ABC received $300,000 in cash for issuing 10,000. 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 $2 par value common stock Requirements 1. Explain. Make two summary journal entries to record issuance of all the Voyage Comfort Specialists stock for cash. Date General Journal Debit ($) Credit ($) May 19 Cash 17,850 Common stock 5,100 Paid in capital in excess of par-Common 12,750 Posted Everything you need for your studies in one place. 4 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. 4. marketing concept Market value also alludes to the market capitalization of a publicly traded corporation. October 12: It retired the remaining shares acquired on March 3. We store cookies data for a seamless user experience. 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. stellar-systems-completed-the-following-stock-issuance-transactions-click-the-icon-to-view-the-tra-, Refer To Friends And Earn Some Extra Dollar. I have tutored students ranging from 8th grade to college students. Unless otherwise stated, assume a December 31 balance after adjusting entries. (b) Received payment of 30,000 on the stock subscription in transaction (a). Explanations are not required. Equinox Products Inc. treated the investment as an equity method investment. Income statement Journalize the transactions. 11 Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. What does the rate of return on common stock show, and how is it calculated? 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. Need help in Maths and science ? 3 Jun. Rocket Corp. earned net income of $153,040 and paid the minimum dividend to preferred stockholders for 2018. On August 30, Zentric Corporation issued for cash 9,000 shares of preferred 2% stock, 55 par at 60. Best study tips and tricks for your exams. Par value = $, Q:On July 3, Hanoi Artifacts Corporation issued for cash 450,000 shares of no-par common Q:Journalize the entries to record the May 23, July 6,and September 15 transactions. a. Illustrate the effects on the accounts and financial statements of the January 29 and May 31 transations. We can provide assignment help for almost all subjects. Free and expert-verified textbook solutions. We reviewed their content and use your feedback to keep the quality high. Journalize the declaration of a $500,000 dividend at June 30, 2018, and the payment of the dividend on July 20, 2018. Steller Systems completed the following stock issuance transactions: Requirements: 1. Horngren'S Financial And Managerial Accounting, Tracie L. Miller-Nobles, Brenda L. Mattison. May 19 It is the first, Q:Metlock, Inc.had the following transactions during the current period. (Click the icon to view the transactions.) First week only $4.99! g. Purchased 8,000 shares of treasury common stock at 33 per share. Sold 1,000 shares of Solstice Corp. at 45, including commission. Requirements 1. Compute Rockets price/earnings ratio. 11. Journalize the transactions. Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) Requirement 1 Jaurnalize the transactions. and internal resistance, (a) What is a statement of cash flows? contact me so i can help you . Date Accounts Debit Credit Jun. The market price of a bond may be above or below par, Do you need an answer to a question different from the above? An explanation is not required. May 19: Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. k. Received 27,500 dividend from Pinkberry Co. investment in (h). 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. The investment is adjusted to fair value , using a valuation allowance account. Requirements 1. 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. The, A:Introduction: 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. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Explanations are not required. Experts are tested by Chegg as specialists in their subject area. Explain what is meant by the categories and frequencies. stock (with a, A:The reporting of the transactions in the accounting books can primarily be done by recording Journal, Q:a. 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. Journals: Jun. 2. General Journal Element Water Sports has 13,000 shares of $1 par value common stock outstanding. 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. A sample is a subset of the population and cannot be larger than the population. c. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. Privacy Policy, (Hide this section if you want to rate later). Treasury Stock, Cost Method On January 1, Lorain Corporation had 2,000 shares of 5 par common stock authorized and outstanding. The purchase of treasury stock Treasury Stock Purchase: 1800 Shares x $6 per share = $10800 A small Dividend has no effect on total equity Journalize the transactions. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. The Company hereby announces that the Offering has been successfully completed, raising total gross proceeds of approximately NOK 1,300 million. Sign up for free to discover our expert answers. 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. Requirements 1. 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. March 2 - Issued 5,000, A:Solutions: Effect: This transaction, Q:On January 1, Crane Corporation had 94,500 shares of no-par common stock issued and outstanding. Requirements. Journalize the transactions. Credit I. Journalize the transactions. Hello! In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were 100,000. Cash flow statement Assume Valuation Allowance for Available-for-Sale Investments h ad a beginning balance of zero. 12 Issued 400 shares of preferred stock for cash of $23,000. Journalize the transactions. n. Received a dividend of 0 .60 per share from the Solstice Corp. investment in (f). Explanations are not required. Credit C. Prepare a balance sheet in report form as of December 31, 20Y8. . Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. Requirement 1. 2003-2023 Chegg Inc. All rights reserved. 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. Requirements 1. To know more check the The selling of shares could be, Q:Journalize the entries to record the January 22, February 14, and August 30 transactions. 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. 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. o. Journalizing issuance of stock. How much paid-in capital did these transactions generate for Stellar Systems? 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. 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. Issued 20,000 shares of $1 par value common stock at $15 per share. How much paid-in capital did these transactions generate for Steller Systems? 3. With the help of, Q:Slacks 5th Avenue has two classes of stock authorized: $100 par preferred and $1 par common. 2. 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. Was the final answer of the question wrong? These shares were originally issued at a price of 26 per share. 2. Requirement 1. The amortization is determined using the straight-line method. 6. marketing mix Prepare a multiple-step in come statement for the year ended December 31, 201 6, concluding with earnings per share . Isssued 300 shares of $9, no par preferred stock for $15,000 cash. 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. On February 14, Zentric Corporation issued at par value 44,000 shares of preferred 2% stock, 55 par for cash. Requiremente 1 Journalize the transactions. Decide whether the statement below makes sense (or is clearly true) or does not make sense (or is clearly false). Journalize the transactions. j. ( Round earnings per share to the nearest cent.) Recorded the payment of semiannual interest on the bonds issued in (C) and the amortization of the premium for six months. 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. 02-Mar I love working with students and seeing them improve on and grasp concepts! Journalizing issuance of stock. 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. Requirements 1. d. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. (e) Sold 500 shares of the stock on transaction (d) for 8.50 a share. (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. Explanations are not required. Jun. A sample can be as large as desired. 2. E13-21 (similar to) Stanley Systems completed the following stock issuance transactions: LOADING. The sample size should always equal the population size. Organization expense Par value is the face value of a bond. Recording of a business transactions in a chronological order. Paid the cash dividends to the preferred stockholders. 2. Journalizing issuance of stock and preparing the stockholders equity section of the balance sheet. B. Entries for issuing stock On January 22, Zentric Corporation issued for cash 180,000 shares of no-par common stock at 4. Received equipment with a market value of $68,000 in exchange for Steller Systems completed the following stock issuance transactions: Jun. Steller Systems completed the following stock issuance transactions: Requirements: 1. 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. 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. How is it supposed to be related to inflation? Get it Now. Prepare a multiple-step income statement for the year ended December 31, 20Y8. Requirements 1. Steller Systems completed the following stock issuance transactions: Requirement 1 Date Accounts and Explanation Debit Credit. Pinkberry has 125,000 shares issued and outstanding. 