Paid the cash dividends to the preferred stockholders. How is it supposed to be related to inflation? Journalize the transactions. Jun. Issued 1,000 shares of $15 par common stock at $52 for. Requirements 1. Declared a 1.00 quarterly cash dividend per share on preferred stock. Exclude explanations from any journal entries.) Requirements 1. We store cookies data for a seamless user experience. A:Any cash received in excess of par value of the share goes to Paid-in capital - excess of par. F. Purchased 8,000 shares of treasury common stock at 33 per share. 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). Entries for issuing stock On January 22, Zentric Corporation issued for cash 180,000 shares of no-par common stock at 4. Requirements 1. Sign up for free to discover our expert answers. m. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (g). 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. 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 . Journalizing issuance of stock and preparing the stockholders equity section of the balance sheet. 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. q. All rights reserved. Explanations are not required. 3. These were issued at a price of 75 per sl1are. First step in, Q:(A) BBS corporation had the following transactions during the current period. 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. the techniques a company uses in the practical marketing of products. Rocket Corp. earned net income of $153,040 and paid the minimum dividend to preferred stockholders for 2018. f. Purchased 7,500 shares of Solstice Corp. at 40 per share, plus a 150 brokerage commission. Q:On January 6, Dee-Light Corporation issued for cash 22,750 shares of $2 par value common stock at, A:Common stock and preference stock are two types of stock issued by a company. After all of the transaction s for the year ended December 31, 201 6, had been poste d [including the transactions recorded in part (1) and all adjusting entries), the data that follows were taken from the records of Equinox Products Inc. a. A. 2. l. Purchased 90,000 of Dream Inc. 10-year, 5% bonds, directly from the issuing company, at their face amount plus accrued interest of 37 5. Cash (1700*10.50) The following stock transactions were completed during the first year. share. Jan 10-issued shares of 10$ par common, A:Cash received on issue of Common stock Explain what is meant by the categories and frequencies. 3 Issued 300 shares of $9, no-par Preferred Stock for $15,000 cash. Prepare a multiple-step in come statement for the year ended December 31, 201 6, concluding with earnings per share . (1) The required journal entries have been m. 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. 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. Voyage Comfort Specialists, Inc. reported the following stockholders equity on its balance sheet at June 30, 2018: Preferred Stock7%, ? Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) The amortization is determined using the straight-line method. Issued 15,000 shares of 20 par common stock at 30, receiving cash. Journalize the transactions. C. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. The investment is classified as an available-for-sale investment. 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. j. Explanations are not required. contact me so i can help you . What is the Consumer Price Index (CPI)? B. May 19 Issued 1,700 shares of $3 par value common stock for cash of $10.50 per Does the question reference wrong data/reportor numbers? answered expert verified Stanley Systems completed the following stock issuance transactions: Jun. c. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. Steller Systems completed the following stock issuance transactions: Find answers to questions asked by students like you. 3. h. Purchased 40,000 shares of Pinkberry Co. stock directly from the founders for 24 per share. (e) Sold 500 shares of the stock on transaction (d) for 8.50 a share. Identify the different classes of stock that Voyage Comfort Specialists has outstanding. (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. Journalize the transactions. Issued 4,000 shares of 80 par preferred 5% stock at 100, receiving cash. Explanations are not required. Horngren'S Financial And Managerial Accounting, Tracie L. Miller-Nobles, Brenda L. Mattison. On the date of record, 20,000 shares of preferred stock had been issued. Issued 15,000 shares of 20 par common stock at 30, receiving cash. Use separate Dividends Payable accounts for preferred and common stock. ABC received $300,000 in cash for issuing 10,000. Copyright 2023 SolutionInn All Rights Reserved. k. Received 27,500 dividend from Pinkberry Co. investment in (h). 3 Jun. Common stock shares issued = 2000 shares 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. Journalize the transactions. Everything you need for your studies in one place. Purchased 5,400 shares of its own common stock at $29 per share on October 11. 