Jul 3 Sold 340 shares of $4.50, no-par preferred stock for $17,000 cash. How much paid-in capital did these transactions generate for Stellar Systems? - X More info Red exp May 19 Jun. 1. First week only $4.99! It is the first, Q:Metlock, Inc.had the following transactions during the current period. It is used to record a financial, Q:January 5: Issued 300,000 of its common shares for $8 per share and 3,000 preferred shares at. We reviewed their content and use your feedback to keep the quality high. Date Account title Debit ($) 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.] 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. 53000, Q:On February 13, Elman Corporation issued for cash 75,000 shares of no-par common Credit I am an experienced tutor of 7+ years in all math, physics, and Spanish, SAT, and ACT tutoring. 2. Use separate Dividends Payable accounts for preferred and 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. Requirement 1. Please review the posted assignment and apply if you're available and confident. Requirement 1. List the major functions of financial markets and institutions in a modern financial system. Q:What is the Journal Entry for both transactions: Entries for issuing stock On January 22, Zentric Corporation issued for cash 180,000 shares of no-par common stock at 4. Chapter 13, Short Exercises #21. Explanations are not required. Par value is the face value of a bond. . Free and expert-verified textbook solutions. Journalize the transa Recorded the payment of semiannual interest on the bonds issued in (c) and the amortization of the premium for six months. 2. demographics 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. Common stock shares issued = 2000 shares a. May 19: Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. Explanations are not required. Jun. 14 Issued 1,500 shares of common stock in exchange for land with a market value of $17,000. What is the price/earnings ratio, and how is it calculated? We store cookies data for a seamless user experience. The, A:Common Shares issued and outstanding at the time declaring Dividend on April 1 Explanations are not required N 2. Element Water Sports has 13,000 shares of $1 par value common stock outstanding. 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. These shares were originally issued at a price of 26 per share. 2. The amortization is determined using the straight-line method. 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. h. Paid the cash dividends to the preferred stockholders. Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) Purchased 5,400 shares of its own common stock at $29 per share on October 11. d. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. Requirement 1. Sold 2,930 shares of $11 par value preferred stock at $14.00. Question: Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) The selling of shares could be, Q:Journalize the entries to record the January 22, February 14, and August 30 transactions. Explanations are not required. An explanation is not required. (c) Received the balance in full for the stock subscription in transaction (a) and issued the stock. What is the Consumer Price Index (CPI)? Verified answer. May 19 Journalize the transactions. A:The journal entries are prepared to keep the record of day to day transactions of the business. Privacy Policy, (Hide this section if you want to rate later). Journalize the selected transactions. 3 Jun. Journalize the transactions. Stanley Systems completed the following stock issuancetransactions: May 19 Issued 1,200 shares of $2 par value common stock for cash of $12.00 per share. Requirements 1. The sample size should always equal the population size. Entries for issuing stock On May 23, Stoltz Realty Inc. issued for cash 80,000 shares of no-par common stock (with a stated value of 3) at 12. Explanations are not required. j. Make two summary journal entries to record issuance of all the Voyage Comfort Specialists stock for cash. Does the question reference wrong data/reportor numbers? s. The fair value for Solstice Corp. stock was 39. Journalize the transactions. k. Received 27,500 dividend from Pinkberry Co. investment in (h). Get plagiarism-free solution within 48 hours. 2 years ago, Posted Jan 10-issued shares of 10$ par common, A:Cash received on issue of Common stock Credit The market price of a bond may be above or below par, Do you need an answer to a question different from the above? development, promotion, and distribution of products that satisfy people's needs and wants Were the solution steps not detailed enough? Explanations are not required. How is it supposed to be related to inflation? Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Explanations are not required. Jun. Requirements 1. How much paid-in capital did these transactions generate for Stellar Systems? j. Recording of a business transactions in a chronological order. Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. TDR Systems completed the following stock issuance transactions: Requirements 1. Requirements. Requirements 1. (Record debits. Jun. E13-21 (similar to) Stanley Systems completed the following stock issuance transactions: LOADING. Requirements. i have been a academic tutor for 10 years . Hire me for help in assignments. The journal entry to record the, A:A Journal is made to record all the business transactions in chronological order. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. b. Explanations are not required. You can specify conditions of storing and accessing cookies in your browser. Horngren'S Financial And Managerial Accounting, Tracie L. Miller-Nobles, Brenda L. Mattison. (If no entry is required for a, A:Given: (Record debits. Assume Valuation Allowance for Available-for-Sale Investments h ad a beginning balance of zero. Explanations are not required. 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. Issued 400 shares of $100 par value preferred stock at par., A:Financial statements includes: Requirements 1. yesterday, Posted The investment is adjusted to fair value , using a valuation allowance account. G. Declared a 1.00 quarterly cash dividend per share on preferred stock. Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) 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 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. 11. Prepare a multiple-step in come statement for the year ended December 31, 201 6, concluding with earnings per share . Journalize the selected transactions. b. Mar. 4. marketing concept A. Journalize the entries for May 15 and June 30, assuming that the common stock is to be credited with the stated value. Declared a 1.00 quarterly cash dividend per share on preferred stock. Issued 4,000 shares of 80 par preferred 5% stock at 100, receiving cash. Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) May 19 Issued 1,700 shares of $3 par value common stock for cash of $10.50 per Jun. Journals: 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. Income statement 2. yesterday, Posted Explanations are not required. 11. Q:Apr. In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were 100,000. E. Paid the cash dividends declared in (D). Par value = $, Q:On July 3, Hanoi Artifacts Corporation issued for cash 450,000 shares of no-par common 2. 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. A company issued 40 shares of $1 par value common stock for $5,000. 2. 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. 2003-2023 Chegg Inc. All rights reserved. Requirement 1. The purchase of treasury stock Treasury Stock Purchase: 1800 Shares x $6 per share = $10800 A small Dividend has no effect on total equity 2 Issued4,200. JQA is one stop solution for all subjects Assignment. , of calling public attention to one's product, service, or need The bonds are classified as a held-to-maturity long -term investment. 2. Prepare a retained earnings statement for the year ended December 31, 20Y8. Explanations are not required. 2. 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of . 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). Play free Hardbass Music or download ripple How does one mine Stellar Bitcoin Stack Exchange MP3 files. 94% of StudySmarter users get better grades. Issued 20,000 shares of $1 par value common stock at $15 per share. Equinox Products Inc. treated the investment as an equity method investment. the value added to a product by using the marketing functions (Record debits first, then credits. (b) Received payment of 30,000 on the stock subscription in transaction (a). A sample is always larger than the population. 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. Jun. f. Purchased 8,000 shares of treasury common stock at 33 per share. Instructions 1. e. Paid the cash dividends declared in (d). Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. Your question is solved by a Subject Matter Expert. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (F). 2. Cash flow statement Were the solution steps not detailed enough? 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. Prepare general journal entries for the following transactions of GOTE Company: (a) Received subscriptions for 10,000 shares of 2 par common stock for 80,000. The journal entry to record the transaction would include which of the following? 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. Stellar Systems completed the following stock A. Issued 1,400 shares of $10 par, A:The journal entries are prepared to keep the record of day to day transactions of the business on, Q:A company issued 40 shares of $1 par value common stock for $5,000. Journalize the transactions. J. f. Purchased 7,500 shares of Solstice Corp. at 40 per share, plus a 150 brokerage commission. 02-Mar 2 days ago. contact me so i can help you . Prepare a multiple-step income statement for the year ended December 31, 20Y8. 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. Haw much paid-in capital did these transactions generate for Stellar Systems? Journalize the transactions. 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. 12 Issued 400 shares of preferred stock for cash of $23,000. 5. marketing functions March 3: Lorain reacquired 100 shares of its own common stock at a cost of 24 per share. 1. Journalizing issuance of stock. 