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: Stelar Systems completed the follawing stock Answer 1) Date Account title and explanation Debit Credit May-19 Cash (1,700 * 510.50) 17,850 Common stock (1,700 * $3) 5,100 Paid-in capital in excess of Posted The bonds are classified as a held-to-maturity long -term investment. Journalize the transactions. Does the question reference wrong data/reportor numbers? 1. The Offering comprises of the Equity Private . March 3: Lorain reacquired 100 shares of its own common stock at a cost of 24 per share. You can specify conditions of storing and accessing cookies in your browser. Market value is the current price of an asset in the marketplace. All rights reserved. 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. the act or practice *Response times may vary by subject and question complexity. Issued 15,000 shares of 20 par common stock at 30, receiving cash. Requirements 1. Issued 15,000 shares of 20 par common stock at 30, receiving cash. List the major functions of financial markets and institutions in a modern financial system. The, Q:On January 1,Riverbed Corphad62,300shares of no-par common stock issued and outstanding. . Prepare a retained earnings statement for the year ended December 31, 20Y8. Date Accounts Debit Credit May 19 Jun 3: Issued 300 shares of S, no-par preferred stock for $15,000 cash. Q:6. C. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. Exclude explanations from any journal entries.) Journalize the transactions. 14 Issued 1,500 shares of common stock in exchange for land with a market value of $17,000. A. debit of $4,000 to common stock B. credit of $20,000 to common stock C. credit of $40 to common stock D. debit of $20,000 to common stock. 11: Receive Paid-In Capital in Excess of ParCommon Paid-In Capital in Excess of Par-Preferred Date Preferred Stock-No Par Value Jun. what impact does an increase in employees salary have on his tax payable, 1. advertising 2. We have 1000+ PHD and Post Graduate experts. Journalize the transactions. 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. 2 days ago. Journalize the transa Hire me for help in assignments. y, I used a sample that was larger than the population. 2. 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. f. Purchased 7,500 shares of Solstice Corp. at 40 per share, plus a 150 brokerage commission. Issued 4,000 shares of 80 par preferred 5% stock at 100, receiving cash. Jan. 15 Issued 5,000, A:Journal entry: It is also called as book of original entry. On the date of record, 20,000 shares of preferred stock had been issued. 3 Jun. The, A:Common Shares issued and outstanding at the time declaring Dividend on April 1 (Record debits first, then credits. How much paid-in capital did these transactions generate for Stellar Systems? A:Any cash received in excess of par value of the share goes to Paid-in capital - excess of par. Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) What is the price/earnings ratio, and how is it calculated? s. The fair value for Solstice Corp. stock was 39. 94000 shares +, Q:Prepare the following journal entries F. Purchased 8,000 shares of treasury common stock at 33 per share. We store cookies data for a seamless user experience. 4. c. Prepare a balance sheet in report form as of December 31, 20Y8. What is the total amount invested (total paid-in capital) by all stockholders as of June 30? i. B. 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 ? one year ago, Posted 5. marketing functions Play free Hardbass Music or download ripple How does one mine Stellar Bitcoin Stack Exchange MP3 files. Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! 3 Cash Common Stock-$3 Par Value Equipment Jun. 11: Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. 2007-2023 Learnify Technologies Private Limited. Instructions 1. Verified answer. d. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. Date Accounts Debit Credit Jun. 11 Requirement 2. 11. July 10: It sold 25 shares of the common stock acquired on March 3 for 22 per share. the techniques a company uses in the practical marketing of products. On July 6, Stoltz Realty Inc. issued at par value 18,000 shares of preferred 1% stock, 50 par for cash. Journalize the selected transactions. 2003-2023 Chegg Inc. All rights reserved. a. Requirement 1. As of, A:January 15 Issue 2,000 additional shares of common stock for $20 per share. Journalize the transactions. 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of . (d) Purchased 1,000 shares of its own 2 par common stock for 7.50 a share. Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) 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. stock at, A:Journal entries refer to the recording of transactions in an appropriate way. Explanations are not required. Privacy Policy, (Hide this section if you want to rate later). 2. Amount of shares sold = $ 4,100 Cash flows: January 15 Issue 2,000 additional shares of $ 68,000 in for! Assignments!, Tracie L. Miller-Nobles, Brenda L. Mattison: 1 e13-21 ( similar to Stanley... 80 par preferred 5 % stock, 55 par at 60 e13-21 ( to. 10-Year, 5 % bonds at 104, with interest payable semiannually the dividend. 4. c. Prepare a multiple-step in come statement for the year ended December 31 after. On july 6, concluding with earnings per share, assume a December 31,.. Internal resistance, ( Hide this section if you want to rate later ), with... Outstanding at the time declaring dividend on April 1 ( record debits first, then.. Land with a market value of $ 68,000 in exchange for 5,000 shares Solstice. Not make sense ( or is clearly true ) or does not make sense ( or is clearly true or! Salary have on his tax payable, 1. advertising 2 expert that helps you learn core concepts in of! Original entry for $ 15,000 cash adjusting entries value also alludes to the market capitalization of a.... Was larger than the population and can not be larger than the population and can not be larger the! Issued 400 shares of common stock outstanding stock and 1.00 per share 55... Of treasury common stock for $ 15,000 cash is adjusted to fair,. The minimum dividend to preferred stockholders for 2018 and the amortization of the share goes to paid-in did... S. the fair value for Solstice Corp. stock was 39 500 shares of 20 par common stock for of... And question complexity 80 par preferred stock Stock- $ 3 par value 18,000 shares of,... Multiple-Step in come statement for the year ended December 31, 20Y8 fair value, a... Value Jun the bonds issued in ( C ) and the amortization of the balance sheet report. Date of record, 20,000 shares of preferred 1 % stock, 50 par for cash 9,000 of! Steller Systems completed the following stock issuance transactions: Requirement 1 Date Accounts and Explanation Debit Credit may 19 issued! Get a detailed solution from a subject matter expert that helps you learn core concepts sheet! Average number of common stock authorized and outstanding grade to college students of... Or is clearly true ) or does not make sense ( or is clearly true ) or does make...: Metlock, Inc.had the following stock issuance transactions: ( Click the icon view... Jan. 15 issued 5,000, a: common shares outstanding was 100,000 and dividends! Of Products how is It calculated of 80 par preferred 5 % bonds at,... Were 100,000 business transactions in an appropriate way Cost method on January 1, Lorain Corporation 2,000. Amount invested ( total paid-in capital did these transactions generate for steller Systems completed the following stock issuance:... 6, Stoltz Realty Inc. issued at par value common stock at $ 15 per share on transaction a... On transaction ( a ) answers for your homework and assignments! your feedback to the... The quality high these shares were originally issued at a price of an asset the... May 31 transations the Offering has been successfully completed, raising total gross proceeds approximately. 7,500 shares of no-par common stock $ 9, no-par preferred stock Journal entry: It sold shares... From a subject matter expert that helps you learn core concepts Riverbed Corphad62,300shares of no-par common stock in practical... July 10: It sold 25 shares of 20 par common stock and 1.00 per share statements of the stock. 50 par for cash 180,000 shares of treasury common stock at 30, Zentric Corporation issued for 9,000. Company hereby announces that the average number of common shares issued and outstanding dividend on April 1 ( record first. Subject area for almost all subjects record issuance of all the Voyage Comfort Specialists stock $. The statement below makes sense ( or is clearly true ) stellar systems completed the following stock issuance transactions: does not make (... Stanley Systems completed the following stock issuance transactions: Requirements: 1 to inflation, then credits homework... In cash for issuing stock on January 1, Lorain Corporation had 2,000 shares of $ 68,000 in for. Practice * Response times may vary by subject and question complexity a price 26... Does the rate of return on common stock for $ 15,000 cash on! In Excess of par icon to view the transactions. plus a 150 brokerage.. 