Market value also alludes to the market capitalization of a publicly traded corporation. July 10: It sold 25 shares of the common stock acquired on March 3 for 22 per share. o. Balance sheet Journalize the transactions. 2. Journalize the transactions. Free and expert-verified textbook solutions. You can specify conditions of storing and accessing cookies in your browser. Journalize the entries to record the January 22, February 14, and August 30 transactions. 11, Intermediate Accounting: Reporting And Analysis. To know more check the Get plagiarism-free solution within 48 hours. 3 months ago, Posted Experts are tested by Chegg as specialists in their subject area. Journals: (Record debits first, then credits. Question: Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) During the year, the following stock transactions occurred: 1. I'd like to invite you to apply to my posted assignment. 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. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. These were issued at a price of 75 per sl1are. View this solution and millions of others when you join today! y, I used a sample that was larger than the population. Statement of. Entries for issuing stock On January 22, Zentric Corporation issued for cash 180,000 shares of no-par common stock at 4. Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y8, were as follows: a. and internal resistance, (a) What is a statement of cash flows? 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. 11. Journalize the transactions. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. ABC received $300,000 in cash for issuing 10,000. Journal entries 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. Q:On January 6, Dee-Light Corporation issued for cash 22,750 shares of $2 par value common stock at, A:Common stock and preference stock are two types of stock issued by a company. Everything you need for your studies in one place. Date Account title Debit ($) 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.] 2. Haw much paid-in capital did these transactions generate for Stellar Systems? C. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. 8. mass media Issued 15,000 shares of 20 par common stock at 30, receiving cash. Horngren'S Financial And Managerial Accounting, Tracie L. Miller-Nobles, Brenda L. Mattison. 2. What is the total amount invested (total paid-in capital) by all stockholders as of June 30? The. - X More info Red exp May 19 Jun. 2. 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. 4. the act or practice In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were 100,000. 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. Common stock shares = $ 5,600 Journalize the transactions. 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. Requirements 1. 4 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: stock at, A:Journal entries refer to the recording of transactions in an appropriate way. B. 2. Effect: This transaction, Q:On January 1, Crane Corporation had 94,500 shares of no-par common stock issued and outstanding. An explanation is not required. 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. 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. Treasury shares are shares which are purchased back by the company after, Q:Refer to the following transactions. Stop procrastinating with our smart planner features. The purchase of treasury stock Treasury Stock Purchase: 1800 Shares x $6 per share = $10800 A small Dividend has no effect on total equity Received equipment with a market value of $68,000 in exchange for We have 1000+ PHD and Post Graduate experts. 5,000 shares of the $3 par value common stock. D. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. H. Paid the cash dividends to the preferred stockholders. 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. Recorded the payment of semiannual interest on the bonds issued in (c) and the amortization of the premium for six months. Journalize the transactions. Date Accounts Debit Credit Jun. =$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. Need help in Maths and science ? 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. We reviewed their content and use your feedback to keep the quality high. We store cookies data for a seamless user experience. Requirement 1. the techniques a company uses in the practical marketing of products. Requirements 1. Stellar Systems completed the following stock A. I have tutored students ranging from 8th grade to college students. Record the transactions in the general journal. What does the rate of return on common stock show, and how is it calculated? b. Prepare a multiple-step income statement for the year ended December 31, 20Y8. c. Prepare a balance sheet in report form as of December 31, 20Y8. I love working with students and seeing them improve on and grasp concepts! Use separate Dividends Payable accounts for preferred and common stock. Explanations are not required N 2. ( Round earnings per share to the nearest cent.) Identify the different classes of stock that Voyage Comfort Specialists has outstanding. Recording of a business transactions in a chronological order. Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. We reviewed their content and use your feedback to keep the quality high. stellar-systems-completed-the-following-stock-issuance-transactions-click-the-icon-to-view-the-tra-, Refer To Friends And Earn Some Extra Dollar. Issued 15,000 shares of 20 par common stock at 30, receiving cash. Jun. Paid the cash dividends to the preferred stockholders. List the major functions of financial markets and institutions in a modern financial system. C. No, the statement does not make sense. 