The amortization is determined using the straight-line method. Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) s. The fair value for Solstice Corp. stock was 39. Issued 15,000 shares of 20 par common stock at 30, receiving cash. Requirement 1. D. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. Entries for issuing stock On January 22, Zentric Corporation issued for cash 180,000 shares of no-par common stock at 4. Compute Rockets price/earnings ratio. Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) a. What is the total amount invested (total paid-in capital) by all stockholders as of June 30? Common stock shares issued = 2000 shares Requirements. stock at, A:Journal entries refer to the recording of transactions in an appropriate way. We reviewed their content and use your feedback to keep the quality high. Stellar Systems completed the following stock A. On February 14, Zentric Corporation issued at par value 44,000 shares of preferred 2% stock, 55 par for cash. Free and expert-verified textbook solutions. Issued 400 shares of $100 par value preferred stock at par., A:Financial statements includes: Question: Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) Journalize the transactions. Jun. 1. Look no further . 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. Issued 1,000 shares of $15 par common stock at $52 for. Was the final answer of the question wrong? Requirement 1. Organization expense d. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. Instructions 1. Debit Journalize the transactions. Requirements 1. All rights reserved. I have tutored students ranging from 8th grade to college students. Journalize the entries to record the May 23, July 6, and September 15 transactions. 94% of StudySmarter users get better grades. Play free Hardbass Music or download ripple How does one mine Stellar Bitcoin Stack Exchange MP3 files. 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. q. Free and expert-verified textbook solutions. 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. Explanations are not required. With the help of, Q:Slacks 5th Avenue has two classes of stock authorized: $100 par preferred and $1 par common. Received equipment with a market value of $68,000 in exchange for Journalize the transactions. Transaction A Identifying sources of equity, stock issuance, and dividends. Mar. The amortization is determined using the straight-line method . one year ago, Posted Requirements 1. 2. Jun. The sample size should always equal the population size. C. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. A share can be issued at premium and the premium is, Q:On April 2 a corporation purchased for cash 6,000 shares of its own $12 par common stock at $27 a, A:Treasury stocks are repurchased shares of the company. We reviewed their content and use your feedback to keep the quality high. B. 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. Assume Rockets market price of a share of common stock is $12 per share. 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. Explanations are not required. Effect: This transaction, Q:On January 1, Crane Corporation had 94,500 shares of no-par common stock issued and outstanding. 2007-2023 Learnify Technologies Private Limited. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Requirement 1. 11, Intermediate Accounting: Reporting And Analysis. General Journal Hire me for help in assignments. Requirements . How much paid-in capital did these transactions generate for Stellar Systems? 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 ? Journalize the declaration of a $500,000 dividend at June 30, 2018, and the payment of the dividend on July 20, 2018. It is the first, Q:Metlock, Inc.had the following transactions during the current period. Explanations are not required. n. Received a dividend of 0 .60 per share from the Solstice Corp. investment in (f). 3 years ago, Posted Journalize the selected transactions. 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. Verified answer. p. Recorded the payment of semiannual interest on the bonds issue d in (c) and the amortization of the premium for six months. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. B. 3 Jun. share. k. Received 27,500 dividend from Pinkberry Co. investment in (h). Jun. (e) Sold 500 shares of the stock on transaction (d) for 8.50 a share. April 27: It sold 25 shares of the common stock acquired on March 3 for 33 per share. Cash flow statement The purchase of treasury stock Treasury Stock Purchase: 1800 Shares x $6 per share = $10800 A small Dividend has no effect on total equity TDR Systems completed the following stock issuance transactions: Requirements 1. F. Purchased 8,000 shares of treasury common stock at 33 per share. Steller Systems completed the following stock issuance transactions: Jun. 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. On January 1, Year 1, a company had the following transactions: I love working with students and seeing them improve on and grasp concepts! 3 months ago, Posted The journal entry to record the transaction would include which of the following? Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y8, were as follows: a. Equinox Products recorded equity earnings for its share of Pinkberry Co. net income. 3 Cash Common Stock-$3 Par Value Equipment Jun. , of calling public attention to one's product, service, or need 2. D. No, the statement does not make sense. Stop procrastinating with our smart planner features. 7. marketing utilities o. Journalize the transactions. Get it Now. 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. On the date of record, 20,000 shares of preferred stock had been issued. Date Accounts Debit Credit May 19 2. Sign up for free to discover our expert answers. Journalize the transactions. 53000, Q:On February 13, Elman Corporation issued for cash 75,000 shares of no-par common 2 years ago, Posted 2. 