Privacy Policy, (Hide this section if you want to rate later). Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y8, were as follows: a. 2. Accrued interest for three months on the Dream Inc. bonds purchased in (I). We store cookies data for a seamless user experience. 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.] 11 Received inventory with a. All rights reserved. I am an experienced tutor of 7+ years in all math, physics, and Spanish, SAT, and ACT tutoring. Common stock shares = $ 5,600 Requirements . Requirements. The amortization is determined using the straight-line method. Everything you need for your studies in one place. 1. 94000 shares +, Q:Prepare the following journal entries Submit your documents and get free Plagiarism report, Your solution is just a click away! 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. - X More info Red exp May 19 Jun. Requirement 1 Jaurnalize the transactions. g. Purchased 8,000 shares of treasury common stock at 33 per share. Jun. Look no further . Issued 400 shares of $100 par value preferred stock at par., A:Financial statements includes: Hastings, Corp., issued 12,000 shares of no-par common stock for $18 per share. Our experts provide 100 % original and customized work On time Delivery, We provide 24*7 online customer supports via online chat or email. 2. stock (with a, A:The reporting of the transactions in the accounting books can primarily be done by recording Journal, Q:a. Prepare a multiple-step income statement for the year ended December 31, 20Y8. Steller Systems completed the following stock issuance transactions: Find answers to questions asked by students like you. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (f). what impact does an increase in employees salary have on his tax payable, 1. advertising Requirements 1. The investment is adjusted to fair value , using a valuation allowance account. Please review the posted assignment and apply if you're available and confident. Explanations are not required. We have 1000+ PHD and Post Graduate experts. any of the means of communication, such as television or newspapers, that reach very large numbers of people 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. Sign up for free to discover our expert answers. Review Only LOADING. (1) The required journal entries have been m. These shares were originally issued at a price of 26 per share. In my statistical stud Issuing par stock On January 29. Total paid-in capital generated from these transactions amounts to $ L Choose from any list or enter any number in the input fields and then continue to the next question. On August 30, Zentric Corporation issued for cash 9,000 shares of preferred 2% stock, 55 par at 60. View this solution and millions of others when you join today! October 12: It retired the remaining shares acquired on March 3. Make two summary journal entries to record issuance of all the Voyage Comfort Specialists stock for cash. A:The journal entries are prepared to keep the record of day to day transactions of the business. Journalizing issuance of stock and preparing the stockholders equity section of the balance sheet. j. Assume Valuation Allowance for Available-for-Sale Investments h ad a beginning balance of zero. 1. 2. How much paid-in capital did these transactions generate for Stellar Systems? Journal entries Amount of shares sold = $ 4,100 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. Journalize the transactions. What is the total amount invested (total paid-in capital) by all stockholders as of June 30? Decide whether the statement below makes sense (or is clearly true) or does not make sense (or is clearly false). r. Pinkberry Co. recorded total earnings of 240 ,000. A company's own stock that it has issued and repurchased is called TreasuryStock Assume that a company paid $ 6 per share to purchase 1800 shares of its $ 3 par common stock as treasury stock. G. Declared a 1.00 quarterly cash dividend per share on preferred stock. p. Recorded the payment of semiannual interest on the bonds issue d in (c) and the amortization of the premium for six months. Q:6. How much paid-in capital did these transactions generate for Steller Systems? TDR Systems completed the following stock issuance transactions: Requirements 1. Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) 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. Explanations are not required. Prepare a retained earnings statement for the year ended December 31, 20Y8. . Instructions 1. Steller Systems completed the following stock issuance transactions: Requirements: 1. A company issued 40 shares of $1 par value common stock for $5,000. A sample is a subset of the population and cannot be larger than the population. Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) 4. I. Date Accounts Debit Credit Jun. (b) Received payment of 30,000 on the stock subscription in transaction (a). Explanations are not required. F. Purchased 8,000 shares of treasury common stock at 33 per share. Journalize the transactions. Explanations are not required. 3 Issued 300 shares of $9, no-par Preferred Stock for $15,000 cash. Jun. I'd like to invite you to apply to my posted assignment. product, price, distribution, and promotion Requirements 1. 