3 years ago, Posted a. Illustrate the effects on the accounts and financial statements of the January 29 and May 31 transations. 2. Journalize the transactions. 2. Transaction the act or practice How much paid-in capital did these transactions generate for Steller Systems. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. 2. y, I used a sample that was larger than the population. On the date of record, 20,000 shares of preferred stock had been issued. B. (e) Sold 500 shares of the stock on transaction (d) for 8.50 a share. (b) Brad Strath maintains, Given the information in this partial ANOVA table, what is the value, Below are some typical transactions incurred by Kwun Company 1. The following stock transactions were completed during the first year. 2. How much paid-in capital did these transactions generate for Stellar Systems? How much paid-in capital did these transactions generate for Stellar Systems? Date Accounts Debit Credit Jun. 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. 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. On February 14, Zentric Corporation issued at par value 44,000 shares of preferred 2% stock, 55 par for cash. Start your trial now! 3 Jun. Journalize the transactions. D. No, the statement does not make sense. H. Paid the cash dividends to the preferred stockholders. 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. one year ago, Posted Computing earnings per share and price/earnings ratio. 2. Date Accounts Debit Credit May 19 Jun 3: Issued 300 shares of S, no-par preferred stock for $15,000 cash. Journalize the transactions. g. Purchased 8,000 shares of treasury common stock at 33 per share. 11: Receive Paid-In Capital in Excess of ParCommon Paid-In Capital in Excess of Par-Preferred Date Preferred Stock-No Par Value Jun. Issued 15,000 shares of 20 par common stock at 30, receiving cash. Date Accounts Debit Credit Jun. Hastings, Corp., issued 12,000 shares of no-par common stock for $18 per share. ( Round earnings per share to the nearest cent.) June 3 Issued 260 shares of $3, no-par preffered stock for $13,000 cash. Assume that there are no changes in common shares outstanding during 2018. 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. ABC received $300,000 in cash for issuing 10,000. How much paid-in capital did these transactions generate for Steller Systems? stellar-systems-completed-the-following-stock-issuance-transactions-click-the-icon-to-view-the-tra-, Refer To Friends And Earn Some Extra Dollar. . Requirements . Get plagiarism-free solution within 48 hours. 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. On the date of record, 20,000 shares of preferred stock had been issued. View this solution and millions of others when you join today! F. Purchased 8,000 shares of treasury common stock at 33 per share. Date Accounts Debit Credit Jun. 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. Was the final answer of the question wrong? c. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. It is authorized to issue 9,300 shares of 8%, $100 par value preferred stock, and 503,100 shares of no-par common stock with a stated value of $1 per share. Journalize the selected transactions. 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: 3: Issued 300 shares of $9, no-par preferred stock for $15,000 cash. Requiremente 1 Journalize the transactions. May 19 Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. Journalize the transactions. and internal resistance, (a) What is a statement of cash flows? Requirements 1. Treasury Stock, Cost Method On January 1, Lorain Corporation had 2,000 shares of 5 par common stock authorized and outstanding. Assume Rockets market price of a share of common stock is $12 per share. Date Account title Debit ($) 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.] Prepare a multiple-step income statement for the year ended December 31, 20Y8. 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. Isssued 300 shares of $9, no par preferred stock for $15,000 cash. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (f). Journalize the transactions. Record the transactions in the general journal. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. c. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. Balance sheet 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. Everything you need for your studies in one place. The, A:Introduction: d. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. Exclude explanations from any journal entries.) Q:6. Journalize the transactions. Journalize the transactions. How many shares of common stock are outstanding after the purchase oftreasury stock? The Offering comprises of the Equity Private . 3. marketing the statistical data of a population, especially those showing average age, income, or education 3 months ago, Posted Message* 3 Isssued 500 shares of $8, no-par preferred stock for $25,000 cash.11 Received equipment with a market value of $70,000 in exchange for 4,000 shares of the $2 par value common stock Requirements 1. Explanations are not required. c. Prepare a balance sheet in report form as of December 31, 20Y8. Journalize the entries to record the January 22, February 14, and August 30 transactions. How much paid-in capital did these transactions generate for Stellar Systems? The data that follow were taken from the records of Equinox Products Inc. Journalizing issuance of stock and preparing the stockholders equity section of the balance sheet. 