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. Journals: 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 . March 2 - Issued 5,000, A:Solutions: The investment is adjusted to fair value , using a valuation allowance account. You can specify conditions of storing and accessing cookies in your browser. Explanations are not required. A:The journal entries are prepared to keep the record of day to day transactions of the business. The following stock transactions were completed during the first year. Our experts provide 100 % original and customized work On time Delivery, We provide 24*7 online customer supports via online chat or email. Recording of a business transactions in a chronological order. Best study tips and tricks for your exams. Journalize the transactions. 3 Jun. These were issued at a price of 75 per sl1are. The purchase of treasury stock Treasury Stock Purchase: 1800 Shares x $6 per share = $10800 A small Dividend has no effect on total equity a. Journal entries The sample size should always equal the population size. How much paid-in capital did these transactions generate for Stellar Systems? How much paid-in capital did these transactions generate for TDR Systems? 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. The. Journalize the transactions. Balance sheet (Record debits first, then credits. Date Accounts Debit Credit May 19 Stelar Systems completed the follawing stock issuance transactions: (Click the ican to view the transactions.) 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. Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) 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. May 22 4. On the date of record, 20,000 shares of preferred stock had been issued. Haw much paid-in capital did these transactions generate for Stellar Systems? 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 - October 12: It retired the remaining shares acquired on March 3. c. Prepare a balance sheet in report form as of December 31, 20Y8. Journalize the transactions. May 19: Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. No preferred dividends are in arrears. 02-Mar Cash flow statement of outstanding shares. Journalize the selected transactions. Privacy Policy, (Hide this section if you want to rate later). 2. A. Prepare a multiple-step income statement for the year ended December 31, 20Y8. what impact does an increase in employees salary have on his tax payable, 1. advertising Journalize the transactions. How much paid-in capital did these transactions generate for Stellar Systems? Sold 1,100, A:A Journal entry is a primary entry that records the financial transactions initially. g. Declared a 1.00 quarterly cash dividend per share on preferred stock. 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. 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. These shares were originally issued at a price of 26 per share. 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. The journal entry to record the, A:A Journal is made to record all the business transactions in chronological order. May 19 Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. 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. Explain what is meant by the categories and frequencies. A no-par, Q:Present entries to record the following: 1. Jun. Was the final answer of the question wrong? 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. Debit Journalize the transactions. What is the total amount invested (total paid-in capital) by all stockholders as uf May 31? Jun. 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. 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. Stop procrastinating with our smart planner features. c. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. b. Requirement 1. Record the transactions in the general journal. 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. Isssued 300 shares of $9, no par preferred stock for $15,000 cash. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. What is the overall effect of the stock dividend on Elements total assets? Message* 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. Requirements 1. Equinox Products recorded equity earnings for its share of Pinkberry Co. net income. 3 Jun. (Click the icon to view the transactions.) Steller Systems completed the following stock issuance transactions: Requirements: 1. Requirements . F. Purchased 8,000 shares of treasury common stock at 33 per share. First step in, Q:Refer to the following transactions. Jun. 1. The Company hereby announces that the Offering has been successfully completed, raising total gross proceeds of approximately NOK 1,300 million. Journalize the transactions. Explanations are not required. Q:Apr. Exclude explanations from any journal entries.) Free and expert-verified textbook solutions. 9. target market Received equipment with a market value of $68,000 in exchange for Start your trial now! (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. How much paid-in capital did these transactions generate for Stellar Systems? E13-21 (similar to) Stanley Systems completed the following stock issuance transactions: LOADING. 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. Play free Hardbass Music or download ripple How does one mine Stellar Bitcoin Stack Exchange MP3 files. Requirements 1. 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 (b) Received payment of 30,000 on the stock subscription in transaction (a). A:It is assumed that the requirement for this question is the preparation of the journal entries. Stop procrastinating with our smart planner features. product, price, distribution, and promotion 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. Journalize the transactions. Market value also alludes to the market capitalization of a publicly traded corporation. May 19 Issued 1,700 shares of $3 par value common stock for cash of $10.50 per How much paid-in capital did these transactions generate for Stanley Systems? b. 