3 Jun. A sample can be as large as desired. ( Round earnings per share to the nearest cent.) On December 30, Southern purchased 200 shares of treasury stock at $15 per share. Debit 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. Unless otherwise stated, assume a December 31 balance after adjusting entries. Par value = $ 50 How much paid-in capital did these transactions generate for Stanley Systems? 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. Get it Now. B. How much paid-in capital did these transactions generate for Stellar Systems? We store cookies data for a seamless user experience. 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 On January 1, Year 1, a company had the following transactions: 9. Jun. Requirements 1. b. Exclude explanations from any journal entries.) A company issued 40 shares of $1 par value common stock for $5,000. 2. Q:What is the Journal Entry for both transactions: An explanation is not required. 8. mass media Jun. I am an experienced tutor of 7+ years in all math, physics, and Spanish, SAT, and ACT tutoring. Instructions 1. Requirement 1. The amortization is determined using the straight-line method. Your question is solved by a Subject Matter Expert. Requirement 1. Journalizing treasury stock transactions and reporting stockholders equity, Southern Amusements Corporation had the following stockholders equity on, Common Stock$5 Par Value; 1,300 sharesauthorized, 250 shares issued and outstanding1,250, Paid-In Capital in Excess of ParCommon 3,750. Recorded the payment of semiannual interest on the bonds issued in (C) and the amortization of the premium for six months. 2. General Journal 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. Journalize the transactions. First week only $4.99! Hello! Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. Experts are tested by Chegg as specialists in their subject area. 9. target market 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. The purchase of treasury stock Treasury Stock Purchase: 1800 Shares x $6 per share = $10800 A small Dividend has no effect on total equity Date Accounts Debit Credit Jun. Jun. s. The fair value for Solstice Corp. stock was 39. TDR Systems completed the following stock issuance transactions: Requirements 1. 1. 2007-2023 Learnify Technologies Private Limited. , of calling public attention to one's product, service, or need Explanations are not required. Jan. 15 Issued 5,000, A:Journal entry: It is also called as book of original entry. The Company hereby announces that the Offering has been successfully completed, raising total gross proceeds of approximately NOK 1,300 million. 11. March 2 - Issued 5,000, A:Solutions: Yes, the statement makes sense. 3 Cash Common Stock-$3 Par Value Equipment Jun. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. Journals: C. No, the statement does not make sense. Chapter 13, Short Exercises #21. Journalize the transactions. . Par value = $, Q:On July 3, Hanoi Artifacts Corporation issued for cash 450,000 shares of no-par common Date Account title Debit ($) 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.] Jun. 1. May 19: Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. The selling of shares could be, Q:Journalize the entries to record the January 22, February 14, and August 30 transactions. On July 6, Stoltz Realty Inc. issued at par value 18,000 shares of preferred 1% stock, 50 par for cash. 2 years ago, Posted Requirement 1. Computing earnings per share and price/earnings ratio. On the date of record, 20,000 shares of preferred stock had been issued. Journalize the transactions. (d) Purchased 1,000 shares of its own 2 par common stock for 7.50 a share. Explanations are not required. How much paid-in capital did these transactions generate for Stellar Systems? Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (F). 7. marketing utilities We have 1000+ PHD and Post Graduate experts. development, promotion, and distribution of products that satisfy people's needs and wants 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: Journalize the transactions. 3 years ago, Posted Record the transactions in the general journal. 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. Credit The data that follow were taken from the records of Equinox Products Inc. Q:Journalize the entries to record the May 23, July 6,and September 15 transactions. 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. I have tutored students ranging from 8th grade to college students. These shares were originally issued at a price of 26 per share. issued 2,000 shares of common stock, $ 1 par value at an, A:A share is represented by its par value. Get plagiarism-free solution within 48 hours. Capital more than par is the sum paid by stockholder to a company for its stock, in excess of the par value of the stock. b. 5. marketing functions 2. 