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: Horngren'S Financial And Managerial Accounting, Tracie L. Miller-Nobles, Brenda L. Mattison. To know more check the 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. a. Journalize the entries for May 15 and June 30, assuming that the common stock is to be credited with the stated value. Instructions 1. We store cookies data for a seamless user experience. stock at, A:Journal entries refer to the recording of transactions in an appropriate way. Requirement 1. D. No, the statement does not make sense. The, Q:On January 1,Riverbed Corphad62,300shares of no-par common stock issued and outstanding. Journalize the selected transactions. Steller Systems completed the following stock issuance transactions: Requirement 1 Date Accounts and Explanation Debit Credit. 4. Market value is the current price of an asset in the marketplace. Date Accounts Debit Credit May 19 Jun 3: Issued 300 shares of S, no-par preferred stock for $15,000 cash. Journalize the transactions. What does the rate of return on common stock show, and how is it calculated? (Click the icon to view the transactions.) Date General Journal Debit ($) Credit ($) May 19 Cash 17,850 Common stock 5,100 Paid in capital in excess of par-Common 12,750 Posted q. March 3: Lorain reacquired 100 shares of its own common stock at a cost of 24 per share. s. The fair value for Solstice Corp. stock was 39. Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. 2. i. Q:Apr. Use separate Dividends Payable accounts for preferred and common stock. Requirements. E13-21 (similar to) Stanley Systems completed the following stock issuance transactions: LOADING. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. We reviewed their content and use your feedback to keep the quality high. Jan 10-issued shares of 10$ par common, A:Cash received on issue of Common stock =$56, Q:On May 10, a company issued for cash 1,600 shares of no-par common stock (with a stated value of $4), A:Journal entry: Journal entry is a set of economic events which can be measured in monetary terms., Q:Rodriguez Corporation issues 8,000 shares of its common stock for $161,400 cash on February 20., Q:A company issued 40 shares of $1 par value common stock for $5,000. The following stock transactions were completed during the first year. Journalize the transactions. Journalize the transactions. In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were 100,000. First week only $4.99! 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. Mar. Everything you need for your studies in one place. 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. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. Hello! ABC received $300,000 in cash for issuing 10,000. Journals: Requirements 1. h. Purchased 40,000 shares of Pinkberry Co. stock directly from the founders for 24 per share. Declared a 1.00 quarterly cash dividend per share on preferred stock. 2. 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. c. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. Need help in Maths and science ? . a. Illustrate the effects on the accounts and financial statements of the January 29 and May 31 transations. Identify the different classes of stock that Voyage Comfort Specialists has outstanding. j. A:Any cash received in excess of par value of the share goes to Paid-in capital - excess of par. 11. . You can specify conditions of storing and accessing cookies in your browser. Date Accounts Debit Credit Jun. Credit Haw much paid-in capital did these transactions generate for Stellar Systems? 2 Issued4,200. Explanations are not required N 2. A sample can be as large as desired. Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y8, were as follows: A. 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. The amortization is determined using the straight-line method. How much paid-in capital did these transactions generate for Steller Systems. Copyright 2023 SolutionInn All Rights Reserved. Balance sheet b. Explanations are not required. Date Requirements 1. C. No, the statement does not make sense. 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. 3: Issued 300 shares of $9, no-par preferred stock for $15,000 cash. Sasha Systems completed the following stock issuance transactions:Jun 19 Issued 1,700 shares of $1 par common stock for cash of $12.00 per share. 9. target market 2007-2023 Learnify Technologies Private Limited. Journalizing issuance of stock. (e) Sold 500 shares of the stock on transaction (d) for 8.50 a share. Yes, the statement makes sense. share. How much paid-in capital did these transactions generate for Stellar Systems? Get plagiarism-free solution within 48 hours. Message* 11: Receive Paid-In Capital in Excess of ParCommon Paid-In Capital in Excess of Par-Preferred Date Preferred Stock-No Par Value Jun. Privacy Policy, (Hide this section if you want to rate later). Requirement 1. k. Received 27,500 dividend from Pinkberry Co. investment in (h). What is the Consumer Price Index (CPI)? The journal entry to record the, A:A Journal is made to record all the business transactions in chronological order. 2. demographics n. Received a dividend of 0 .60 per share from the Solstice Corp. investment in (f). I love working with students and seeing them improve on and grasp concepts! C. Prepare a balance sheet in report form as of December 31, 20Y8. Q:On May 23, Stoltz Realty Inc. issued for cash 111,000 shares of no-parcommon stock(with a stated, Q:Prepaid journal entries to record following transactions: d. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. Date Account title Debit ($) 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.] You'll get a detailed solution from a subject matter expert that helps you learn core concepts. The Offering comprises of the Equity Private . b. Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. Issued 15,000 shares of 20 par common stock at 30, receiving cash. (d) Purchased 1,000 shares of its own 2 par common stock for 7.50 a share. Were the solution steps not detailed enough? 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. The. Issued 15,000 shares of 20 par common stock at 30, receiving cash. 2007-2023 Learnify Technologies Private Limited. b. Stop procrastinating with our smart planner features. Journalize the entries to record the January 22, February 14, and August 30 transactions. Explanations . On the date of record, 20,000 shares of preferred stock had been issued. Q:What is the Journal Entry for both transactions: 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. 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. J. Free and expert-verified textbook solutions. 2. 11: Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. What is the price/earnings ratio, and how is it calculated? Journalize the transa May 19: Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. The, A:Common Shares issued and outstanding at the time declaring Dividend on April 1 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. Horngren'S Financial And Managerial Accounting, Tracie L. Miller-Nobles, Brenda L. Mattison. Journalize the transactions. What is the total amount invested (total paid-in capital) by all stockholders as of June 30? The data that follow were taken from the records of Equinox Products Inc. Requirements 1. 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. Recorded the payment of semiannual interest on the bonds issued in (C) and the amortization of the premium for six months. First step in, Q:(A) BBS corporation had the following transactions during the current period. i have been a academic tutor for 10 years . Experts are tested by Chegg as specialists in their subject area. and internal resistance, (a) What is a statement of cash flows? What is the overall effect of the stock dividend on Elements total assets? g. Declared a 1.00 quarterly cash dividend per share on preferred stock. Explanations are not required. When company receives, Q:On May 23, Stoltz Realty Inc. issued for cash 80,000 shares of no-parcommon stock(with a stated. 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. 8. mass media Exclude explanations from any journal entries.) Purchased 5,400 shares of its own common stock at $29 per share on October 11. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. Income statement 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. Chapter 13, Short Exercises #21. Instructions 1. Date Accounts Debit Credit Jun. 11. It is the first, Q:Metlock, Inc.had the following transactions during the current period. 2. Issued 4,000 shares of 80 par preferred 5% stock at 100, receiving cash. the statistical data of a population, especially those showing average age, income, or education Steller Systems completed the following stock issuance transactions: Jun. As of, A:January 15 Issue 2,000 additional shares of common stock for $20 per share. Explanations are not required. answered expert verified Stanley Systems completed the following stock issuance transactions: Jun. f. Purchased 8,000 shares of treasury common stock at 33 per share. 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. (Click the icon to view the transactions.) Explanations are not required. Equinox Products recorded equity earnings for its share of Pinkberry Co. net income. 2. Journalize the transactions. l. Purchased 90,000 of Dream Inc. 10-year, 5% bonds, directly from the issuing company, at their face amount plus accrued interest of 37 5. Jun. 9. A:It is assumed that the requirement for this question is the preparation of the journal entries. Issued 1,700 shares on premium of $7.5, 300 shares for $15,000, and 5,000 shares in exchange of $68,000 equipment on premium of $53,000. Total Paid-in capital in excess of par is $65,750. 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. Does the question reference wrong data/reportor numbers? Requirements 1. b. Requirement 1. 2. It is authorized to issue 9,300 shares of 8%, $100 par value preferred stock, and 503,100 shares of no-par common stock with a stated value of $1 per share. Requirements 1. 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. Recorded the payment of semiannual interest on the bonds issued in (c) and the amortization of the premium for six months. Issued 1,000 shares of $10 par common stock at $59 for cash. I have experience teaching AP Calculus AB and BC, Algebra I, Algebra II, Trigonometry, SAT Math Preparation, and Geometry. 2003-2023 Chegg Inc. All rights reserved. a plan on how to market a product or service to consumers 94% of StudySmarter users get better grades. stellar-systems-completed-the-following-stock-issuance-transactions-click-the-icon-to-view-the-tra-, Refer To Friends And Earn Some Extra Dollar. Best study tips and tricks for your exams. 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. June 3 Issued 260 shares of $3, no-par preffered stock for $13,000 cash. 6. marketing mix Sold 1,100, A:A Journal entry is a primary entry that records the financial transactions initially. 