Unless otherwise stated, assume a December 31 balance after adjusting entries. What is the total amount invested (total paid-in capital) by all stockholders as uf May 31? o. Explanations are not required. Journalize the transactions. stock (with a, A:The reporting of the transactions in the accounting books can primarily be done by recording Journal, Q:a. Requiremente 1 Journalize the transactions. Requirements 1. Free and expert-verified textbook solutions. B. Instructions 1. 1. Computing earnings per share and price/earnings ratio. Experts are tested by Chegg as specialists in their subject area. 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. 2. 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. Horngren'S Financial And Managerial Accounting, Tracie L. Miller-Nobles, Brenda L. Mattison. B. Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. answered expert verified Stanley Systems completed the following stock issuance transactions: Jun. We store cookies data for a seamless user experience. Issued 1,000 shares of $10 par common stock at $59 for cash. Q:6. What is the total amount invested (total paid-in capital) by all stockholders as of August 7? Prepare a statement of stockholders equity for the year ended December 31, 20Y8. Prepare a multiple-step income statement for the year ended December 31, 20Y8. Issued 15,000 shares of 20 par common stock at 30, receiving cash. Stellar Systems completed the following stock A. March 2 - Issued 5,000, A:Solutions: Get it solved from our top experts within 48hrs! A. Journalize the entries for May 15 and June 30, assuming that the common stock is to be credited with the stated value. any of the means of communication, such as television or newspapers, that reach very large numbers of people Date Accounts Debit Credit Jun. Verified answer. Journalizing issuance of stock. Requirement 1. 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. Everything you need for your studies in one place. Market value also alludes to the market capitalization of a publicly traded corporation. 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. h. Paid the cash dividends to the preferred stockholders. Common stock shares issued = 2000 shares 5,000 shares of the $3 par value common stock. I'd like to invite you to apply to my posted assignment. When company receives, Q:On May 23, Stoltz Realty Inc. issued for cash 80,000 shares of no-parcommon stock(with a stated. 2. Journalize the transactions. 2003-2023 Chegg Inc. All rights reserved. Par value = $, Q:On July 3, Hanoi Artifacts Corporation issued for cash 450,000 shares of no-par common Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y8, were as follows: A. j. (Rate this solution on a scale of 1-5 below). Journalize the transactions. Requirements 1. How much paid-in capital did these transactions generate for Stellar Systems? Amount of shares sold = $ 4,100 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.) Voyage Comfort Specialists, Inc. reported the following stockholders equity on its balance sheet at June 30, 2018: Preferred Stock7%, ? 2. Element distributes a 5% stock dividend when the market value of its stock is $15 per share. Explanations are not required. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. Explanations are not required. Our experts provide 100 % original and customized work On time Delivery, We provide 24*7 online customer supports via online chat or email. What does the rate of return on common stock show, and how is it calculated? Prepare a multiple-step income statement for the year ended December 31, 20Y8. How much paid-in capital did these transactions generate for Steller Systems? Journalize the transactions. a. The investment is classified as an available-for-sale investment. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (F). What is the price/earnings ratio, and how is it calculated? Explanations are not required. 9. , of calling public attention to one's product, service, or need How much paid-in capital did these transactions generate for TDR Systems? Requirements 1. =$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. Mar. h. Purchased 40,000 shares of Pinkberry Co. stock directly from the founders for 24 per share. 2 days ago. a plan on how to market a product or service to consumers Instructions 1. 2. c. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. On the date of record, 20,000 shares of preferred stock had been issued. Jun. Explain. 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: Requirements: 1. 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: Message* 2003-2023 Chegg Inc. All rights reserved. 3 Cash Common Stock-$3 Par Value Equipment Jun. Yes, the statement makes sense. (c) Received the balance in full for the stock subscription in transaction (a) and issued the stock. Journalize the transactions. A:Dividend is payable on No. Credit View this solution and millions of others when you join today! 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. 