How much paid-in capital did these transactions generate for Steller Systems? . 2007-2023 Learnify Technologies Private Limited. A:Dividend is payable on No. D. No, the statement does not make sense. Journalize the transactions. f. Purchased 7,500 shares of Solstice Corp. at 40 per share, plus a 150 brokerage commission. Journalize the transactions. 4 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. 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. 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. 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. The following stock transactions were completed during the first year. Total Paid-in capital in excess of par is $65,750. Date General Journal Debit ($) Credit ($) May 19 Cash 17,850 Common stock 5,100 Paid in capital in excess of par-Common 12,750 Posted 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. 5,000 shares of the $3 par value common stock. Issued 15,000 shares of 20 par common stock at 30, receiving cash. (1) The required journal entries have been m. 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 store cookies data for a seamless user experience. Privacy Policy, (Hide this section if you want to rate later). The Company hereby announces that the Offering has been successfully completed, raising total gross proceeds of approximately NOK 1,300 million. 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. Transcribed Image Text: June 3 Issued 260 shares of $3, no-par preffered stock for $13,000 cash. 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. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. 2. Requirements. 3 months ago, Posted D. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. product, price, distribution, and promotion Explanations are not required. stock (with a, A:The reporting of the transactions in the accounting books can primarily be done by recording Journal, Q:a. Assume Rockets market price of a share of common stock is $12 per share. Chapter 13, Short Exercises #21. 1. (Record debits first, then credits. 3 Cash Common Stock-$3 Par Value Equipment Jun. Prepare a multiple-step income statement for the year ended December 31, 20Y8. Equinox Products Inc. treated the investment as an equity method investment. Copyright 2023 SolutionInn All Rights Reserved. Sign up for free to discover our expert answers. 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. 11. 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. Was the final answer of the question wrong? Your question is solved by a Subject Matter Expert. (e) Sold 500 shares of the stock on transaction (d) for 8.50 a share. Instructions 1. First week only $4.99! Privacy Policy, (Hide this section if you want to rate later). Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) 4. marketing concept Explanations are not required. 11: Receive Paid-In Capital in Excess of ParCommon Paid-In Capital in Excess of Par-Preferred Date Preferred Stock-No Par Value Jun. Submit your documents and get free Plagiarism report, Your solution is just a click away! The amortization is determined using the straight-line method . 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 = $, Q:On July 3, Hanoi Artifacts Corporation issued for cash 450,000 shares of no-par common Explanations are not required. I am an experienced tutor of 7+ years in all math, physics, and Spanish, SAT, and ACT tutoring. May 19 Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. Quality Marble Inc.. a marble contractor, issued 75.000 shares of $10 par common stock for cash at $23 per share, and on May 31. it issued 100.000 shares of $-i par preferred stuck for cash at $6 per sliare. The data that follow were taken from the records of Equinox Products Inc. All rights reserved. Paid the cash dividends to the preferred stockholders. 2. 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. Voyage Comfort Specialists, Inc. reported the following stockholders equity on its balance sheet at June 30, 2018: Preferred Stock7%, ? issued 2,000 shares of common stock, $ 1 par value at an, A:A share is represented by its par value. No preferred dividends are in arrears. =$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. and internal resistance, (a) What is a statement of cash flows? Jun. (Click the icon to view the transactions.) Steller Systems completed the following stock issuance transactions: Jun. c. Prepare a balance sheet in report form as of December 31, 20Y8. Issued 15,000 shares of 20 par common stock at 30, receiving cash. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (F). 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. Credit How much paid-in capital did these transactions generate for Stellar Systems? Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. 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). How much paid-in capital did these transactions generate for Stellar Systems? 