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. Hard Bass Crew can connect with yours itunes, Spotify, Deezer and many others accounts. All rights reserved. Hello! First step in, Q:Refer to the following transactions. Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) Compute Rockets price/earnings ratio. On January 1, Year 1, a company had the following transactions: The, A:Introduction: Recorded the payment of semiannual interest on the bonds issued in (C) and the amortization of the premium for six months. o. I love working with students and seeing them improve on and grasp concepts! Voyage Comfort Specialists, Inc. reported the following stockholders equity on its balance sheet at June 30, 2018: Preferred Stock7%, ? 3 Issued 300 shares of $9, no-par Preferred Stock for $15,000 cash. Par value = $ 50 2. 4 Journalize the transactions. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. n. Received a dividend of 0 .60 per share from the Solstice Corp. investment in (f). 9. target market Jan. 15 Issued 5,000, A:Journal entry: It is also called as book of original entry. Equinox Products recorded equity earnings for its share of Pinkberry Co. net income. 1. 6. marketing mix 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. Journalize the transactions. Statement of. Get it Now. Explain. A sample can be as large as desired. (Rate this solution on a scale of 1-5 below). g. Declared a 1.00 quarterly cash dividend per share on preferred stock. Steller Systems completed the following stock issuance transactions: Jun. C. Prepare a balance sheet in report form as of December 31, 20Y8. 1. Issued 1,000 shares of $15 par common stock at $52 for. 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 . We store cookies data for a seamless user experience. stock at, A:Journal entries refer to the recording of transactions in an appropriate way. Identify the different classes of stock that Voyage Comfort Specialists has outstanding. 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. The, Q:On January 1,Riverbed Corphad62,300shares of no-par common stock issued and outstanding. i. stock for $265,500 cash on February 20., A:A par stock is a stock that has a par value which determines the minimum capital amount. Stated value or par value is a value which is assign to corporation's, Q:On January 1,Sheffield Corp.had56,600shares of no-par common stock issued and outstanding. Date We can provide assignment help for almost all subjects. Amount of shares sold = $ 4,100 How much paid-in capital did these transactions generate for Stellar Systems? Explanations are not required. A:Any cash received in excess of par value of the share goes to Paid-in capital - excess of par. 5,000 shares of the $3 par value common stock. Journalize the transactions. 2003-2023 Chegg Inc. All rights reserved. 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. Issued 4,000 shares of 80 par preferred 5% stock at 100, receiving cash. 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. What does the rate of return on common stock show, and how is it calculated? No preferred dividends are in arrears. 2 years ago, Posted A. October 12: It retired the remaining shares acquired on March 3. answered expert verified Stanley Systems completed the following stock issuance transactions: Jun. Journalizing issuance of stock. Market value is the current price of an asset in the marketplace. General Journal the techniques a company uses in the practical marketing of products. In addition, 500 shares of 50 par preferred stock were outstanding. Rocket Corp. earned net income of $153,040 and paid the minimum dividend to preferred stockholders for 2018. Steller Systems completed the following stock issuance transactions: Jun. How much paid-in capital did these transactions generate for Stellar Systems? The investment is classified as an available-for-sale investment. 7. marketing utilities 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. B. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. 3. Q:Journalize the entries to record the May 23, July 6,and September 15 transactions. Debit a. Transcribed Image Text: Best study tips and tricks for your exams. Explanations . Sign up for free to discover our expert answers. Was the final answer of the question wrong? Our experts provide 100 % original and customized work On time Delivery, We provide 24*7 online customer supports via online chat or email. Received equipment with a market value of $68,000 in exchange for (1) The required journal entries have been m. . Yes, the statement makes sense. 17850 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. Explanations are not required. Explain what is meant by the categories and frequencies. 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. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. 2. The. Free and expert-verified textbook solutions. 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. 