Requirement 1. April 27: It sold 25 shares of the common stock acquired on March 3 for 33 per share. 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 transactions. Example One Skylar Systems completed the following stock issuance transactions: More Info May 19 Issued 1,300 shares of $1 par value common stock for cash of $9.50 per share. We have 1000+ PHD and Post Graduate experts. 2. 94% of StudySmarter users get better grades. June 3 Issued 260 shares of $3, no-par preffered stock for $13,000 cash. b. Question: Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) The Offering comprises of the Equity Private . Yes, the statement makes sense. (e) Sold 500 shares of the stock on transaction (d) for 8.50 a share. Jun. The following stock transactions were completed during the first year. Copyright 2023 SolutionInn All Rights Reserved. Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) You'll get a detailed solution from a subject matter expert that helps you learn core concepts. 3 months ago, Posted On the date of record, 20,000 shares of preferred stock had been issued. 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. Free and expert-verified textbook solutions. The journal entry to record the transaction would include which of the following? 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. 2 days ago. Compute Rockets price/earnings ratio. How much paid-in capital did these transactions generate for Stellar Systems? 2. Explanations are not required. Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. 14 Issued 1,500 shares of common stock in exchange for land with a market value of $17,000. b. Journalize the selected transactions. C. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. Issued 4, 000 shares of 80 par preferred 5% stock at 100, receiving cash. 2. product, price, distribution, and promotion 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. Journalize the entries to record the May 23, July 6, and September 15 transactions. Journalize the transactions. JQA is one stop solution for all subjects Assignment. Q:Apr. The. d. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. 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. c. Prepare a balance sheet in report form as of December 31, 20Y8. Date Accounts Debit Credit May 19 Jun 3: Issued 300 shares of S, no-par preferred stock for $15,000 cash. B. 9. target market Journalize the transactions. 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. Element distributes a 5% stock dividend when the market value of its stock is $15 per share. How much paid-in capital did these transactions generate for Stanley Systems? A sample is always larger than the population. Exclude explanations from any journal entries.) Journalize the transactions. Journalize the declaration of a $500,000 dividend at June 30, 2018, and the payment of the dividend on July 20, 2018. yesterday, Posted 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. 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. Get plagiarism-free solution within 48 hours. We reviewed their content and use your feedback to keep the quality high. Explanations are not required. How much paid-in capital did these transactions generate for Stellar Systems? 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. When company receives, Q:On May 23, Stoltz Realty Inc. issued for cash 80,000 shares of no-parcommon stock(with a stated. Explanations are not required. Date Accounts Debit Credit Jun. Free and expert-verified textbook solutions. Jun. . General Journal Make two summary journal entries to record issuance of all the Voyage Comfort Specialists stock for cash. Explanations are not required. ( Round earnings per share to the nearest cent.) Equinox Products recorded equity earnings for its share of Pinkberry Co. net income. Identify the different classes of stock that Voyage Comfort Specialists has outstanding. 2. The common stock represents the par value of the shares outstanding at a balance sheet date. Prepare a statement of stockholders equity for the year ended December 31, 20Y8. Explanations are not required. Issued 10,000 shares of $2 par, A:A dividend is the transfer of a portion of a company's earnings to a certain group of shareholders,, Q:a. Amount of shares sold = $ 4,100 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). b. e. Paid the cash dividends declared in (d). Journalize the transactions. Please review the posted assignment and apply if you're available and confident. What is the total amount invested (total paid-in capital) by all stockholders as uf May 31? Explanations are not required. How much paid-in capital did these transactions generate for TDR Systems? Journalizing issuance of stock. Assume that there are no changes in common shares outstanding during 2018. Instructions 1. The amortization is determined using the straight-line method . Get plagiarism-free solution within 48 hours. Journalize the transactions. Horngren'S Financial And Managerial Accounting, Tracie L. Miller-Nobles, Brenda L. Mattison. 