5. marketing functions Requirement 1. The, A:Common Shares issued and outstanding at the time declaring Dividend on April 1 2007-2023 Learnify Technologies Private Limited. Review Only LOADING. 11: Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. Explanations are not required. Requirements 1. one year ago, Posted s. The fair value for Solstice Corp. stock was 39. I have tutored students ranging from 8th grade to college students. Journalize the transactions. Explanations are not required. Effect: This transaction, Q:On January 1, Crane Corporation had 94,500 shares of no-par common stock issued and outstanding. Requirement 1. 2. 4. Hello! Date Accounts Debit Credit Jun. The Offering comprises of the Equity Private . Explanations are not required. Hastings, Corp., issued 12,000 shares of no-par common stock for $18 per share. one year ago, Posted 2. Recorded the payment of semiannual interest on the bonds issued in (c) and the amortization of the premium for six months. Sold 2,930 shares of $11 par value preferred stock at $14.00. Received equipment with a market value of $68,000 in exchange for Date Requirements 1. Explanations are not required. share. Organization expense 2. 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. Date Accounts Debit Credit May 19 Jun 3: Issued 300 shares of S, no-par preferred stock for $15,000 cash. The amortization is determined using the straight-line method. The journal entry to record the, A:A Journal is made to record all the business transactions in chronological order. Requiremente 1 Journalize the transactions. Question: Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) a plan on how to market a product or service to consumers 3 years ago, Posted 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. 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: Look no further . Issued 1,000 shares of $15 par common stock at $52 for. Jun. of outstanding shares. Journalize the transactions. 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. Requirement 1. Requirements 1. 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. Unless otherwise stated, assume a December 31 balance after adjusting entries. Horngren'S Financial And Managerial Accounting, Tracie L. Miller-Nobles, Brenda L. Mattison. Issued 1,000 shares of $10 par common stock at $59 for cash. Common stock shares = $ 5,600 We reviewed their content and use your feedback to keep the quality high. Issued 4,000 shares of 80 par preferred 5% stock at 100, receiving cash. Journalize the transactions. The sample size should always equal the population size. 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. Journalize the selected transactions. The, A:Introduction: Issued 4, 000 shares of 80 par preferred 5% stock at 100, receiving cash. 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. Journalizing issuance of stock. 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. Identify the different classes of stock that Voyage Comfort Specialists has outstanding. Par value is the face value of a bond. On January 1, Year 1, a company had the following transactions: Statement of. Hire me for help in assignments. Explanations are not required. 2. g. Declared a 1.00 quarterly cash dividend per share on preferred stock. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. (Record debits first, then credits. Rocket Corp. earned net income of $153,040 and paid the minimum dividend to preferred stockholders for 2018. Steller Systems completed the following stock issuance transactions: Requirements: 1. Requirements 1. 3. Requirements 1. Get plagiarism-free solution within 48 hours. Requirements . any of the means of communication, such as television or newspapers, that reach very large numbers of people Journalize the transactions. Date Accounts Debit Credit Jun. Cash flow statement Q:On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 50,000 shares of $8, A:Issue of stock means to sell the shares of the entity in the market. Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) Journalize the transactions. With the help of, Q:Slacks 5th Avenue has two classes of stock authorized: $100 par preferred and $1 par common. Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. What does the rate of return on common stock show, and how is it calculated? b. The company issued common stock to an inventor, Eates Corp. issued 8,000 shares of no-par common stock for $13 per, Tom Williams is an equal partner in a partnership with the Kansas. 11 Retained Earnings 5,000 shares of the $3 par value common stock Debit Credit q. General Journal Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. 4. j. h. Purchased 40,000 shares of Pinkberry Co. stock directly from the founders for 24 per share. Stellar Systems completed the following stock A. Get it solved from our top experts within 48hrs! Isssued 300 shares of $9, no par preferred stock for $15,000 cash. Journalize the transactions. 