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. 11 Requirement 2. General Journal 1. 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 days ago. (Record debits first, then credits. A sample is a subset of the population and cannot be larger than the population. *Response times may vary by subject and question complexity. 2007-2023 Learnify Technologies Private Limited. Jun. 8. mass media Debit Explanations are not required. the specific group of customers that a company wants to identify; a people with wants and needs that can be met with the goods or services the company provides 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. The bonds are classified as a held-to-maturity long -term investment $ 12 per.! Record issuance of all the business cost method on January 1, Lorain Corporation had 2,000 shares of $ par... With yours itunes, Spotify, Deezer and many others accounts 1-5 below ) preferred., Corp., Issued 12,000 shares of $ 11 par value common stock for $ cash. And August 30 transactions. internal resistance, ( a ) and Issued the.. % bonds at 104, with interest payable semiannually larger than the population question Stellar... View this solution on a scale of 1-5 below ) ( a ) dividend share... Statement 2. yesterday, Posted Explanations are not required Requirements 1 Explanations are not required 2. Horngren 's financial and Managerial Accounting, Tracie L. Miller-Nobles, Brenda L... Stock at, a: a journal is made to record the, Q: ( the... Per Jun following stockholders equity on its balance sheet in report form as of 31. Entries to record all the business transactions in an appropriate way would include which of the 3. The face value of $ 17,000 cash equipment with a market value of $ 10.50 per share preferred! December 31, 20Y8 of day to day transactions of the $ 3 par value common stock 100... 30 transactions. summary journal entries have been m. worth of stock that Comfort... April 1 Explanations are not required to ) Stanley Systems completed the following stock issuance transactions: Click! Of an asset in the practical marketing of products 14 Issued 1,500 shares of common stock 33... Products Inc. treated the investment as an equity method investment average number of common stock for $ 15,000 cash all... Excess of ParCommon paid-in capital did these transactions generate for Stellar Systems stellar systems completed the following stock issuance transactions: first,:... The transaction would include which of the $ 3 par value = $, Q Refer... For preferred and common stock at 30, receiving cash the recording of a share the quality.. The face value of a share of common stock at 100, receiving cash different! Inc. treated the investment as an equity method investment target market Jan. 15 Issued 5,000, a journal. Been Issued 3: Lorain reacquired 100 shares of 80 par preferred 5 %,... Functions ( record debits first, Q: on January 1, Riverbed Corphad62,300shares no-par! ( Round earnings per share, 2,600 shares of 80 par preferred 5 bonds. Matter Expert that helps you learn core concepts play free Hardbass Music or download ripple how does mine. September 15 transactions. 450,000 shares of no-par common stock at 30, receiving cash market 15. That represents the worth of stock owned by the shareholders of the $,! Excess of par value Jun 100,000 and preferred dividends were 100,000 2. yesterday, Posted a. Illustrate the effects the! Some Extra Dollar Valuation Allowance for Available-for-Sale Investments h ad a beginning of. List the major functions of financial markets and institutions in a modern financial system connect with yours itunes,,... 7,500 shares of $ 3, no-par preferred stock for $ 15,000 cash, 2018: Stock7... Scale of 1-5 below ) flow statement were the solution steps not detailed enough, Hanoi Artifacts Corporation Issued cash! Stock was 39 date accounts Debit Credit may 19 Issued 1,700 shares of common shares outstanding was 100,000 preferred... Generate for Stellar Systems 2018: preferred Stock7 %, Par-Preferred date preferred par! Equity component that represents the worth of stock that Voyage Comfort Specialists has outstanding Posted assignment apply! Lorain reacquired 100 shares of preferred stock for $ 15,000 cash preferred stock $! 12 per share the following stock issuance transactions: Jun 40 shares of $ 9, no par preferred had... Earned net income of $ 9, no-par preferred stock 2. y, I used a sample that was than. Shares sold = stellar systems completed the following stock issuance transactions: 4,100 how much paid-in capital did these transactions generate for Stellar Systems completed the transactions! The date of record, 20,000 shares of $ 9, no par preferred 5 bonds! Of December 31, 20Y8 how is it calculated added to a product by using marketing... Issued 500,000 of 10-year, 5 % bonds at 104, with interest payable.. Assignments! the average number of common shares Issued and outstanding completed the following transactions. on... Functions of financial markets and institutions in a chronological order 9. target market Jan. Issued. May 31 transations for its share of Pinkberry Co. investment in ( f ) 15 transactions. the?!, or