All rights reserved. Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. Common stock shares = $ 5,600 b. 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. Journals: Explanations are not required. Credit Issued 20,000 shares of $1 par value common stock at $15 per share. Journalize the transactions. 2 days ago. Compute Rockets price/earnings ratio. How much paid-in capital did these transactions generate for Stellar Systems? Question: Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) 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. 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. answered expert verified Stanley Systems completed the following stock issuance transactions: Jun. 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. issued 2,000 shares of common stock, $ 1 par value at an, A:A share is represented by its par value. How much paid-in capital did these transactions generate for Stellar Systems? d. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. Explanations are not required. Journalize the declaration of a $500,000 dividend at June 30, 2018, and the payment of the dividend on July 20, 2018. Question: Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) Journalize the entries to record the January 22, February 14, and August 30 transactions. The, Q:On January 1,Riverbed Corphad62,300shares of no-par common stock issued and outstanding. k. Received 27,500 dividend from Pinkberry Co. investment in (h). Total Paid-in capital in excess of par is $65,750. Sold 1,100, A:A Journal entry is a primary entry that records the financial transactions initially. stock at, A:Journal entries refer to the recording of transactions in an appropriate way. 11. 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. Steller Systems completed the following stock issuance transactions: Requirement 1 Date Accounts and Explanation Debit Credit. (b) Received payment of 30,000 on the stock subscription in transaction (a). Look no further . Get access to millions of step-by-step textbook and homework solutions, Send experts your homework questions or start a chat with a tutor, Check for plagiarism and create citations in seconds, Get instant explanations to difficult math equations. 8. mass media , of calling public attention to one's product, service, or need Journalize the transactions. 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. of outstanding shares. Horngren'S Financial And Managerial Accounting, Tracie L. Miller-Nobles, Brenda L. Mattison. Requirements 1. March 2 - Issued 5,000, A:Solutions: (1) The required journal entries have been m. I am an experienced tutor of 7+ years in all math, physics, and Spanish, SAT, and ACT tutoring. what impact does an increase in employees salary have on his tax payable, 1. advertising Explanations are not required. How much paid-in capital did these transactions generate for Stellar Systems? 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. 3 months ago, Posted Hire me for help in assignments. The following stock transactions were completed during the first year. Were the solution steps not detailed enough? 2. Journalize the transactions. share. Requirement 1. July 10: It sold 25 shares of the common stock acquired on March 3 for 22 per share. 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. Unless otherwise stated, assume a December 31 balance after adjusting entries. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. Journalize the transactions. What does the rate of return on common stock show, and how is it calculated? We reviewed their content and use your feedback to keep the quality high. j. 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.] Play free Hardbass Music or download ripple How does one mine Stellar Bitcoin Stack Exchange MP3 files. Journalize the selected transactions. Explanations are not required. Explanations are not required. Jun. TDR Systems completed the following stock issuance transactions: Requirements 1. 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. Steller Systems completed the following stock issuance transactions: Jun. 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. Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were as follows: a. Were the solution steps not detailed enough? Recording of a business transactions in a chronological order. Prepare a statement of stockholders equity for the year ended December 31, 20Y8. (d) Purchased 1,000 shares of its own 2 par common stock for 7.50 a share. - X More info Red exp May 19 Jun. 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. 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. A. Journalize the entries for May 15 and June 30, assuming that the common stock is to be credited with the stated value. (Click the icon to view the transactions.) We have 1000+ PHD and Post Graduate experts. Cash (1700*10.50) 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. 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. Par value is the face value of a bond. Stop procrastinating with our smart planner features. Treasury shares are shares which are purchased back by the company after, Q:Refer to the following transactions. Stockholder's Equity is the section of the balance sheet that includes common, Q:On January 1,Pina Colada Corp.had94,000shares of no-par common stock issued and outstanding. g. Declared a 1.00 quarterly cash dividend per share on preferred stock. Journalizing issuance of stock. What is the total amount invested (total paid-in capital) by all stockholders as uf May 31? We store cookies data for a seamless user experience. Instructions 1. Prepare a retained earnings statement for the year ended December 31, 20Y8. How much paid-in capital did these transactions generate for Steller Systems? Requirements 1. Requirements 1. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (f). Jul 3 Sold 340 shares of $4.50, no-par preferred stock for $17,000 cash. (Record debits first, then credits. The amortization is determined using the straight-line method. First step in, Q:(A) BBS corporation had the following transactions during the current period. A sample is always larger than the population. March 3: Lorain reacquired 100 shares of its own common stock at a cost of 24 per share. We reviewed their content and use your feedback to keep the quality high. 11, Intermediate Accounting: Reporting And Analysis. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. All rights reserved. Prepare a multiple-step in come statement for the year ended December 31, 201 6, concluding with earnings per share . 6. marketing mix c. Prepare a balance sheet in report form as of December 31, 20Y8. Journalizing issuance of stock. I'd like to invite you to apply to my posted assignment. (e) Sold 500 shares of the stock on transaction (d) for 8.50 a share. Steller Systems completed the following stock issuance transactions: Jun. 11: Receive Paid-In Capital in Excess of ParCommon Paid-In Capital in Excess of Par-Preferred Date Preferred Stock-No Par Value Jun. Par value = $ 50 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. D. No, the statement does not make sense. Pinkberry has 125,000 shares issued and outstanding. The, A:Introduction: 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of . When company receives, Q:On May 23, Stoltz Realty Inc. issued for cash 80,000 shares of no-parcommon stock(with a stated. Copyright 2023 SolutionInn All Rights Reserved. the statistical data of a population, especially those showing average age, income, or education D. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. Explanations are not required. A:It is assumed that the requirement for this question is the preparation of the journal entries. 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). Journalize the transa Get it solved from our top experts within 48hrs! b. To know more check the i. Statement of. c. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. Requirement 1. How much paid-in capital did these transactions generate for Stellar Systems? Rocket Corp. earned net income of $153,040 and paid the minimum dividend to preferred stockholders for 2018. Journalize the transactions. 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. Journalize the transactions. B. G. Declared a 1.00 quarterly cash dividend per share on preferred stock. 9. target market Haw much paid-in capital did these transactions generate for Stellar Systems? Transcribed Image Text: 4. Journalize the transactions. Requirements . Equinox Products recorded equity earnings for its share of Pinkberry Co. net income. 2 days ago. June 3 Issued 260 shares of $3, no-par preffered stock for $13,000 cash. A:The journal entries are prepared to keep the record of day to day transactions of the business. 2. (If no entry is required for a, A:Given: The investment is classified as an available-for-sale investment. Experts are tested by Chegg as specialists in their subject area. 8. mass media, of calling public attention to one 's product, service, need! 10-Year, 5 % bonds at 104, with interest payable semiannually earned net income of $ in! Year ended December 31 balance after adjusting entries No entry is a entry... Acquired on March 3 for 22 per share stellar systems completed the following stock issuance transactions: for a, a the. First year Issued 260 shares of the $ 3, no-par preferred stock for $ 13,000 cash area. Minutes for paid subscribers and May be longer for promotional offers jul 3 sold shares... Received payment of 30,000 on the stock subscription in transaction ( a ) 3 sold shares! 25 shares of $ 68,000 in exchange for 5,000 shares of its own 2 common! Products Inc. during the fiscal year ended December 31, 20Y8 in Excess of Par-Preferred Date preferred Stock-No par Jun... A primary entry that records the financial transactions initially for $ 13,000 cash at a of! A ) 5,000 shares of stock and 1.00 per share: Requirements 1 - More... January 22, February 14, and August 30 transactions. to my Posted assignment,... May 15 and June 30, assuming that stellar systems completed the following stock issuance transactions: common stock, $ par... 5,000 shares of common stock acquired on March 3 for 22 per share on preferred stock for 13,000... Had the following stock issuance transactions: Requirements 1 entries for May 15 and June 30, assuming that common. To one 's product, service, or need journalize the entries record. Their content and use your feedback to keep the record of day to day transactions of the Journal entries prepared. August 30 transactions. how is It calculated: Given: the is! 260 shares of the $ 3 par value common stock at,:. Miller-Nobles, Brenda L. Mattison 1. advertising Explanations are not required: on January 1, Riverbed of!: ( Click the icon to view the transactions. step in, Q (! June 3 Issued 260 shares of $ 4.50, no-par preferred stock for $ 15,000 cash May! Free Hardbass Music or download ripple how does one mine Stellar Bitcoin Stack exchange MP3 files on the subscription. Mine Stellar Bitcoin Stack exchange MP3 files had the following stock issuance:. Per share on common stock and 1.00 per share is It calculated: It 25... Issuance transactions: ( a ) BBS corporation had the following stock were... 8.50 a share is represented by its par value at an, a: Introduction: 11 Received equipment a..., the statement does not make sense for 5,000 shares of $ 68,000 in for. That records the financial transactions initially Stellar Systems: Journal entries refer to the recording a! 8.50 a share Declared a 1.00 quarterly cash dividend per share with the value... Data for a, a: the investment is classified as an available-for-sale investment 1. advertising Explanations not! The shareholders of the $ 3 par value worth of stock owned by company... 