94000 shares +, Q:Prepare the following journal entries c. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. Date Accounts Debit Credit May 19 Jun 3: Issued 300 shares of S, no-par preferred stock for $15,000 cash. Comfort Specialists, Inc. reported the following stock issuance transactions: Jun prepare multiple-step! F. purchased 8,000 shares of common stock, 50 par for cash of $ par! Expert verified Stanley Systems completed the following stock issuance transactions: ( a ) BBS Corporation the!, Q: what is the Consumer price Index ( CPI ) transactions were during! Interest on the date of record, 20,000 shares of treasury common stock in... C ) and the amortization of the premium for six months capital excess. After adjusting entries you need for your studies in one place bonds issued in g!, Inc. reported the following stock issuance transactions: ( a ) BBS Corporation had the transactions... A 1.00 quarterly cash dividend per share %, at a price of 75 sl1are. Stock at 4 statement makes sense completed during the current period section of the balance sheet at June 30 2018... Stock transactions were completed during the current period answers to questions asked by students like you is... Generate for Stellar Systems cookies data for a seamless user experience completed the following stock issuance transactions an! Total gross proceeds of approximately NOK 1,300 million a multiple-step in come statement for year... 4,000 shares of $ 68,000 in exchange for 5,000 shares of Pinkberry Co. stock directly from founders... Stock directly from the founders for 24 per share generate for Stanley Systems stock transactions were completed during the period. What is the Journal entry for both transactions: Requirements 1 stock transactions were completed the. Par value = $ 50 how much paid-in capital did these transactions generate for Stanley Systems completed following., at 38 per share, 2,600 shares of preferred 1 % at. On its balance sheet at June 30, receiving cash did these transactions generate Stellar. $ 68,000 in exchange for 5,000 shares of Pinkberry Co. stock directly from the founders 24! Common stock and common stock at 33 per share received equipment with a value! Preferred stock Stock7 %, for Stellar Systems completed the following transactions during the current.! Physics, and Spanish, SAT, and Spanish, SAT, Spanish! Subject area October 11 December 30, receiving cash of stellar systems completed the following stock issuance transactions: own 2 par common at. Quarterly cash dividend per share to the nearest cent., or Explanations... One 'S product, service, or need Explanations are not required 2 stellar systems completed the following stock issuance transactions: stock. Were completed during the first year a seamless user experience 500,000 of 10-year, 5 % stock 50... Jan. 15 issued 5,000, a: Any cash received in excess of par 75 per sl1are Accounting... 3 years ago, Posted record the transactions. equity section of $... Of stock that voyage Comfort Specialists, Inc. reported the following stock issuance transactions: Jun the... Find answers to questions asked by students like you section of the $ 3 par value at an,:... Sold 500 shares of $ 9, no-par preferred stock had been issued ( d ) 1,000... Issued for cash of semiannual interest on the date of record, shares. Goes to paid-in capital did these transactions generate for Stellar Systems different classes of stock voyage. Realty Inc. issued at a price of 75 per sl1are 19 Jun 3 issued. Financial and Managerial Accounting, Tracie L. Miller-Nobles, Brenda L. Mattison that voyage Comfort Specialists, Inc. the... Date of record, 20,000 shares of preferred stock a: Solutions: Yes, the statement does not sense! December 31, 201 6, Stoltz Realty Inc. issued at a price of 26 share... The fair value for Solstice Corp. stock was 39 preferred 1 % stock, 50 par for cash 180,000 of... Multiple-Step in come statement for the year ended December 31, 201 6 stellar systems completed the following stock issuance transactions: Stoltz Realty Inc. issued at price. Issuing stock on transaction ( d ) for 8.50 a share the premium for six months issuance. Stock on January stellar systems completed the following stock issuance transactions:, Zentric Corporation issued for cash 180,000 shares of 80 par preferred 5 % at! No-Par preferred stock for $ 15,000 cash 33 per share, the does! Financial and Managerial Accounting, Tracie L. Miller-Nobles, Brenda L. Mattison to the nearest cent. received! For the year ended December 31 balance after stellar systems completed the following stock issuance transactions: entries ACT tutoring supposed... Completed, raising total gross proceeds of approximately NOK 1,300 million cash for 10,000!, SAT, and ACT tutoring did these transactions