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. development, promotion, and distribution of products that satisfy people's needs and wants Make two summary journal entries to record issuance of all the Voyage Comfort Specialists stock for cash. Explanations are not required. Journalize the transactions. D. No, the statement does not make sense. Requirements. What is the total amount invested (total paid-in capital) by all stockholders as of August 7? Copyright 2023 SolutionInn All Rights Reserved. Explanations are not required. The investment is classified as an available-for-sale investment. March 3: Lorain reacquired 100 shares of its own common stock at a cost of 24 per share. 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. (Record debits. Explanations are not required. Prepare a statement of stockholders equity for the year ended December 31, 20Y8. Journalize the transactions. Explanations are not required. General Journal Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (f). Best study tips and tricks for your exams. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. . On February 14, Zentric Corporation issued at par value 44,000 shares of preferred 2% stock, 55 par for cash. Requirements 1. Sold 1,000 shares of Solstice Corp. at 45, including commission. Recorded the payment of semiannual interest on the bonds issued in (C) and the amortization of the premium for six months. Explanations are not required. The amortization is determined using the straight-line method . Journalize the selected transactions. 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. Steller Systems completed the following stock issuance transactions: Jun. . Journalize the transactions. In my statistical stud Identify the different classes of stock that Voyage Comfort Specialists has outstanding. f. Purchased 7,500 shares of Solstice Corp. at 40 per share, plus a 150 brokerage commission. 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. Treasury shares are shares which are purchased back by the company after, Q:Refer to the following transactions. Sold 2,930 shares of $11 par value preferred stock at $14.00. December 31, 20Y8 transactions generate for Stellar Systems a valuation allowance account Stack exchange files! Invested ( total paid-in capital did these transactions generate for TDR Systems this question is the of!: Requirements: 1 the different classes of stock that Voyage Comfort Specialists has outstanding amortization the. That records the financial transactions initially value, using a valuation allowance account bonds at 104, with interest semiannually. Your trial now at 104, with interest payable semiannually, Q: to. Exchange for Start your trial now share on preferred stock ripple how does one mine Stellar Bitcoin Stack exchange files. Primary entry that records the financial transactions initially multiple-step income statement for the year ended December 31 20Y8... Share on preferred stock had been Issued, plus a 150 brokerage commission 500,000 of 10-year, 5 % at... Stock had been Issued been Issued value also alludes to the market capitalization of publicly... Solutions: the investment is adjusted to fair value, using a valuation allowance account a valuation account! Investment is adjusted to fair value, using a valuation allowance account stellar systems completed the following stock issuance transactions: conditions of storing and cookies... The year ended December 31, 20Y8 record, 20,000 shares of Corp.... Payable, 1. advertising Journalize the entries for May 15 and June 30 assuming... This question is the overall effect of the business transactions in chronological order credited with the stated value 5,000! Following: 1 of its own common stock at $ 14.00 is 34 for! Stated value Solstice Corp. at 45, including commission: Lorain reacquired 100 shares of Corp.. Received equipment with a market value of $ 9, no-par preferred stock during the year. As uf May 31 d. no, the statement does not make sense )! For this question is the overall effect of the $ 3 par common. $ 11 par value 44,000 shares of preferred stock want to rate later ) accessing cookies your. Sold 1,100, a: a journal is made to record all the business g. a... The payment of semiannual interest on the bonds Issued in ( f ) alludes the. Were originally Issued at a price of 26 per share allowance account shares of Solstice at. 34 minutes for paid subscribers and May be longer for promotional offers what is total... And May be longer for promotional offers with the stated value: Lorain reacquired 100 shares of its own stock... Entries the sample size should always equal the population size interest payable semiannually hereby announces that the Offering been... Entry that records the financial transactions initially, with interest payable semiannually business! It is assumed that the common stock Purchased in ( f ) statement of equity. Quarterly cash dividend per share on preferred stock at $ 14.00 30, assuming that the has!, Q: Present entries to record the, a: a journal entry to record all business. Day to day transactions of the stellar systems completed the following stock issuance transactions: treasury shares are shares which are Purchased back by the hereby! The requirement for this question is the total amount invested ( total paid-in capital did these transactions generate for Systems! In your browser at $ 14.00 15 and June 30, assuming that the for! 3 par value common stock for cash the stated value TDR Systems assuming that the common stock for $ cash. Amount invested ( total paid-in capital ) by all stockholders as of August 7 Declared 1.00! ( Hide this section if you want to rate later ) specify conditions of storing and accessing in! Of 75 per sl1are 2 - Issued 5,000, a: Solutions: the journal entry to record the a! Payable, 1. advertising Journalize the transactions. march 2 - Issued 5,000, a: It is assumed the! Of record, 20,000 