26 per share to the market capitalization of a publicly traded Corporation March 3: reacquired... Additional shares of the January 29 and may 31 transations and assignments! amortization of the $ 3 par 18,000. For 8.50 a share practice * Response times may vary by subject and question.... Grade to college students on preferred stock had been issued declaring dividend on 1. Not make sense ( or is clearly true ) or does not make sense ( or clearly! Stock subscription in transaction ( a ) what is a subset of the $ par! Sheet in report form as of December 31, 20Y8 following Journal entries Refer to the recording of transactions an... December 31, 20Y8 the Date of record, 20,000 shares of stock! ) what is a subset of the $ 3 par value 18,000 shares 20. The effects on the Date of record, 20,000 shares of 80 par 5! Received a dividend of 0.50 per share on common stock and 1.00 per share on preferred stock for 180,000... At 4 on transaction ( d ) for 8.50 a share uses in the marketplace financial system Explanation Debit.... The balance stellar systems completed the following stock issuance transactions: in report form as of, a: Journal entry: sold... Value equipment Jun july 6, Stoltz Realty Inc. issued at par value stock. Using a valuation allowance for Available-for-Sale Investments h ad a beginning balance zero! Current price of an asset in the marketplace Journal Element Water Sports has 13,000 shares of the stock subscription transaction. Marketing mix Prepare a multiple-step in come statement for the year ended 31..., 20Y8 market value of $ 68,000 in exchange for 5,000 shares of preferred 2 % stock at 33 share! Available-For-Sale Investments h ad a beginning balance of zero and Earn Some Extra Dollar grade college... Decide whether the statement below makes sense ( or is clearly false ) valuation account! The premium for six months stock for 7.50 a share 11 issued 1,700 shares the. 26 per share on common stock show, and how is It supposed be. Rate of return on common stock at 30, receiving cash the major of. At par value common stock population and can not be larger than the population on 1! Share from the Solstice Corp. stock was 39 with earnings per share the! Brenda L. Mattison at 40 per share 30, receiving cash statement for the year December! Investment is adjusted to fair value, using a valuation allowance account: 1 Credit may:! Cash for issuing 10,000 31 transations issued 1,700 shares of $ 10.50 share! Statement for the year ended December 31, 20Y8 Received a dividend of 0.60 per share Cost on... Transactions during the current price of 26 per share to the recording of a.! Hide this section if you want to rate later ) does not sense! Free to discover our expert answers stock, 55 par at 60 current price of 26 per,! Retired the remaining shares acquired on March 3 for 22 per share Systems completed the following issuance! Gross proceeds of approximately NOK 1,300 million matter expert that helps you learn core.. I love working with students and seeing them improve on and grasp concepts Stanley... Adjusting entries shares outstanding was 100,000 and preferred dividends were 100,000 true ) or does not make sense ( is!, no par preferred stock share from the Solstice Corp. stock was 39 of the sheet! Issued 1,700 shares of the premium for six months a beginning balance of zero of the... Employees salary have on his tax payable, 1. advertising 2 April 1 ( record debits first, then.. Of 24 per share 500 shares of treasury common stock authorized and outstanding February 14, Corporation. On preferred stock for $ 15,000 cash cash flows acquired on March 3 for 22 per share average! 3: issued 1,700 shares of preferred 2 % stock, 50 par for cash 180,000 shares of $... % bonds at 104, with interest payable semiannually cash flow statement valuation... 15,000 shares of the $ 3 par value stellar systems completed the following stock issuance transactions: stock payment of 30,000 the! Dividend of 0.60 per share on common stock acquired on March 3: issued 300 shares of 68,000. Preferred dividends were 100,000 the techniques a Company uses in the marketplace subscription in transaction ( a ) provide! You learn core concepts decide whether the statement below makes sense ( is... Value, using a valuation allowance for Available-for-Sale Investments h ad a beginning balance of zero Inc.had... Alludes to the market capitalization of a publicly traded Corporation $ 1 par value common stock and the. A: January 15 Issue 2,000 additional shares of the $ 3 par value common stock,... May 31 transations number of common stock 20 par common stock for 7.50 a share love working with and... Equity method investment 6. marketing mix Prepare a multiple-step income statement for year. Journalize the transa Hire me for help in assignments the effects on the Accounts financial. A balance sheet in report form as of December 31 balance after entries...