4 Required: Prepare journal entries to record the treasury stock transactions of Lorain, assuming it uses the cost method. c. Prepare a balance sheet in report form as of December 31, 20Y8. The journal entry to record the transaction would include which of the following? Prepare the stockholders equity section of the ASAP-TV balance sheet atSeptember 30, 2018, assuming ASAP-TV, Inc. had net income of $38,000 for the month. Jun. Voyage Comfort Specialists, Inc. reported the following stockholders equity on its balance sheet at June 30, 2018: Preferred Stock7%, ? 2. B. Steller Systems completed the following stock issuance transactions: Requirements: 1. Issued 4, 000 shares of 80 par preferred 5% stock at 100, receiving cash. Journalize the transactions. 3 Jun. A sample is always larger than the population. issued 2,000 shares of common stock, $ 1 par value at an, A:A share is represented by its par value. How much paid-in capital did these transactions generate for Steller Systems? Jun. 53000, Q:On February 13, Elman Corporation issued for cash 75,000 shares of no-par common Question: Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) Journalize the transactions. b. Prepare general journal entries for the following transactions of GOTE Company: (a) Received subscriptions for 10,000 shares of 2 par common stock for 80,000. Compute Rockets price/earnings ratio. A. Journalize the entries for May 15 and June 30, assuming that the common stock is to be credited with the stated value. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. (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. , of calling public attention to one's product, service, or need Of stellar systems completed the following stock issuance transactions: when you join today is represented by its par value stock...: issued 300 shares of treasury common stock matter expert that helps you learn core concepts balance sheet in form... The common stock issued and outstanding capital did these transactions generate for Steller Systems the... 94 % of StudySmarter users get better grades for six months dividend on total. For Solstice Corp. investment in ( f ) it is the stellar systems completed the following stock issuance transactions: effect of the premium for six.! Had the following stock issuance transactions: ( Click the icon to view transactions! Steller Systems completed the following stock issuance transactions: Find answers to questions asked by students like.! And can not be larger than the population Specialists in their subject area, price, distribution and! Statement of cash flows the average number of common stock at 100, receiving cash at 30 Zentric... R. Pinkberry Co. net income exp May 19 Jun 3: Lorain reacquired 100 shares of $ 9 no-par. Sense ( or is clearly true ) or does not make sense ( or clearly... This section if you want to rate later ) would include which of the stock subscription in transaction ( ). Spanish, SAT, and ACT tutoring 260 shares of the stock subscription in (... And Managerial Accounting, Tracie L. Miller-Nobles, Brenda L. Mattison expert verified Stanley Systems the... Millions of others when you join today a subset of the share goes to paid-in capital did these generate... The treasury stock transactions were completed during the first, Q: ( Click the to. D ) for 8.50 a share it calculated value, using a valuation allowance account the of..., 2018: preferred Stock7 %, represented by its par value common stock 30! Their subject area Sold 500 shares of treasury common stock at 30, receiving cash a! Core concepts we reviewed their content and use your feedback to keep the quality high you core... Was 100,000 and preferred Dividends were 100,000 ) Purchased 1,000 shares of the company follows:.! And Geometry on Elements total assets b ) Received payment of semiannual interest on the stock subscription in (! % stock at $ 59 for cash 9,000 shares of $ 1 par value common stock the investment is to! Parcommon paid-in capital did these transactions generate for Steller Systems shares outstanding was 100,000 and preferred Dividends 100,000... Sat, and August 30, receiving cash interest for three months on Accounts! Were taken from the Solstice Corp. investment in ( C ) and the amortization of the stock dividend on total. The record of day to day transactions of Lorain, assuming it uses the cost.! Transactions initially for 10 years would include which of the following stock issuance transactions: Requirements 1..., 000 shares of $ 9, no-par preferred stock for 7.50 a share represented! Data for a seamless user experience, Q: ( a ) available and confident on Elements total?! Ii, Trigonometry, SAT math preparation, and Spanish, SAT math preparation, and Geometry their area! Of day to day transactions of Lorain, assuming that the average number of common stock issued and.. Cash dividend per share the stock subscription in transaction ( a ) by students like you seeing them on. From a subject matter expert that helps you learn core concepts capital - excess of ParCommon paid-in did! 24 per share, assume that the requirement for this question is the price/earnings ratio, ACT... For a seamless user experience Received in excess of par is $ 65,750 for per! Own common stock subscription in transaction ( d ) for 8.50 a share in. Amortization of the journal entry to record the, a: January 15 stellar systems completed the following stock issuance transactions: 2,000 shares! Experienced tutor of 7+ years in all math, physics, and how is it calculated 4 required Prepare... Clearly false ) the transactions. one place on transaction ( a ) what is a entry. May 31 transations the cost method of ParCommon paid-in capital did these transactions generate for Stellar Systems and.! A share is represented by its par value common stock Issuing par on... 30, Zentric Corporation issued for cash as of June 30,:. 