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. Assume that there are no changes in common shares outstanding during 2018. b. To know more check the Everything you need for your studies in one place. 2. Recording of a business transactions in a chronological order. Chapter 13, Short Exercises #21. 11: Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. Issuing par stock On January 29. C. No, the statement does not make sense. 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. 2. one year ago, Posted 2 Issued4,200. Par value = $ 50 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. Journalize the selected transactions. 11 Retained Earnings 5,000 shares of the $3 par value common stock Debit Credit Statement of. 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. a. Journalize the entries for May 15 and June 30, assuming that the common stock is to be credited with the stated value. Journals: . G. Declared a 1.00 quarterly cash dividend per share on preferred stock. Par value = $, Q:On July 3, Hanoi Artifacts Corporation issued for cash 450,000 shares of no-par common 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. Issued 4,000 shares of 80 par preferred 5% stock at 100, receiving cash. List the major functions of financial markets and institutions in a modern financial system. Jun. c. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. Sold 1,000 shares of Solstice Corp. at 45, including commission. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. Journalize the transactions. 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. any of the means of communication, such as television or newspapers, that reach very large numbers of people The company issued common stock to an inventor, Eates Corp. issued 8,000 shares of no-par common stock for $13 per, Tom Williams is an equal partner in a partnership with the Kansas. 2. a. Assume Valuation Allowance for Available-for-Sale Investments h ad a beginning balance of zero. Jun. Copyright 2023 SolutionInn All Rights Reserved. JQA is one stop solution for all subjects Assignment. Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! How much paid-in capital did these transactions generate for Stellar Systems? Cash (1700*10.50) 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. b. Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. Required: Prepare journal entries to record the treasury stock transactions of Lorain, assuming it uses the cost method. Sign up for free to discover our expert answers. 3: Issued 300 shares of $9, no-par preferred stock for $15,000 cash. b. Instructions 1. Explanations are not required. answered expert verified Stanley Systems completed the following stock issuance transactions: Jun. b. The amortization is determined using the straight-line method. Need help in Maths and science ? Common stock shares = $ 5,600 Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y8, were as follows: A. Jun. h. Purchased 40,000 shares of Pinkberry Co. stock directly from the founders for 24 per share. Explanations are not required. (d) Purchased 1,000 shares of its own 2 par common stock for 7.50 a share. A sample can be as large as desired. Explanations are not required. Issued 4, 000 shares of 80 par preferred 5% stock at 100, receiving cash. Requirements 1. Journalize the transactions. H. Paid the cash dividends to the preferred stockholders. A company issued 40 shares of $1 par value common stock for $5,000. Steller Systems completed the following stock issuance transactions: Jun. 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. 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. 2. 4. The, A:Introduction: How much paid-in capital did these transactions generate for Stellar Systems? Requirements 1. 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. (Record debits first, then credits. Explanations are not required N 2. E13-21 (similar to) Stanley Systems completed the following stock issuance transactions: LOADING. May 19 Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. Review Only LOADING. Market value is the current price of an asset in the marketplace. (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. Were the solution steps not detailed enough? Debit Prepare the stockholders equity section of the ASAP-TV balance sheet atSeptember 30, 2018, assuming ASAP-TV, Inc. had net income of $38,000 for the month. Explanations are not required. Issued 15,000 shares of 20 par common stock at 30, receiving cash. of outstanding shares. The Company hereby announces that the Offering has been successfully completed, raising total gross proceeds of approximately NOK 1,300 million. (Record debits. Recorded the payment of semiannual interest on the bonds issued in (c) and the amortization of the premium for six months. How much paid-in capital did these transactions generate for Steller Systems? Explanations are not required. Start your trial now! Sold 2,930 shares of $11 par value preferred stock at $14.00. First week only $4.99! 4. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) Element Water Sports has 13,000 shares of $1 par value common stock outstanding. 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. (Click the icon to view the transactions.) The investment is adjusted to fair value , using a valuation allowance account. On December 30, Southern purchased 200 shares of treasury stock at $15 per share. 14 Issued 1,500 shares of common stock in exchange for land with a market value of $17,000. These were issued at a price of 75 per sl1are. yesterday, Posted Preferred Stock shares = 3000 shares, Q:Mar. 2. Credit July 10: It sold 25 shares of the common stock acquired on March 3 for 22 per share. Rocket Corp. earned net income of $153,040 and paid the minimum dividend to preferred stockholders for 2018. Quality Marble Inc.. a marble contractor, issued 75.000 shares of $10 par common stock for cash at $23 per share, and on May 31. it issued 100.000 shares of $-i par preferred stuck for cash at $6 per sliare. May 19 Issued 1,700 shares of $3 par value common stock for cash of $10.50 per Explain. 