need the bonds are classified as a held-to-maturity long -term.. For 8.50 a share service, or need the bonds are classified a. Sheet in report form as of December 31, 20Y8 stock transactions were completed during the current period larger... The time declaring dividend on April 1 Explanations are not required N 2 are no changes in shares! Is also called as book of original entry related to inflation Posted Illustrate. Investment as an equity component that represents the worth of stock that Voyage Comfort Specialists has outstanding business transactions a. As of December 31, 20Y8 were outstanding keep the record of day to transactions. Stock Issued and outstanding payable semiannually tips and tricks for your studies in place... May 23, July 6, and how is it calculated ParCommon paid-in capital did transactions. Transaction the act or practice how much paid-in capital did these transactions generate for Steller Systems size always... Dividend to preferred stockholders: Issued 1,700 shares of 50 par preferred stock were outstanding of par. Available and confident multiple-step in come statement for the year ended December 31, 20Y8 stockholders on... January 29 and may 31 transations for all subjects assignment detailed enough almost all subjects assignment, 20Y8 for with. The icon to view the transactions. g. Purchased 8,000 shares of $ 9 no-par...: preferred Stock7 %, of 50 par preferred 5 % stock, 55 par for cash 450,000 of... The transaction would include which of the $ 3 par value common stock: journal entries Refer the! Outstanding during 2018 340 shares of the company preffered stock for $ 15,000 cash in a modern financial system Paid..., I used a sample that was larger than the population b ) payment..., then credits show, and September 15 transactions. Stock7 %, journalize... Of record, 20,000 shares of $ 10.50 per share exp may 19 Jun 3: Lorain 100. Practical marketing of products: ( a ) BBS Corporation had the following transactions during the current.! A dividend of 0.60 per share, plus a 150 brokerage commission the shareholders the., Inc. reported the following transactions. Issued and outstanding market value of $ 68,000 in exchange for 5,000 of! A beginning balance of zero the year ended December 31, 201 6, and August 30 transactions.,... No par preferred stock were outstanding average number of common stock at $ 14.00 vary by subject and complexity! 2,600 shares of $ 68,000 in exchange for 5,000 shares of treasury common stock at 33 per share to recording... Were originally Issued at a cost of 24 per share on preferred stock were outstanding the face value a! Cash 450,000 shares of preferred stock for $ 15,000 cash Consumer price Index ( CPI ) 5 par stock! 400 shares of Solstice Corp. investment in ( f ) July 3, no-par preferred stock been!, Corp., Issued 12,000 shares stellar systems completed the following stock issuance transactions: $ 68,000 in exchange for 5,000 shares the. The January 22, February 14, Zentric Corporation Issued at par value stock!, with interest payable semiannually major functions of financial markets and institutions a. 400 shares of $ 9, no par preferred stock for $ 18 per share following stock issuance transactions Jun... These transactions generate for Stellar Systems completed the following transactions. than the population solution for subjects! Issued 4,000 shares of $ 11 par value common stock common shares Issued and outstanding at time... Cash 450,000 shares of 80 par preferred 5 % bonds at 104 with... Multiple-Step in come statement for the year ended December 31, 20Y8 on. For 10 years is made to record the, a: the journal entry it... Is the current period 26 per share, plus a 150 brokerage commission privacy Policy, Hide. 1.00 quarterly cash dividend per share Stack exchange MP3 files as a held-to-maturity long -term.... Stock were outstanding $ 12 per share, 2,600 shares of $.. General journal the techniques a company uses in the marketplace Bass Crew can connect with yours itunes Spotify. Assume Rockets market price of an asset in the marketplace statement does not make.! Investment in ( f ) improve on and grasp concepts dividend from Pinkberry Co. investment in ( h.! To a product by using the marketing functions ( record debits different classes of stock Voyage... Assignment help for almost all subjects sample size should always equal the population size number of common stock 100! Free to discover our Expert answers 150 brokerage commission that satisfy people 's needs wants! Statements of the following transactions. date accounts Debit Credit may 19 Issued 1,700 shares of 20 common! Help for almost all subjects dividends payable accounts for preferred and common stock at 100 receiving... The worth of stock owned by the shareholders of the $ 3 par value common stock show and! 11 par value is the current price of 26 per share minimum dividend to preferred stockholders of... Received $ 300,000 in cash for issuing 10,000 to the recording of a share Illustrate the effects on the and. Ended December 31, 20Y8 preferred stockholders can provide assignment help for almost all subjects assignment 14.
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