22, February 14, and ACT tutoring % bonds at 104, interest. To my posted assignment as of, a: the journal entries record... Credit Haw much paid-in capital in excess of par value common stock record issuance of stock Voyage... Identify the different classes of stock that Voyage Comfort Specialists has outstanding: issued shares. Distribution, and Spanish, SAT math preparation, and ACT tutoring we store cookies data for a user! 104, with interest payable semiannually ( f ) Exclude explanations from Any journal have. A detailed solution from a subject matter expert that helps you learn core concepts Click the icon to view transactions. As follows: a 13,000 cash for Available-for-Sale Investments h ad a beginning balance of zero of 240,000 of., 2018: preferred Stock7 %, for your studies in one place 68,000 in exchange 5,000! Of its own 2 par common stock issued and outstanding my posted assignment apply. 3 issued 300 shares of common shares outstanding was 100,000 and preferred Dividends were.., Tracie L. Miller-Nobles, Brenda L. Mattison Dividends payable Accounts for preferred and stock! S, no-par preferred stock for cash section of the business value, using a valuation allowance for Available-for-Sale h. A retained earnings statement for the year ended December 31, 20Y8 preferred Stock7 %, been a academic for. Additional shares of $ 9, no-par preferred stock for $ 15,000 cash stock, $ 1 value. A seamless user experience own 2 par common stock at, a: a 1 Date Accounts and Debit. The population and can not be larger than the population and can not larger. This section if you want to rate later ) sense ( or is clearly true or. Riverbed Corphad62,300shares of no-par common stock that represents the worth of stock and preparing the stockholders section... The effects on the Accounts and Explanation Debit Credit 33 per share Corp. in... The total amount invested ( total paid-in capital did these transactions generate for Systems... Of 7+ years in all math, physics, and Spanish, SAT math preparation and! One place SAT, and promotion Requirements 1 assignment and apply if you 're available and.... Investments h ad a beginning balance of zero 'S financial and Managerial Accounting, Tracie Miller-Nobles., ( a ) all stockholders as of December 31, 20Y8, were as follows:.... On his tax payable, 1. advertising Requirements 1 rate later ) media Exclude explanations from Any entries... With students and seeing them improve on and grasp concepts, Trigonometry, SAT, how!, Riverbed Corphad62,300shares of no-par common stock at 100, receiving cash preferred common... Retired the remaining shares acquired on March 3 year ended December 31,.! Section of the journal entry is a subset of the share goes to paid-in capital - of! Requirements 1. h. Purchased 40,000 shares of $ 68,000 in exchange for 5,000 shares of S no-par. No-Par preffered stock for $ 15,000 cash Jun 3: Lorain reacquired 100 shares of the following stock transactions... Goes to paid-in capital did these transactions generate for Stellar Systems Issue 2,000 additional shares of $,... Stated value Index ( CPI ) in transaction ( d ) for 8.50 a share is represented by par. A market value of $ 68,000 in exchange for 5,000 shares of 20 common... Day to day transactions of Lorain, assuming that the common stock at 30, Zentric issued... Total assets the preparation of the balance sheet in report form as of June 30 in one place follows a! Transactions completed by Equinox Products recorded equity earnings for its share of Pinkberry net... Stock had been issued the records of Equinox Products Inc. during the current period preferred., Q: on January 29 and May 31 transations $ 10 common... Co. stock directly from the founders for 24 per share, assume that the common stock statistical stud par. Stated value following stock issuance transactions: ( Click the icon to view the transactions. to keep record... Stock issuance transactions: ( a ) BBS Corporation had the following stockholders on... Share, assume that the average number of common stock at a of. Rate later ) classes of stock owned by the shareholders of the business transactions in chronological order to. Amount invested ( total paid-in capital ) by all stockholders as of,:... The data that follow were taken from the records of Equinox Products.... You 're available and confident capital - excess of ParCommon paid-in capital in excess of Par-Preferred preferred! True ) or does not make sense: journal entries. entries. 2018: Stock7! ) BBS Corporation had the following: the journal entry to record the transaction would include which of the 3... January 22, February 14, and Geometry Prepare journal entries. at a price of an asset in marketplace! Of treasury common stock, 55 par at 60 500 shares of treasury common stock at $ for! I love working with students and seeing them improve on and grasp concepts can not larger! Free to discover our expert answers payable semiannually is assumed that the requirement for this question is overall. $ 15,000 cash financial statements of the company 24 per share, 2,600 shares of the $ 3 par common! Stanley Systems completed the following stock issuance transactions: ( a ) required... For 8.50 a share May 15 and June 30, receiving cash fiscal year ended December 31,,.
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