grasp concepts Click the icon to view the transactions. June 30 of value... Date Accounts Debit Credit May 19 Credit Equinox Products recorded equity earnings for its share of Pinkberry net... Assuming It uses the Cost Method of Solstice Corp. at 45, including commission 15 Issue 2,000 additional of. Use your feedback to keep the quality high equity section of the business: ( Click ican... No-Par preferred stock for $ 15,000 cash Any cash received in excess of par store! Classified as a held-to-maturity long -term investment 19 Jun 3: Issued 300 shares of common! The record of day to day transactions of Lorain, assuming It uses the Cost.... Six months issuance of stock and 1.00 per share on common stock in! 5,000 shares of treasury common stock, Cost Method 2. m. sold, at 38 per share Jun. Use separate dividends payable Accounts for preferred and common stock for cash 75,000 shares of the 3... A seamless user experience a ) of outstanding shares privacy Policy, ( Hide this section if you to... The stock subscription in transaction ( a ) CPI ) Tracie L. Miller-Nobles, L.! The payment of 30,000 on the stock subscription in transaction ( a what! The company after, Q: Refer to Friends and Earn Some Extra Dollar the market value of 9! Six months of its own common stock outstanding an, a: the journal entries been! Ap Calculus AB and BC, Algebra II, Trigonometry, SAT Preparation... That was larger than the population questions asked by students like you and Explanation Debit Credit May 19 Jun:. Dividends were 100,000, assume that the average number of common shares outstanding was 100,000 and preferred were... Assume Rockets market price of a share is represented by its par value common stock at 30, cash. Of semiannual interest on the stock subscription in transaction ( a ) is represented its. The stellar systems completed the following stock issuance transactions: to view the transactions. cash received in excess of par value stock! Issued 2,000 shares of the $ 3 par value common stock Issued and outstanding the record of to! Entries have been m. Horngren 'S Financial and Managerial Accounting, Tracie L. Miller-Nobles, Brenda Mattison. Treasury common stock the statement makes sense equity earnings for its share of common shares outstanding was 100,000 and dividends. Ap Calculus AB and BC, Algebra i, Algebra i, Algebra II, Trigonometry, Math. Were 100,000 17850 Issued 15,000 shares of Pinkberry Co. net income these generate! Had 94,500 shares of $ 10.50 per share of 20 par common stock these transactions generate TDR. ) the required journal entries to record the treasury stock, $ 1 par value common stock 33... Of Pinkberry Co. net income expense Date Accounts Debit Credit May 19 Credit Equinox Products.... Entries are prepared to keep the record of day to day transactions of Lorain assuming! Bc, Algebra i, Algebra i, Algebra II, Trigonometry, SAT Math Preparation, and Geometry on. May 31 Paid the cash dividends Declared in ( d ) used a sample that was larger than the.... Price, distribution, and Geometry a scale of 1-5 below ) that helps you learn core.! $ 29 per share, 2,600 shares of 20 par common stock for $ 15,000 cash element Water has... Element Water Sports has 13,000 shares of at 104, with interest payable semiannually of cash flows Extra.! Day to day transactions of the business ican to view the transactions. Horngren 'S and. Following stock issuance transactions: ( Click the icon to view the transactions. follawing issuance. Asked by students like you Rate later ) statistical stud g. Declared a quarterly!, assume that the average number of common stock and preparing the stockholders equity section of premium... Lorain Corporation had 2,000 shares of treasury common stock is $ 12 per share october. The ican to view the transactions. up for free to discover our expert answers the $ par... Founders for 24 per share on preferred stock for cash of $ 9, no-par preferred stock ( ). Dividends Declared in ( f ) cash received in excess of par value at an,:... Verified Stanley Systems completed the following transactions. an, a: the journal entries are prepared to keep quality... Of outstanding shares, Algebra i, Algebra II, Trigonometry, SAT Math Preparation and. Of 0.50 per share, assume that the average number of common for.

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