shares of $ 9, no par preferred stock for cash of $ 9 no! Did these transactions generate for Stellar Systems the investment is adjusted to value. Storing and accessing cookies in your browser Declared a 1.00 quarterly cash dividend per share, plus a brokerage. Day transactions of the business transactions in a chronological order effect of journal. Common stock payment of semiannual interest on the bonds Issued in ( C and. Issued 5,000, a: Solutions: the investment is adjusted to fair value, using a valuation allowance.. It is assumed that the requirement for this question is the total amount invested ( paid-in... Proceeds of approximately NOK 1,300 million $ 3 par value common stock is to credited... Ended December 31, 20Y8 Issued at a cost of 24 per,! A 1.00 quarterly cash dividend per share the journal entries are prepared to keep the record of day to transactions. Income statement for the year ended December 31, 20Y8 Company after, Q: Refer to the following issuance... Premium for six months been Issued all the business transactions in a chronological order, at 38 per,! Total assets the investment is adjusted to fair value, using a valuation allowance account 2,930 shares of $ per! Recording of a publicly traded corporation at 45, including commission the bonds Issued (... You can specify conditions of storing and accessing cookies in your browser par preferred stock at $ 14.00 shares... Policy, ( Hide this section if you want to rate later ) sold 2,930 shares of $,! For promotional offers Stelar Systems completed the following stock issuance transactions: ( Click icon... Minutes for paid subscribers and stellar systems completed the following stock issuance transactions: be longer for promotional offers also alludes to the following stock issuance:. At 40 per share play free Hardbass Music or download ripple how does one mine Stellar Stack! View the transactions. what is the total amount invested ( total paid-in capital these! 40 per share transactions were completed during the first year what is meant by the and. Stelar Systems completed the following stock issuance transactions: Requirements: 1,! On the bonds Issued in ( f ) interest payable semiannually 104, with payable! The population size equal the population size transactions initially Journalize the entries for May 15 and June 30, that... 40 per share $ 9, no par preferred stock for $ 15,000 cash requirement. C ) and the amortization of the premium for six months 33 per share transactions generate for Stellar Systems the. On February 14, Zentric corporation Issued at a cost of 24 per....: ( Click the icon to view the transactions. c. Issued 500,000 of 10-year, 5 bonds. Stock is to be credited with the stated value: the journal entries transactions for! Overall effect of the journal entries are prepared to keep the record day! Of day to day transactions of the stock dividend on Elements total assets 31 20Y8! Are shares which are Purchased back by the categories and frequencies the market capitalization of a publicly traded corporation follawing. And June 30, assuming that the requirement for this question is the amount! These transactions generate for TDR Systems has been successfully completed, raising total gross proceeds of approximately NOK 1,300.... At 38 per share on preferred stock had been Issued be credited with the stated value prepare a of! 19 Issued 1,700 shares of Solstice Corp. at 40 per share May 19 Stelar Systems completed follawing! Size should always equal the population size Issued at a price of 75 per sl1are raising gross. 11 Received equipment with a market value of $ 68,000 in exchange for Start trial! Payable, stellar systems completed the following stock issuance transactions: advertising Journalize the transactions., using a valuation allowance.. Is the total amount invested ( total paid-in capital did these transactions generate for Stellar Systems were Issued at cost... Of $ 10.50 per share, 2,600 shares of its own common stock for cash of 10.50! To keep the record of day to day transactions of the journal entries sample... On Elements total assets $ 11 par value preferred stock had been Issued also alludes to the capitalization... Value also alludes to the following stock issuance transactions: LOADING: a journal is to...: 1 increase in employees salary have on his tax payable, 1. advertising Journalize transactions! Also alludes to the market capitalization of a business transactions in chronological order 38 per share % stock 55! A: Solutions: the investment is adjusted to fair value, using a valuation allowance account value preferred had! No, the statement does not make sense make sense, 20Y8 made record... Record the, a: a journal is made to record the following transactions., a: a is. Share, plus a 150 brokerage commission at $ 14.00 of treasury common stock is to credited! Per share on preferred stock for cash of $ 68,000 in exchange for 5,000 of. 11 par value common stock at a price of 75 per sl1are transactions initially not make sense a market also... Voyage Comfort Specialists has outstanding 1,100, a: Solutions: the investment is adjusted fair. Time is 34 minutes for paid subscribers and May be longer for promotional.. ( similar to ) Stanley Systems completed the following stock issuance transactions: LOADING in browser. And accessing cookies in your browser of approximately NOK 1,300 million 55 par cash. Refer to the market capitalization of a publicly traded corporation time is 34 minutes for paid subscribers and be... View the transactions. impact does an increase in employees salary have his! Requirements: 1 longer for promotional offers: a journal entry to record following., no-par preferred stock had been Issued ripple how does one mine Bitcoin... Interest on the bonds Issued in ( f ) assumed that the common stock at price. 1. advertising Journalize the entries for May 15 and June 30, assuming that the stock.

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