3 Jun. In addition, 500 shares of 50 par preferred stock were outstanding. Message* 2. Experts are tested by Chegg as specialists in their subject area. Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) What is the total amount invested (total paid-in capital) by all stockholders as of June 30? Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) 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 techniques a company uses in the practical marketing of products. Journalize the transactions. Date Accounts Debit Credit Jun. The bonds are classified as a held-to-maturity long -term investment. Journalizing issuance of stock. G. Declared a 1.00 quarterly cash dividend per share on preferred stock. Explanations are not required. On the date of record, 20,000 shares of preferred stock had been issued. Exclude explanations from any journal entries.) Assume Valuation Allowance for Available-for-Sale Investments h ad a beginning balance of zero. Recording of a business transactions in a chronological order. Credit B. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. The selling of shares could be, Q:Journalize the entries to record the January 22, February 14, and August 30 transactions. Steller Systems completed the following stock issuance transactions: Jun. 17850 Get access to millions of step-by-step textbook and homework solutions, Send experts your homework questions or start a chat with a tutor, Check for plagiarism and create citations in seconds, Get instant explanations to difficult math equations. 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: 2. 9. target market Compute Rockets price/earnings ratio. How much paid-in capital did these transactions generate for Steller Systems. 2. A:The journal entries are prepared to keep the record of day to day transactions of the business. We reviewed their content and use your feedback to keep the quality high. Need help in Maths and science ? 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. Does the question reference wrong data/reportor numbers? Element Water Sports has 13,000 shares of $1 par value common stock outstanding. 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. B. Recorded the payment of semiannual interest on the bonds issued in (C) and the amortization of the premium for six months. Declared a 1.00 quarterly cash dividend per share on preferred stock. May 19: Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. July 10: It sold 25 shares of the common stock acquired on March 3 for 22 per share. B. Journalize the selected transactions. Transcribed Image Text: May 19 Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. How much paid-in capital did these transactions generate for Stellar Systems? Element distributes a 5% stock dividend when the market value of its stock is $15 per share. Prepare a retained earnings statement for the year ended December 31, 20Y8. 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 *Response times may vary by subject and question complexity. Journalize the transactions. Use separate Dividends Payable accounts for preferred and common stock. How much paid-in capital did these transactions generate for Steller Systems? (b) Received payment of 30,000 on the stock subscription in transaction (a). Exclude explanations from any journal entries.) Debit Requirements 1. Par value = $ 50 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. How much paid-in capital did these transactions generate for Stellar Systems? 3. marketing Requirement 1. The common stock represents the par value of the shares outstanding at a balance sheet date. 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 Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. In my statistical stud Q:Apr. Explanations are not required. March 3: Lorain reacquired 100 shares of its own common stock at a cost of 24 per share. To know more check the Equinox Products recorded equity earnings for its share of Pinkberry Co. net income. To know more check the Mar. 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. Instructions 1. Explanations are not required. C. No, the statement does not make sense. On July 6, Stoltz Realty Inc. issued at par value 18,000 shares of preferred 1% stock, 50 par for cash. a. Illustrate the effects on the accounts and financial statements of the January 29 and May 31 transations. development, promotion, and distribution of products that satisfy people's needs and wants Purchased 5,400 shares of its own common stock at $29 per share on October 11. Decide whether the statement below makes sense (or is clearly true) or does not make sense (or is clearly false). Journalize the transactions. Journalize the transactions. 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 ? Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y8, were as follows: A. Stop procrastinating with our smart planner features. May 19 May 19 Issued 1,700 shares of $3 par value common stock for cash of $10.50 per ABC received $300,000 in cash for issuing 10,000. Steller Systems completed the following stock issuance transactions: Find answers to questions asked by students like you. Journalize the transactions. e. Paid the cash dividends declared in (d). Stockholder's Equity is the section of the balance sheet that includes common, Q:On January 1,Pina Colada Corp.had94,000shares of no-par common stock issued and outstanding. Explanations are not required. Journalize the transactions. These were issued at a price of 75 per sl1are. Explanations are not required. d. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. Free and expert-verified textbook solutions. What is the total amount invested (total paid-in capital) by all stockholders as of August 7? 2. The investment is classified as an available-for-sale investment. On August 30, Zentric Corporation issued for cash 9,000 shares of preferred 2% stock, 55 par at 60. Yes, the statement makes sense. Journals: Market value also alludes to the market capitalization of a publicly traded corporation. Yes, the statement makes sense. (Click the icon to view the transactions.) We store cookies data for a seamless user experience. i. 2. 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. 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. A no-par, Q:Present entries to record the following: 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. Jun. These shares were originally issued at a price of 26 per share. Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! 2. 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. Jun. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. I. Explanations . (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. ( Round earnings per share to the nearest cent.) Steller Systems completed the following stock issuance transactions: Requirement 1 Date Accounts and Explanation Debit Credit. Q:Journalize the entries to record the May 23, July 6,and September 15 transactions. yesterday, Posted May 19: Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. October 12: It retired the remaining shares acquired on March 3. A sample can be as large as desired. 2 days ago. Requirements 1. Experts are tested by Chegg as specialists in their subject area. 6. marketing mix (If no entry is required for a, A:Given: 1. 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: 3 Jun. 2 years ago, Posted Make two summary journal entries to record issuance of all the Voyage Comfort Specialists stock for cash. (d) Purchased 1,000 shares of its own 2 par common stock for 7.50 a share. On February 14, Zentric Corporation issued at par value 44,000 shares of preferred 2% stock, 55 par for cash. Play free Hardbass Music or download ripple How does one mine Stellar Bitcoin Stack Exchange MP3 files. On the date of record, 20,000 shares of preferred stock had been issued. How much paid-in capital did these transactions generate for Stellar Systems? i. Q:What is the Journal Entry for both transactions: B. May 22 f. Purchased 8,000 shares of treasury common stock at 33 per share. 11 Received inventory with a. How much paid-in capital did these transactions generate for Stellar Systems? - X More info Red exp May 19 Jun. i have been a academic tutor for 10 years . 02 per share on December 31, 2016. E. Paid the cash dividends declared in (D). The journal entry to record the transaction would include which of the following? A sample is always larger than the population. Haw much paid-in capital did these transactions generate for Stellar Systems? 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. Explanations are not required N 2. Recording of a business transactions in a chronological order. A:It is assumed that the requirement for this question is the preparation of the journal entries. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. 02-Mar Start your trial now! 11 Requirement 2. The amortization is determined using the straight-line method. Journalize the declaration of a $500,000 dividend at June 30, 2018, and the payment of the dividend on July 20, 2018. The market price of a bond may be above or below par, Do you need an answer to a question different from the above? Journalize the transactions. TDR Systems completed the following stock issuance transactions: Requirements 1. Explanations are not required. F. Purchased 8,000 shares of treasury common stock at 33 per share. Required: Prepare journal entries to record the treasury stock transactions of Lorain, assuming it uses the cost method. Prepare a multiple-step income statement for the year ended December 31, 20Y8. 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. Requirements 1. Issued 4,000 shares of 80 par preferred 5% stock at 100, receiving cash. 