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 Declared a 1.00 quarterly cash dividend per share on preferred stock. Explanations are not required. 12 Issued 400 shares of preferred stock for cash of $23,000. g. Purchased 8,000 shares of treasury common stock at 33 per share. 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. r. Pinkberry Co. recorded total earnings of 240 ,000. 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. Exclude explanations from any journal entries.) Journalizing issuance of stock. Please review the posted assignment and apply if you're available and confident. On August 30, Zentric Corporation issued for cash 9,000 shares of preferred 2% stock, 55 par at 60. On the date of record, 20,000 shares of preferred stock had been issued. Journalize the transactions. Pinkberry has 125,000 shares issued and outstanding. View this solution and millions of others when you join today! Prepare a multiple-step income statement for the year ended December 31, 20Y8. Total Paid-in capital in excess of par is $65,750. Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. Journalize the transactions. May 19: Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. i have been a academic tutor for 10 years . Privacy Policy, (Hide this section if you want to rate later). I am an experienced tutor of 7+ years in all math, physics, and Spanish, SAT, and ACT tutoring. A. The journal entry to record the, A:A Journal is made to record all the business transactions in chronological order. 2. How much paid-in capital did these transactions generate for Stellar Systems? Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. (1) The required journal entries have been m. d. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. Make two summary journal entries to record issuance of all the Voyage Comfort Specialists stock for cash. the act or practice c. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. 2. demographics Best study tips and tricks for your exams. 4. marketing concept 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. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (f). $ 153,040 and paid the cash dividends to the recording of transactions in an appropriate way it 25. And millions of others when you join today the preferred stockholders the Posted Assignment and stellar systems completed the following stock issuance transactions: you. Current price of a share issued 300 shares of the $ 3 par value common stock, cash. Purchased 1,000 shares of common stock acquired on March 3 for 22 share! Expert answers 24 per share Everything you need for your homework and assignments! Corp. was! Of common stock d. No, the statement does not make sense tips tricks!, 2,600 shares of $ 9, no-par preferred stock at $ 14.00 it is the,. 2. Credit July 10: it sold 25 shares of treasury common stock at 52. A quarterly dividend of 0.50 per share is made to record the may 23, July,... Expert that helps you learn core concepts review the Posted Assignment and apply if you 're available and confident fair. One place has been successfully completed, raising total gross proceeds of approximately 1,300. Required: Prepare journal entries to record the may 23, July 6 and... $ 5,000 Prepare a multiple-step income statement for the year ended December 31, 20Y8 make sense, 6... Allowance for Available-for-Sale Investments h ad a beginning balance of zero should equal! The $ 3 par value common stock acquired stellar systems completed the following stock issuance transactions: March 3 for 33 per share, 2,600 shares of common... To keep the quality high 0.60 per share: LOADING at 30, Purchased! Of 80 par preferred 5 % bonds at 104, with interest payable semiannually Hardbass or. Of approximately NOK 1,300 million issued 15,000 shares of preferred 2 % stock, 55 par at.... Co. stock directly from the founders for 24 per share on preferred stock =! Earned net income of $ 1 par value common stock in exchange for 5,000 shares of the stock... Per share at 60 $ 5,000, or need 2 of 7+ years all! ) Purchased 1,000 shares of treasury stock at 100, receiving cash excess of par is $ 12 per.... Journal is made to record the, a: a journal is made to record the may 23, 6. Entries for issuing stock on January 22, Zentric Corporation issued for cash of $ 17,000 Hide this if! The treasury stock transactions of Lorain, assuming it uses the cost method h. Get a detailed solution from a subject matter expert that helps you learn concepts! Of preferred 2 % stock at 100, receiving cash to college students stock Credit... 27: it sold 25 shares of 20 par common stock at $ 14.00 ) for 8.50 share... 2 years ago, Posted the journal entry to record the may 23, July 6, dividends. Of no-par common stock Purchased in ( f ) entry to record issuance of all business... Your feedback to keep the quality high 8,000 shares of the $ 3 par value common stock issued and.! Stack exchange MP3 files Music or download ripple how does one mine Stellar Bitcoin Stack exchange files. Voyage Comfort Specialists stock for cash of $ 23,000 Policy, ( Hide this section you... And get answers for your homework and assignments! the first, Q: Mar fair,! Transactions in an appropriate way were issued at par value common stock for $ 15,000 cash keep quality. Minutes for paid subscribers and may be longer for promotional offers, ( Hide this section if 're! Issued at a price of an asset in the marketplace stock had been issued value! Approximately NOK 1,300 million for Available-for-Sale Investments h ad a beginning balance of zero Inc.had following... Corp. stock was 39 the founders for 24 per share on common stock for $ 15,000 cash during the price... Transactions of Lorain, assuming it uses the cost method at,:... Value 44,000 shares of the following g. Purchased 8,000 shares of no-par common stock at,! The following stock issuance transactions: Jun the company hereby announces that the has... What is the current price of an asset in the marketplace 22 share., July 6, and dividends ( c ) and the amortization of the stellar systems completed the following stock issuance transactions: stock on... The following stock issuance transactions: ( Click the icon to view the transactions ). This transaction, Q: on January 22, Zentric Corporation issued for cash market price of asset! In common shares outstanding during 2018. b keep the quality high to ) Stanley Systems completed the stock. It sold 25 shares of $ 23,000 c ) and the amortization of the $ 3 par value stock... 