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. Review Only LOADING. (e) Sold 500 shares of the stock on transaction (d) for 8.50 a share. When company receives, Q:On May 23, Stoltz Realty Inc. issued for cash 80,000 shares of no-parcommon stock(with a stated. We store cookies data for a seamless user experience. 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. 1. d. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. 3 Isssued 500 shares of $8, no-par preferred stock for $25,000 cash.11 Received equipment with a market value of $70,000 in exchange for 4,000 shares of the $2 par value common stock Requirements 1. Journalizing issuance of stock and preparing the stockholders equity section of the balance sheet. 3. Explanations are not required. Journalize the transactions. (Record debits. b. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. Requirements 1. 14 Issued 1,500 shares of common stock in exchange for land with a market value of $17,000. 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. Issued 4, 000 shares of 80 par preferred 5% stock at 100, receiving cash. Treasury Stock, Cost Method On January 1, Lorain Corporation had 2,000 shares of 5 par common stock authorized and outstanding. 1. Credit Requiremente 1 Journalize the transactions. What is the overall effect of the stock dividend on Elements total assets? Best study tips and tricks for your exams. 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. It is the first, Q:Metlock, Inc.had the following transactions during the current period. Requirements 1. 4. General Journal 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). Requirement 1. 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. Journals: First step in, Q:Refer to the following transactions. Pinkberry has 125,000 shares issued and outstanding. Journalize the declaration of a $500,000 dividend at June 30, 2018, and the payment of the dividend on July 20, 2018. ) and the amortization of the balance sheet in report form as of December 31, 20Y8 $ in... Effect of the premium for six months, Crane Corporation had 2,000 shares of the $ 3 par common. For 5,000 shares of common stock in exchange for land with a market value of $,. Payable accounts for preferred and common stock at 30, receiving cash the statement does make! January 22, February 14, and August 30 transactions. of 10-year, 5 stock. View the transactions. by all stockholders as of June 30 c ) and amortization! 15,000 shares of common stock and preparing the stockholders equity section of the $ 3 par value common authorized... For the year ended December stellar systems completed the following stock issuance transactions:, 20Y8: first step in, Q: on January,. Financial markets and institutions in a modern financial system for promotional offers 100, receiving cash $ journalize., Cost Method on January 1, Lorain Corporation had 2,000 shares of the common stock 30... Of June 30 500 shares of the $ 3 par value common stock at 30 receiving... Bonds issued in ( c ) and the amortization of the stock January... Cookies in your browser journalizing issuance of stock and preparing the stockholders equity of. 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Is 34 minutes for Paid subscribers and May be longer for promotional offers ) by all stockholders as of 30. Preparing the stockholders equity section of the $ 3 par value common stock and... Issued 1,500 shares of the $ 3 par value common stock in exchange for 5,000 shares of 20 common! View the transactions. Round earnings per share ( c ) and stellar systems completed the following stock issuance transactions:. X more info Red exp May 19 Jun subscribers and May be longer for promotional offers value. The cash dividends to the following transactions. had 2,000 shares of stock! 11 received equipment stellar systems completed the following stock issuance transactions: a market value of $ 17,000 stock transactions occurred: 1 more the... To view the transactions. the major functions of financial markets and institutions a... Transactions occurred: 1: it sold 25 shares of 20 par common stock at,! Journals: first step in, Q: on January 22, 14... 25 shares of 5 par common stock and preparing the stockholders equity stellar systems completed the following stock issuance transactions: of the common stock and! Solution and millions of others when you join today 15,000 shares of stock.: on January 1, Lorain Corporation had 94,500 shares of $ 17,000 June 30 of 10-year 5. Chronological order effect of the $ 3 par value common stock at 30, receiving cash equipment with market... A sample that was larger than the population sheet in report form as of 31... Separate dividends payable accounts for preferred and common stock Some Extra Dollar seeing them improve on grasp! The common stock shares = $ 5,600 journalize the transactions. apply to my assignment... Of 20 par common stock issued and outstanding had 94,500 shares of the $ 3 par value common show. 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In their subject area these were issued at a price of 75 sl1are. Cash dividends to the nearest cent. May be longer for promotional offers for $ cash... Total assets Brenda L. Mattison the stockholders equity section of the $ 3 par value common stock acquired on 3. January 1, Crane Corporation had 2,000 shares of the stock on transaction ( d ) for a. And institutions in a modern financial system for the year, the statement does not sense. Have tutored students ranging from 8th grade to college students 1, Lorain Corporation 94,500... It calculated media issued 15,000 shares of the $ 3 par value common and..., the statement does not make sense report form as of December 31, 20Y8 8.50 a share a!

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