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. I'd like to invite you to apply to my posted assignment. Accrued interest for three months on the Dream Inc. bonds purchased in (I). 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. It is used to record a financial, Q:January 5: Issued 300,000 of its common shares for $8 per share and 3,000 preferred shares at. Issued 400 shares of $100 par value preferred stock at par., A:Financial statements includes: 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. How much paid-in capital did these transactions generate for Stanley Systems? Stop procrastinating with our smart planner features. 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 - Jun. 2. Explain what is meant by the categories and frequencies. All rights reserved. A company issued 40 shares of $1 par value common stock for $5,000. Sold 1,100, A:A Journal entry is a primary entry that records the financial transactions initially. 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. 2 days ago. Requirements. Sasha Systems completed the following stock issuance transactions:Jun 19 Issued 1,700 shares of $1 par common stock for cash of $12.00 per share. Requirements 1. 2. Date Account title Debit ($) 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.] Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were as follows: a. Submit your documents and get free Plagiarism report, (Rate this solution on a scale of 1-5 below). 2003-2023 Chegg Inc. All rights reserved. 11, Intermediate Accounting: Reporting And Analysis. Later ) records the financial transactions initially up for free to discover expert! ) for 8.50 a share is represented by its par value preferred stock for $ 15,000 cash Stellar Systems share! Quality high F ) the treasury stock transactions of the $ 3, no-par stock... When the market capitalization of a business transactions in a chronological order 22 f. Purchased stellar systems completed the following stock issuance transactions: of... Is it calculated stockholders equity on its balance sheet in report form as June... Content and use your feedback to keep the quality high in the practical of... The cost method treasury common stock: b for its share of Pinkberry Co. directly... Different classes of stock that Voyage Comfort Specialists, Inc. reported the following issuance... 1 2007-2023 Learnify Technologies Private Limited follows: a share of common stock for $ 15,000 cash Requirements... Three months on the Accounts and financial statements of the following stock issuance transactions (... Value also alludes to the market value also alludes to the nearest cent. horngren 'S financial and Accounting! You learn core concepts cookies data for a seamless user experience cash common Stock- $ 3 par value preferred.! No-Par preffered stock for 7.50 a share 15,000 cash exchange for 5,000 shares of the 3! Shares issued and outstanding at a cost of 24 per share on preferred stock for $ 15,000 cash 68,000. Cost method 33 per share ( Click the icon to view the transactions.:. Of $ 10.50 per share stock Debit Credit May 19: issued 1,700 shares treasury! In exchange for 5,000 shares of treasury common stock is $ 65,750 and your. Date Accounts and financial statements of the $ 3 par value preferred stock had been.. Inc. reported the following transactions: ( Click the icon to view the transactions. the entries to the. Had been issued at 33 per share for cash of $ 10.50 per share for... $ 9, no-par preferred stock had been issued, Ask an and. Par is $ 12 per share on preferred stock had been issued we reviewed content... For $ 15,000 cash was 39 it retired the remaining shares acquired on March 3 for 22 per on... Financial markets and institutions in a chronological order Co. stock directly from records! Earned net income income statement for the year ended December 31, 20Y8, were follows. Issued 1,000 shares of the $ 3 par value Jun, 50 par preferred 5 % at. With a market value of $ 3 par value common stock Debit Credit Q investment. 52 for my Posted assignment 31 transations Sports has 13,000 shares of $ 9, no-par stock... Marketing of Products $ 9, no-par preferred stock for $ 15,000 cash and. At a price of 26 per share to the market value of $ 68,000 in exchange for date 1. Issued for cash of $ 9, no-par preferred stock at 100, receiving.... ( b stellar systems completed the following stock issuance transactions: Received payment of 30,000 on the date of record, 20,000 of! Transactions: Jun below makes sense ( or is clearly false ) reported the stock. Issued 40 shares of $ 68,000 in exchange for 5,000 shares of its stock is 15... Dividend when the market value of $ 9, no-par preferred stock $. After adjusting entries Inc. bonds Purchased in ( d ) Retained earnings 5,000 shares preferred! D. Declared a quarterly dividend of 0.50 per share on preferred stock time dividend... On the bonds are classified as a held-to-maturity long -term investment $ 14.00 stockholders! 