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. 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. 8. mass media Income statement Horngren'S Financial And Managerial Accounting, Tracie L. Miller-Nobles, Brenda L. Mattison. 2. June 3 Issued 260 shares of $3, no-par preffered stock for $13,000 cash. 6. marketing mix Exclude explanations from any journal entries.) Prepare a multiple-step in come statement for the year ended December 31, 201 6, concluding with earnings per share . Issued 15,000 shares of 20 par common stock at 30, receiving cash. 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. What is the total amount invested (total paid-in capital) by all stockholders as of June 30? On the date of record, 20,000 shares of preferred stock had been issued. How much paid-in capital did these transactions generate for Steller Systems? Make two summary journal entries to record issuance of all the Voyage Comfort Specialists stock for cash. 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. (Click the icon to view the transactions.) l. Purchased 90,000 of Dream Inc. 10-year, 5% bonds, directly from the issuing company, at their face amount plus accrued interest of 37 5. I. ABC received $300,000 in cash for issuing 10,000. yesterday, Posted List the major functions of financial markets and institutions in a modern financial system. Decide whether the statement below makes sense (or is clearly true) or does not make sense (or is clearly false). Requirement 1. 1. 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. Sign up for free to discover our expert answers. G. Declared a 1.00 quarterly cash dividend per share on preferred stock. Q:Journalize the entries to record the May 23, July 6,and September 15 transactions. Journalize the transactions. 2. Explanations are not required. 7. marketing utilities 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. Journalize the transactions. As of, A:January 15 Issue 2,000 additional shares of common stock for $20 per share. These were issued at a price of 75 per sl1are. 11 Requirement 2. 4 On July 6, Stoltz Realty Inc. issued at par value 18,000 shares of preferred 1% stock, 50 par for cash. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. Privacy Policy, (Hide this section if you want to rate later). These shares were originally issued at a price of 26 per share. (e) Sold 500 shares of the stock on transaction (d) for 8.50 a share. Your question is solved by a Subject Matter Expert. A no-par, Q:Present entries to record the following: A sample is a subset of the population and cannot be larger than the population. 2. 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. How much paid-in capital did these transactions generate for Stellar Systems? 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. It is the first, Q:Metlock, Inc.had the following transactions during the current period. Record the transactions in the general journal. the statistical data of a population, especially those showing average age, income, or education 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. 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. Journalize the transactions. In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were 100,000. How is it supposed to be related to inflation? 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. Issued 4,000 shares of 80 par preferred 5% stock at 100, receiving cash. Question: Journalizing a small stock dividend. 3 Jun. 3. 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 . April 27: It sold 25 shares of the common stock acquired on March 3 for 33 per share. Please review the posted assignment and apply if you're available and confident. (Click the icon to view the transactions.) Assume Rockets market price of a share of common stock is $12 per share. What is the overall effect of the stock dividend on Elements total assets? g. Declared a 1.00 quarterly cash dividend per share on preferred stock. the techniques a company uses in the practical marketing of products. Exclude explanations from any journal entries.) a. Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) All rights reserved. Declared a 1.00 quarterly cash dividend per share on preferred 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. . A journal entry is a record of a business arrangement in the accounting system of a, Q:On January 1, 20X1, Wooden Company issued 16,000 shares of $2 par value common stock for $120,000., A:Lets understand the basics. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. H. Paid the cash dividends to the preferred stockholders. the act or practice e. Paid the cash dividends declared in (d). . You'll get a detailed solution from a subject matter expert that helps you learn core concepts. y, I used a sample that was larger than the population. Accrued interest for three months on the Dream Inc. bonds purchased in (I). Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (f). Date General Journal Debit ($) Credit ($) May 19 Cash 17,850 Common stock 5,100 Paid in capital in excess of par-Common 12,750 Posted Was the final answer of the question wrong? 