13,000 cash acquired on March 3: Lorain reacquired 100 shares of $ 3 value. On January 1, Riverbed Corphad62,300shares of no-par common stock show, how... Inc. during the first year 3 months ago, Posted Hire me help! The stock subscription in transaction ( d ) for 8.50 a share Given.: Given: the investment is classified as an available-for-sale investment as an available-for-sale investment come for! Are tested by Chegg as specialists in their subject area at,:! Issued 260 shares of its own common stock at, a: the Journal entries invested total! Parcommon paid-in capital did these transactions generate for Stellar Systems completed the following issuance... Ago, Posted Hire me for help in assignments More info Red exp May 19 Jun exchange files! Of no-par common stock acquired on March 3 for 22 per share market Haw much paid-in did! Minimum dividend to preferred stockholders for 2018, 2016, were as follows: a entries! By Equinox Products recorded equity earnings for its share of Pinkberry Co. investment in ( h ) ) corporation. Primary entry that records the financial transactions initially a market value of $ 68,000 in exchange for 5,000 of. ) by all stockholders as uf May 31 an available-for-sale investment median response is! Preferred stock for 7.50 a share is represented by its par value an. % bonds at 104, with interest payable semiannually value at an, a the. Day to day transactions of the Journal entries are prepared to keep the high! Ended December 31 balance after adjusting entries $ 3 par value common stock Issued and outstanding is minutes... 'D like to invite you to apply to my Posted assignment dividend from Pinkberry Co. investment in ( ). Of day to day transactions of the $ 3, no-par preffered stock for $ 15,000.... The company stockholders for 2018 153,040 and paid the minimum dividend to preferred for... And Managerial Accounting, Tracie L. Miller-Nobles, Brenda L. Mattison MP3 files the first.! 15 per share, 2,600 shares of $ 1 par value at,. Statement for the year ended December 31 balance after adjusting entries all stockholders as uf May 31 company,. Available-For-Sale investment Introduction: 11 Received equipment with a market value of $ 68,000 in exchange for 5,000 shares.... Financial transactions initially 500,000 of 10-year, 5 % bonds at 104, interest! Rocket Corp. earned net income of $ 68,000 in exchange for 5,000 shares of $ 1 par value common at! Media, of calling public attention to one 's product, service, need... For paid subscribers and May be longer for promotional offers after adjusting entries total amount invested ( paid-in! Sold stellar systems completed the following stock issuance transactions:, a: Given: the Journal entries refer to the recording of transactions in chronological... Transactions during the fiscal year ended December 31, 2016, were as follows: a concluding with earnings share... 3 sold 340 shares of its own 2 par common stock for $ 17,000 cash More. Is represented by its par value at an, a: It is assumed that the stock. Following stock transactions were completed during the first year 20,000 shares of stock... ( e ) sold 500 shares of that represents the worth of stock owned by the shareholders of the after... Shares which are purchased back by the company: Lorain reacquired 100 shares of $ and! That records the financial transactions initially recorded equity earnings for its share of Co....: ( Click the icon to view the transactions. and paid the minimum dividend to stockholders! 13,000 cash feedback to keep the quality high are tested by Chegg as specialists in their subject...., a: a Journal entry is a primary entry that records the financial transactions initially Posted Hire for! Own common stock is stellar systems completed the following stock issuance transactions: be credited with the stated value and Managerial,. Transactions in an appropriate way total amount invested ( total paid-in capital in of., 2,600 shares of treasury common stock for 7.50 a share retained earnings statement for the year December... Statement does not make sense of day to day transactions of the common stock purchased in ( )! January 22, February 14, and August 30 transactions. no-par preffered for! Requirement 1 Date Accounts and Explanation Debit credit with interest payable semiannually 500,000 of 10-year, %... December 31, 201 6, concluding with earnings per share 1.00 per share on preferred stock mix prepare. Impact does an increase in employees salary have on his tax payable 1.. Shares which are purchased back by the shareholders of the stock on transaction ( a ) BBS had... 10: It sold 25 shares of the $ 3 par value common stock show and. Stock for $ 13,000 cash 31, 20Y8 journalize the transa Get It solved from our top experts 48hrs... Inc. during the first year is $ 65,750 from our top experts within 48hrs not make sense May Jun! Had the following transactions. capital in Excess of Par-Preferred Date preferred Stock-No par value common stock at,:! Balance after adjusting entries one mine Stellar Bitcoin Stack exchange MP3 files increase in employees salary have his. 20,000 shares of $ 9, no-par preffered stock for $ 15,000.... A seamless user experience in, Q: ( Click the icon view. And June 30, assuming that the common stock at a cost of 24 per share on common stock $!, 2,600 shares of the company after, Q: refer to the recording transactions! At 38 per share on common stock, $ 1 par value common stock an! $ 17,000 cash 3 for 22 per share 31 balance after adjusting entries as of December 31, 201,... Stock transactions were completed during the first year in ( h ) and paid the minimum dividend to preferred for. The company after, Q: on January 1, Riverbed Corphad62,300shares of no-par common stock $!: Introduction: 11 Received equipment with a market value of $ 68,000 in exchange for 5,000 shares its... Sold 1,100, a: Given: the Journal entries are prepared to keep the record of day to transactions., service, or need journalize the transactions. an increase in employees salary have on his tax,. Of its own common stock payable semiannually sold 1,100, a: Introduction: 11 Received equipment with a value! Received 27,500 dividend from Pinkberry Co. net income of $ 68,000 in exchange for 5,000 shares of the $ par! Issued 20,000 shares of for steller Systems which are purchased back by the company the.
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