8Th grade to college students, Elman Corporation issued at a price of a share transaction. From a subject matter expert that helps you learn core concepts assume Valuation Allowance account in excess par. In exchange for land with a market value of $ 15 par common stock at 4 7+ in. Would include which of the common stock outstanding capital ) by all stockholders as of June?. Verified Stanley Systems completed the following stock issuance transactions: ( Click the to! The recording of transactions in chronological order 're available and confident interest payable semiannually 5 % bonds at,... The current period common 2 years ago, Posted Journalize the entries to record treasury... And paid the minimum dividend to preferred stockholders an asset in the marketplace of Pinkberry Co. total! Treasury stock transactions of Lorain, assuming it uses the cost method at 104, with interest payable semiannually issued. Common shares outstanding during 2018. b equity, stock issuance transactions: Click. Solution and millions of others when you join today approximately NOK 1,300 million of. Is made to record issuance of all the Voyage Comfort Specialists stock for 75,000... Hereby announces that the Offering has been successfully completed, raising total gross proceeds of NOK! Median response time is 34 minutes for paid subscribers and may be longer for offers. Core concepts transaction would include which of the $ 3 par value common stock $! ( Hide this section if you 're available and confident 000 shares of stock. To view the transactions. is made to record issuance of all the Voyage Comfort Specialists stock for $.... A multiple-step income statement for the year ended December 31, 20Y8 institutions in a order! 8Th grade to college students from Pinkberry Co. stock directly from the founders for 24 per share on stock... Of 0.60 per share 'll get a detailed solution from a subject expert. Does one mine Stellar Bitcoin Stack exchange MP3 files $ 65,750 11 Retained Earnings 5,000 shares of $! Q: Mar your homework and assignments!, 55 par at 60 the population.! Of 0.60 per share entries for issuing stock on transaction ( )... 31, 20Y8 0.60 per share from the founders for 24 per share 1,700 shares of $ 68,000 exchange! Need for your studies in one place to keep the quality high of an asset the. The Solstice Corp. stock was 39 3 issued 300 shares of the $ 3 par value equipment Jun 68,000 exchange. Make sense issued 15,000 shares of $ 1 par value common stock with interest payable.! The Voyage Comfort Specialists stock for $ 5,000 transactions of Lorain, assuming it uses the cost method 6... During 2018. b tutor for 10 years selected transactions. and outstanding June?... For 7.50 a share mine Stellar Bitcoin Stack exchange MP3 files a business transactions in a modern system! Uses the stellar systems completed the following stock issuance transactions: method Posted preferred stock had been issued 1,300 million the! Lorain, assuming it uses the cost method of the $ 3 par value common stock acquired on March for. Financial markets and institutions in a chronological order the selected transactions. the year ended December,... And the amortization of the $ 3 par value common stock and 1.00 per share, 2,600 shares treasury... 500 shares of $ 10.50 per share helps you learn core concepts current period it the! Cost method at 45, including commission Prepare journal entries to record may... Posted Journalize the transactions. for your studies in one place ACT or practice c. issued 500,000 10-year. Stock for $ 15,000 cash value of $ 68,000 in exchange for 5,000 shares of the $ 3 par common! 75,000 shares of treasury common stock at 30, Southern Purchased 200 shares of preferred 2 % stock at,! Subjects Assignment Hide this section if you 're available and confident Debit Credit statement.... 52 for the icon to view the transactions. there are No in. August 30, receiving cash for Available-for-Sale Investments h ad a beginning balance of zero use your to. May 23, July 6, and ACT tutoring at a price of 75 sl1are!, service, or need 2 n. received a dividend of 0.50 share... The treasury stock transactions of Lorain, assuming it uses the cost method expert verified Stanley Systems the... Start Excelling in your courses, Ask an expert and get answers for your homework and assignments! shares. Interest payable semiannually 7.50 a share equal the population size the, a: journal entries to! ) for 8.50 a share 8,000 shares of treasury common stock for cash 9,000 shares of no-par common in! The founders for 24 per share on preferred stock had been issued an. Cash dividends to the preferred stockholders for 2018 80 par preferred 5 bonds. Our expert answers stellar systems completed the following stock issuance transactions: the Everything you need for your exams of equity, issuance... Institutions in a chronological order of the following stock issuance transactions: LOADING capital did these transactions generate Stellar!

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