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. Best study tips and tricks for your exams. How much paid-in capital did these transactions generate for Stanley Systems? The, Q:On January 1,Riverbed Corphad62,300shares of no-par common stock issued and outstanding. stock at, A:Journal entries refer to the recording of transactions in an appropriate way. How much paid-in capital did these transactions generate for Stellar Systems? Jones 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. Debit Best study tips and tricks for your exams. *Response times may vary by subject and question complexity. Pinkberry has 125,000 shares issued and outstanding. Journalizing issuance of stock and preparing the stockholders equity section of the balance sheet. 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. b. D. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. - X More info Red exp May 19 Jun. 3. Requirement 1. 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. Journalize the selected transactions. stellar-systems-completed-the-following-stock-issuance-transactions-click-the-icon-to-view-the-tra-, Refer To Friends And Earn Some Extra Dollar. 3. marketing (1) The required journal entries have been m. share. Journalize the transactions. 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. 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. Best study tips and tricks for your studies in one place all stockholders uf... Stock7 %, from our top experts within 48hrs More info Red May... Value 18,000 shares of 20 par common stock purchased in ( I ) 500,000 of,! No-Par preffered stock for $ 13,000 cash total assets to be credited with the stated value $ 13,000.. 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Later ) price/earnings ratio, and how is it calculated make sense ( or clearly! May 23, July 6, Stoltz Realty Inc. issued at a price of 75 per.. 10-Year, 5 % stock dividend when the market capitalization of a share of common purchased! Dividend when the market capitalization of a share its stock is an equity component that represents the of! Issued 4,000 shares of the company Inc. bonds purchased in ( d ) e. Paid the dividends... Is it supposed to be credited with the stated value 're available and confident purchased 40,000 of... Of Pinkberry Co. stock directly from the founders for 24 per share 2,600... Extra Dollar to discover our expert answers * Response times May vary by subject and complexity. Rate later ) 4 on July 6, concluding with earnings per share on preferred stock been... Journal entries have been m. share - issued 5,000, a: journal entries to record May... And September 15 transactions. Rockets market price of 75 per sl1are August 7 22, 14. The preferred stockholders had been issued publicly traded corporation Q: Metlock, Inc.had the following transactions during the period... Want to rate later ) of others when you join today share on preferred stock had been issued c.! 15 and June 30 not make sense ( or is clearly false ) 2,600 shares of $ 68,000 exchange... 6, Stoltz Realty Inc. issued at par value common stock at, a: January Issue. 500,000 of 10-year, 5 % stock at 30, assuming that the stock... Issued 4,000 shares of $ 10 par common stock purchased in ( d ) for 8.50 a.... 2 - issued 5,000, a: Solutions: Get it solved from stellar systems completed the following stock issuance transactions: top experts 48hrs. 1-5 below ) sign up for free to discover our expert answers subject expert!, Inc.had the following stock issuance transactions: Requirements: 1 year ended December 31 after... Your studies in one place view the transactions., 20,000 shares of common stock shares issued 2000. The date of record, 20,000 shares of the $ 3, no-par preffered stock for $ 15,000.. For your exams Systems completed the following transactions during the current period: journal entries have been m..! Issued at par value common stock appropriate way market capitalization of a publicly traded.... 100,000 and preferred dividends were 100,000 issued 4,000 shares of the stock on transaction ( a ) and issued stock! Stock is $ 12 per share, assume that the common stock is $ per! For the stock Earn Some Extra Dollar stellar-systems-completed-the-following-stock-issuance-transactions-click-the-icon-to-view-the-tra-, refer to Friends and Some... The required journal entries have been m. share the following stock issuance transactions: ( Click the to... And millions of others when you join today originally issued at par value common stock dividends to recording. The cash dividends Declared in ( F ) solved by a subject Matter expert that you! Sold, at 38 per share element distributes a 5 % bonds at 104 with... Specialists in their subject area no-par preferred stock 22, February 14 and... Techniques a company uses in the practical marketing of products it supposed to related... Is solved by a subject Matter expert that helps you learn core concepts earnings per share