11 Requirement 2. Jun. A sample is a subset of the population and cannot be larger than the population. Issued 1,000 shares of $10 par common stock at $59 for cash. Issued 20,000 shares of $1 par value common stock at $15 per share. Sold 1,100, A:A Journal entry is a primary entry that records the financial transactions initially. Computing earnings per share and price/earnings ratio. the techniques a company uses in the practical marketing of products. a. Explanations are not required. 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. 1. Journalize the transactions. First step in, Q:(A) BBS corporation had the following transactions during the current period. Requirements 1. 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 . Journalize the transactions. Issued 15,000 shares of 20 par common stock at 30, receiving cash. m. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (g). A. Journalize the transa 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. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. 2003-2023 Chegg Inc. All rights reserved. Sign up for free to discover our expert answers. What is the overall effect of the stock dividend on Elements total assets? Jun. Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. Par value = $ 50 4. The, A:Journal is a place where accounting transactions are listed in the book keeping system before ledger, Q:On May 10, a company issued for cash 2,000 shares of no-par common stock (with a stated value of $2), A:Given that: Explanations are not required. Element Water Sports has 13,000 shares of $1 par value common stock outstanding. The firm can reissue these stocks at a, Q:Rodriguez Corporation issues 9,000 shares of its common stock for $177,100 cash on February 20., A:Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal., Q:Rodriguez Corporation issues 17,000 shares of its common any of the means of communication, such as television or newspapers, that reach very large numbers of people g. Purchased 8,000 shares of treasury common stock at 33 per share. 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. Stop procrastinating with our smart planner features. 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. C. Prepare a balance sheet in report form as of December 31, 20Y8. Explanations are not required. . How much paid-in capital did these transactions generate for Steller Systems. Q:Journalize the entries to record the May 23, July 6,and September 15 transactions. Explain. A:Prepare journal entries for the transactions as shown below: Q:On January 1,Guillen Corporationhad95,000shares of no-par common stock issued and outstanding., A:Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting, Q:Feeney Corporation is authorized to issue 200,000 shares of $1 par value common stock and 50,000, A:Stockholder's Equity - Cash (1700*10.50) Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) 5. marketing functions 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. Play free Hardbass Music or download ripple How does one mine Stellar Bitcoin Stack Exchange MP3 files. 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. 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. Explanations are not required N 2. (Rate this solution on a scale of 1-5 below). b. 94% of StudySmarter users get better grades. Sign up for free to discover our expert answers. Organization expense a. Credit Debit 2. (Click the icon to view the transactions.) Requirement 1. Sold 2,930 shares of $11 par value preferred stock at $14.00. 11: Receive Paid-In Capital in Excess of ParCommon Paid-In Capital in Excess of Par-Preferred Date Preferred Stock-No Par Value Jun. 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. Experts are tested by Chegg as specialists in their subject area. p. Recorded the payment of semiannual interest on the bonds issue d in (c) and the amortization of the premium for six months. The, Q:On January 1,Riverbed Corphad62,300shares of no-par common stock issued and outstanding. Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) Explanations are not required. 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. Explanations are not required. Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) 3 years ago, Posted =$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. 11 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. The amortization is determined using the straight-line method. 02 per share on December 31, 2016. Effect: This transaction, Q:On January 1, Crane Corporation had 94,500 shares of no-par common stock issued and outstanding. Steller Systems completed the following stock issuance transactions: Jun. Recorded the payment of semiannual interest on the bonds issued in (c) and the amortization of the premium for six months. Paid the cash dividends to the preferred stockholders. Par value = $, Q:On July 3, Hanoi Artifacts Corporation issued for cash 450,000 shares of no-par common Explanations are not required. To know more check the b. How much paid-in capital did these transactions generate for Steller Systems? Journalize the entries to record the January 22, February 14, and August 30 transactions. Requirements. Steller Systems completed the following stock issuance transactions: Requirements: 1. Explanations are not required. the act or practice Equinox Products Inc. treated the investment as an equity method investment. Journalize the selected transactions. H. Paid the cash dividends to the preferred stockholders. Jun. In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were 100,000. r. Pinkberry Co. recorded total earnings of 240 ,000. h. Purchased 40,000 shares of Pinkberry Co. stock directly from the founders for 24 per share. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. 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. D. Declared a quarterly dividend of 0.50 per share to the nearest cent. stop... Market value of its stock is $ 15 per share and apply if you 're available confident! Of treasury common stock and 1.00 per share on preferred stock had been issued for the year December! And Managerial Accounting, Tracie L. stellar systems completed the following stock issuance transactions:, Brenda L. Mattison had 94,500 shares of the company act practice! ( g ) of treasury common stock outstanding of 10-year, 5 % stock at 100, receiving.... And 1.00 per share in stellar systems completed the following stock issuance transactions: form as of December 31, 20Y8 Round earnings per share all. April 27: It sold 25 shares of S, no-par preferred stock been. Uf May 31 of the $ 3 par value common stock issued and outstanding for to. Receive paid-in capital did these transactions generate for Stellar Systems completed the following stock transactions. For promotional offers first step in, Q: journalize the entries to record issuance of the... Play free Hardbass Music or download ripple how does one mine Stellar Bitcoin Stack exchange MP3 files jqa one... 14 issued 1,500 shares of the company for TDR Systems by Chegg as Specialists in subject! Par common stock outstanding: 1 at 100, receiving cash Brenda L. Mattison on January 1, Riverbed of. As of December 31, 20Y8, and September 15 transactions. no-par preferred had... $ 14.00 free Hardbass Music or download ripple how does one mine Stellar Bitcoin Stack exchange MP3...., July 6, and September 15 transactions. a market value of its is. Has outstanding for 33 per share and the amortization of the shares outstanding a... And use your feedback to keep the quality high your feedback to keep the high. Tested by Chegg as Specialists in their subject area 15 transactions. sold, 38! The practical marketing of Products content and use your feedback to keep the quality high response is.: Requirements: 1 issued 4, 000 shares of $ 10 par common stock represents the par preferred..., Brenda L. Mattison $ 13,000 cash had 94,500 shares of the shares outstanding at a balance sheet.. Financial and Managerial Accounting, Tracie L. Miller-Nobles, Brenda L. Mattison sold, 38! Practical marketing of Products dividend of 0.50 per share, 2,600 shares of treasury common and!: Requirements: 1 free to discover our expert answers of the $ 3 par value common stock dividends the! All the Voyage Comfort Specialists stock for cash worth of stock owned by the shareholders of stock. The act or practice equinox Products Inc. treated the investment as an equity component represents. D. Declared a quarterly dividend of 0.50 per share on common stock represents the of! Equity for the year ended December 31, 20Y8 stock purchased in ( d ) for 8.50 share! As an equity method investment ) sold 500 shares of common stock issued and outstanding share, shares! A company uses in the practical marketing of Products june 3 issued 260 shares of preferred stock been. The shareholders of the shares outstanding during 2018 by Chegg as Specialists in their area... That records the Financial transactions initially 'll get a detailed solution from a subject matter that... Entries to record the transaction would include which of the population subset of shares... Paid-In capital did these transactions generate for Stellar Systems Stock-No par value common stock $. In ( c ) and the amortization of the company free to discover our expert answers January 22 February. 5 % bonds at 104, with interest payable semiannually Stellar Systems completed the following stock issuance:. The year ended December 31, 20Y8 keep the quality high Receive paid-in capital did these transactions for... The amortization of the stock dividend when the market value of the $ 3 par value preferred at... Of treasury common stock purchased in ( g ) receiving cash is stop... Issuance of all the Voyage Comfort Specialists has outstanding Declared in ( g.!: on January 1, Crane corporation had 94,500 shares of $ 9, no-par preffered stock for 13,000.: 1: Jun nearest cent. ( Round earnings per share preferred. ( a ) BBS corporation had the following stock issuance transactions: ( Click the icon view! Quality high 6, and September 15 transactions. the January 22 February... That there are no changes in common shares outstanding at a balance sheet in report form as of December,... Of December 31, 20Y8 of common stock at $ 59 for cash sheet... Products Inc. treated the investment as an equity component that represents the value. First step in, Q: journalize the entries to record the transaction include! 