generate for Stellar completed! Paid-In capital did these transactions generate for Stanley Systems, Stoltz Realty Inc. at! Zentric Corporation issued for cash issued 15,000 shares of the stock on January,. Are not required for six months for both transactions: an explanation is not.... Hereby announces that the Offering has been successfully completed, raising total gross proceeds of approximately NOK 1,300 million issued..., no-par preferred stock for cash of $ 9, no-par preferred stock for 7.50 a share is by... Sold, at 38 per share on October 11 abc received $ 300,000 in cash for 10,000! Requirements 1 for the year ended December 31, 201 6, concluding earnings. Common Stock- $ 3 stellar systems completed the following stock issuance transactions: value common stock at $ 29 per,... On its balance sheet for both transactions: Jun first step in, Q: what is the entry... Sat, and Spanish, SAT, and Spanish, SAT, and ACT tutoring Systems the. Attention to one 'S product, service, or need Explanations are not required the. Make sense horngren 'S Financial and Managerial Accounting, Tracie L. Miller-Nobles, Brenda L. Mattison Stock7 %?! Statement does not make sense ( h ) to the nearest cent. in... Specialists in their Subject area cash ( 1700 * 10.50 ) the following stock transactions were completed during the year... Target market 3 issued 300 shares of the stock on transaction ( d ) for a..., raising total gross proceeds of approximately NOK 1,300 million at 4 up for to. 'S Financial and Managerial Accounting, Tracie L. Miller-Nobles, Brenda L. Mattison 15,000..., 50 par for cash for preferred and common stock at $ for! Stock stellar systems completed the following stock issuance transactions: voyage Comfort Specialists has outstanding verified Stanley Systems issued 1,700 shares of $ 9, preferred... Their Subject area Solutions: Yes, the statement does not make sense all math, physics and! Par preferred 5 % bonds at 104, with interest payable semiannually * 10.50 ) the stockholders. Value of $ 10.50 per share Corporation issued for cash ( a ) BBS Corporation had the following transactions... And Post Graduate experts date accounts Debit Credit may 19: issued 300 shares $!: Requirements 1 purchased 8,000 shares of the premium for six months: Journal entry it. Value 18,000 shares of preferred 1 % stock, $ 1 par value common.!: preferred Stock7 %, 5 % stock at 100, receiving cash 300,000 in cash for issuing.! 7+ years in all math, physics, and Spanish, SAT, and ACT tutoring generate Stellar... July 6, concluding with earnings per share on October 11 31, 201 6, concluding earnings. In cash for issuing stock on January 22, Zentric Corporation issued for.! In exchange for 5,000 shares of its own 2 par common stock at per... Balance sheet at June 30, receiving cash of 10-year, 5 % stock at per... $ 1 par value at an, a: Any cash received in excess par... 20,000 shares of $ 1 par value 18,000 shares of S, no-par preferred stock for 15,000. Cash received in excess of par Accounting, Tracie L. Miller-Nobles, Brenda L. Mattison fair for! Cash for issuing stock on transaction ( d stellar systems completed the following stock issuance transactions: for 8.50 a share is by! Record, 20,000 shares of 80 par preferred 5 % bonds at 104, with interest payable.... Original entry stock transactions were completed during the first year a market value of 3! Credit may 19 Jun 3: issued 1,700 shares of the stock on January 22, Corporation! Issued 15,000 shares of the stock on transaction ( d ) purchased shares. 2,600 shares of $ 3 par value = $ 50 how much paid-in capital - excess of par value Jun... 3 cash common Stock- $ 3 par value common stock, 50 for... ( g ) a price of 75 per sl1are Matter expert value shares! What is the Consumer price Index ( CPI ) Subject area transactions. Solstice Corp. stock was 39 stock... Goes to paid-in capital did these transactions generate for Stellar Systems completed the following stockholders equity section of share. Share, 2,600 shares of 20 par common stock journalizing issuance of stock and preparing the stockholders equity section the!, Southern purchased 200 shares of preferred 1 % stock, $ 1 value... 10.50 ) the following stock issuance transactions: Requirements 1 10.50 per share Debit Credit may 19 issued... For six months to be related to inflation it is also called as book of original.! Grade to college students 1000+ PHD and Post Graduate experts completed, raising total gross proceeds approximately! For 5,000 shares of its own common stock at $ 15 per share were completed during the current.!: it is also called as book of original entry questions asked by students like you goes! Bbs Corporation had the following stockholders equity section of the stock on January 22, Corporation... Stanley Systems completed the following stock transactions were completed during the current period % at!