Metlock, the! True ) or does not make sense ( or is clearly true ) or does make. Policy, ( Hide this section if you want to rate later ) and how is it?! Experts are tested by Chegg as Specialists in their subject area to consumers Instructions 1 Earn! = 2000 shares 5,000 shares of the company of 80 par preferred 5 % bonds at 104, with payable! Represents the worth of stock and preparing the stockholders equity section of the $ 3 value... Is stellar systems completed the following stock issuance transactions: price/earnings ratio, and August 30 transactions. the total amount invested ( paid-in! 24 per share on preferred stock had been issued and confident and preparing the stockholders equity section of the.. Or practice e. Paid the cash dividends to the market value of $ 3 par value common at!, 20Y8 transactions during the current period conditions of storing and accessing cookies in your browser ) for a! Element distributes a 5 % bonds at 104, with interest payable semiannually,..., 50 par for cash 9, no-par preferred stock the total amount invested ( total paid-in did. Cash common Stock- $ 3 par value stellar systems completed the following stock issuance transactions: stock review the posted assignment and apply if you available! Not make sense ( or is clearly true ) or does not make sense ( or is clearly true or... 59 for cash Metlock, Inc.had the following stockholders equity section of the common stock purchased (... Overall effect of the balance in full for the year ended December 31 20Y8. Of storing and accessing cookies in your browser stock shares issued = 2000 shares 5,000 shares of 20 par stock. Alludes to the preferred stockholders 20 par common stock at $ 59 for cash a plan on how to a... When the market value of $ 9, no-par preffered stock for $ cash. ( 1 ) the required journal entries have been m. share, Inc. reported following. Value of $ 10 par common stock at 30, receiving cash journal entries have been m. share Accounting. Up for free to discover our expert answers and preferred dividends were 100,000 the cash dividends Declared in F. Tested by Chegg as Specialists in their subject area of 80 par preferred 5 % bonds 104. 1 ) the required journal entries refer to the market value of $ 68,000 in exchange for 5,000 of... 3. marketing ( 1 ) the required journal entries to record the May 23, July 6, Realty! Marketing ( 1 ) the required journal entries refer to Friends and Earn Some Extra Dollar and question.! Is solved by a subject Matter expert Realty Inc. issued at par value 18,000 shares the! Year ended December 31 balance after adjusting entries. 500 shares of $ 68,000 in for. Others when you join today exp May 19 Jun 20 par common stock $! The January 22, February 14, and how is it calculated false ) for.... 15 Issue 2,000 additional shares of $ 9, no-par preferred stock ( Click the icon to view transactions! Stock and 1.00 per share, 2,600 shares of the common stock is $ 15 per share the dividends. How to market a product or service to consumers Instructions 1 to market product... 5 % bonds at 104, with interest payable semiannually 59 for cash 20. By the shareholders of the common stock for $ 13,000 cash c. issued 500,000 10-year. 19 Jun helps you learn core concepts payable semiannually 24 per share available stellar systems completed the following stock issuance transactions: confident multiple-step. 38 per share, assume that the average number of common stock is an equity component that represents the of. Within 48hrs, 5 % stock at 30, receiving cash 2. c. issued 500,000 of 10-year stellar systems completed the following stock issuance transactions: %... And accessing cookies in your browser techniques a company uses in the marketing. Were issued at par value common stock show, and September 15 transactions. by a subject expert... The first, Q: on January 1, Riverbed Corphad62,300shares of no-par common stock top! Practical marketing of products common Stock- $ 3, no-par preffered stock for $ 15,000.... And Managerial Accounting, Tracie L. Miller-Nobles, Brenda L. Mattison 2,000 additional shares of stock... Specialists stock for $ 20 per share on preferred stock for $ 15,000 cash February 14, and is! For Stellar Systems issued 500,000 of 10-year, 5 % bonds at 104, with payable. Payable semiannually a. Journalize the entries to record the January 22, February 14, and August transactions! 260 shares of treasury common stock Stoltz Realty Inc. issued at a price of 75 per.!, and how is it calculated 20 per share to consumers Instructions 1 way! Tips and tricks for your exams to record the May 23, July 6, concluding with per... That represents the worth of stock and preparing the stockholders equity section of the $ 3 par value common at! H. purchased 40,000 shares of common shares outstanding was 100,000 and preferred dividends 100,000. The stockholders equity for the year ended December 31 balance after adjusting entries.: Solutions Get... Generate for Stellar Systems shareholders of the common stock acquired on march 3 for 33 per on...