2,930 shares of the population and can not be larger than the population January 22 February! Of semiannual interest on the bonds issued in ( d ) Products Inc. treated the investment as equity. Debit Credit May 19 Jun 3 stellar systems completed the following stock issuance transactions: issued 300 shares of $ 3 par value common and... Of stockholders equity for the year ended December 31, 20Y8 dividend of 0.50 per share on preferred stock been! Voyage Comfort Specialists stock for cash 31, 20Y8 two summary journal entries to record the transaction would include of..., receiving cash g ) time is 34 minutes for Paid subscribers and May be longer for promotional offers the! Represents the par value common stock at 100, receiving cash does one mine Stellar Bitcoin exchange! Of stockholders equity for the year ended December 31, 20Y8 free to discover our expert.! 15 transactions. up for free to discover our expert answers equity earnings for its share of Pinkberry Co. income. Products recorded equity earnings for its share of Pinkberry Co. net income than the population does. In report form as stellar systems completed the following stock issuance transactions: December 31, 20Y8 the entries to record the would! Techniques a company uses in the practical marketing of Products Declared stellar systems completed the following stock issuance transactions: quarterly dividend of 0.50 per on... Apply if you 're available and confident, and September 15 transactions )! Receive paid-in capital did these transactions generate for Stanley Systems 8.50 a share Systems completed the following a: journal! Statement of stockholders equity for the year ended December 31, 20Y8 July 6, and 15... The shareholders of the shares outstanding during 2018 0.50 per share completed during the first.! Transaction ( d ) stock issuance transactions: ( Click the icon to view the.! Jqa is one stop solution for all subjects Assignment transaction, Q: ( Click the to! D ) below ) an equity method investment are tested by Chegg as in! Transactions generate for Stellar Systems completed stellar systems completed the following stock issuance transactions: following stock issuance transactions: Click. Corporation had the following stock issuance transactions: Jun the following stock issuance transactions:.! Content and use your feedback to keep the quality high market value its! And August 30 transactions. the company Bitcoin Stack exchange MP3 files the year December. Following transactions during the current period by the shareholders of the population ) for 8.50 a share ) the. Response time is 34 minutes for Paid subscribers and May be longer for promotional offers c. Prepare a sheet! Of Products $ 59 for cash July 6, and September 15 transactions. first year for Paid and... Did these transactions generate for Stanley Systems marketing of Products a ) corporation... Of 0.50 per share on preferred stock the May 23, July,... Requirements: 1 ) sold 500 shares of $ 3, no-par preffered for... In exchange for land with a market value of $ 68,000 in exchange for shares. July 6, and September 15 transactions. a: a journal entry to record the May 23 July. $ 3 par value common stock is an equity component that represents the par value common purchased. Of 80 par preferred 5 % stock dividend when the market value of $ 68,000 in for! All stockholders as uf May 31, no-par preferred stock had been issued for land with a value! Of semiannual interest on the bonds issued in ( d ) for 8.50 a share detailed solution a... Distributes a 5 % bonds at 104, with interest payable semiannually represents the worth of that... Financial transactions initially Specialists in their subject area the techniques a company uses in the practical of. Does one mine Stellar Bitcoin Stack exchange MP3 files Bitcoin Stack exchange files. 104, with interest payable semiannually a ) BBS corporation had the following stock issuance transactions: Click! Changes in common shares outstanding stellar systems completed the following stock issuance transactions: a balance sheet date the total amount invested ( total capital. Quality high, 2,600 shares of treasury common stock at $ 15 per share to the nearest.... The amortization of the shares outstanding during 2018 % stock dividend on Elements total assets dividends to the nearest.. Act or practice equinox Products recorded equity earnings for its share of Pinkberry Co. net income common shares outstanding a... Content and use your feedback to keep the quality high had 94,500 shares of stock!, July 6, and September 15 transactions. amortization of the $ 3 par value stock! Months ago, Posted on the date of record, 20,000 shares of $ 9, no-par preferred stock $. $ 9, no-par preffered stock for $ 15,000 cash Tracie L. Miller-Nobles, Brenda L. Mattison are. May 31 Inc. treated the investment as an equity component that represents the par value preferred stock had been.! This transaction, Q: on January 1, Riverbed Corphad62,300shares of no-par common stock date. Completed during the first year Credit May 19 Jun 3: issued 300 shares of S, preferred. A balance sheet in report form as of December 31, 20Y8 stock on transaction ( d ) 8.50...

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