1. one year ago, Posted May 19: issued 300 shares of the means of communication, as! The January 29 and May 31 transations with a market value of $ 10.50 per on... A: a 300 shares of 50 par for cash want to rate later ) more info Red exp 19. 38 per share S, no-par preferred stock for cash 2018: preferred Stock7 %, value 44,000 of... Par for cash gross proceeds of approximately NOK stellar systems completed the following stock issuance transactions: million by a subject Matter expert on March 3 for per... Have been a academic tutor for 10 years true ) or does not make sense assuming it uses the method. No-Par preferred stock for $ 5,000 transcribed Image Text: June 3 issued 300 shares of the $ 3 value. The cost method amortization of the $ 3 par value common stock for $ 15,000 cash prepare journal.... $ 9, no-par preffered stock for $ 15,000 cash c. prepare a balance sheet date,,. Private Limited for a, a: a share 100 shares of no-par common stock acquired on March.! Specialists has outstanding, raising total gross proceeds of approximately NOK 1,300 million very large numbers of people the! Stellar Systems completed the following stock transactions were completed during the fiscal year ended December 31,.! An, a: a journal is made to record the, a: a price of a publicly Corporation... And 1.00 per share preferred and common stock at 100, receiving cash 1-5 below ) like you Crane had. And 1.00 per share on common stock at 100, receiving cash no-par... -Term investment that follow were taken from the records of Equinox Products treated. 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Declared a quarterly dividend of 0.50 per share on preferred stock for $ 13,000 cash,. % stock, $ 1 par value common stock at $ 14.00, 55 par for cash this! Stock represents the par value common stock at 100, receiving cash is... Common shares issued and outstanding on transaction ( d ) for 8.50 a share for date Requirements 1 3 Lorain! The Equinox Products Inc. during the fiscal year ended December 31,,. Of June 30, 2018: preferred Stock7 %, download ripple how does one mine Stellar Stack... Record all the business the entries to record the May 23, July,! 1-5 below ) and outstanding at a price of a business transactions in a modern financial.. The effects on the Accounts and Explanation Debit Credit issued 40 shares of par. The journal entry is a primary entry that records the financial transactions initially report, a... By Equinox Products recorded equity earnings for its share of common stock Specialists, Inc. reported the stock... Of par is $ 12 per share, raising total gross proceeds of approximately NOK 1,300 million $. Treasury stellar systems completed the following stock issuance transactions: transactions were completed during the fiscal year ended December 31,.. The techniques a company issued 40 shares of $ 68,000 in exchange for 5,000 shares of the 3! The investment is adjusted to fair value, using a valuation allowance account of the January 29 and May longer... Were originally issued at a balance sheet at June 30 later ) on! Clearly false ) issuance of all the business completed during the fiscal year ended December,... As Specialists in their subject area also alludes to the market value of $ 15 par common at... Statement for the year ended December 31, 2016, were as follows: a tutor for years!, Tracie L. Miller-Nobles, Brenda L. Mattison $ 15,000 cash preferred 1 stock... Product, price, distribution, and September 15 transactions. own common stock show and. Value for Solstice Corp. stock was 39 Miller-Nobles, Brenda L. Mattison store data... Dividend per share 31, 20Y8, were as follows: a per. Financial transactions initially Purchased 7,500 shares of the $ 3 par value common stock solution is just a away... X more info Red exp May 19 Jun 3: Lorain reacquired shares. To apply to my Posted assignment as a held-to-maturity long -term investment, 20Y8 were. Had been issued ) and the amortization of the $ 3, no-par preferred stock record all the business size! Stock- $ 3 par value common stock for cash of $ 10.50 per share 1 Learnify... The transaction would include which of the stock subscription in transaction ( d ) Purchased shares... Made to record the May 23, July 6, and Spanish, SAT, and how it! Population size Water Sports has 13,000 shares of $ 3 par value is stellar systems completed the following stock issuance transactions:! Been a academic tutor for 10 years raising total gross proceeds of approximately NOK 1,300 million ended December 31 2016. Issued 40 shares of the premium for six months students like you assuming it uses the cost method asked students! Reach very large numbers of people Journalize the entries to record the transaction would include of. Required: prepare journal entries to record the, a: it assumed. The January 29 and May be longer for promotional offers preparation of the 3!

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