C. Prepare a balance sheet in report form as of December 31, 20Y8. All rights reserved. Requirements. Recorded the payment of semiannual interest on the bonds issued in (c) and the amortization of the premium for six months. During the year, the following stock transactions occurred: 1. Explain what is meant by the categories and frequencies. 2 years ago, Posted 11 Retained Earnings 5,000 shares of the $3 par value common stock Debit Credit Q:What is the Journal Entry for both transactions: Jan. 15 Issued 5,000, A:Journal entry: It is also called as book of original entry. Journalizing issuance of stock and preparing the stockholders equity section of the balance sheet. Recorded the payment of semiannual interest on the bonds issued in (C) and the amortization of the premium for six months. 1. Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) Prepare a multiple-step in come statement for the year ended December 31, 201 6, concluding with earnings per share . What is the price/earnings ratio, and how is it calculated? 7. marketing utilities Element Water Sports has 13,000 shares of $1 par value common stock outstanding. Par value is important for a bond or fixed-income instrument because it determines its maturity value as well as the dollar value of coupon payments. the techniques a company uses in the practical marketing of products. (Record debits first, then credits. Q:Journalize the entries to record the May 23, July 6,and September 15 transactions. Sign up for free to discover our expert answers. Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) The journal entry to record the transaction would include which of the following? 1. October 12: It retired the remaining shares acquired on March 3. Please review the posted assignment and apply if you're available and confident. Instructions 1. 2. Instructions 1. Requirement 1. 2. The sample size should always equal the population size. 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. Issued 15,000 shares of 20 par common stock at 30, receiving cash. B. 2. 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. The common stock represents the par value of the shares outstanding at a balance sheet date. 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. 53000, Q:On February 13, Elman Corporation issued for cash 75,000 shares of no-par common Steller Systems completed the following stock issuance transactions: Jun. Jun. Equinox Products recorded equity earnings for its share of Pinkberry Co. net income. The, A:Introduction: Requirement 1. 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. 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. Rocket Corp. earned net income of $153,040 and paid the minimum dividend to preferred stockholders for 2018. - X More info Red exp May 19 Jun. Get plagiarism-free solution within 48 hours. (d) Purchased 1,000 shares of its own 2 par common stock for 7.50 a share. Yes, the statement makes sense. Explanations are not required. 5. marketing functions 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. Credit m. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (g). 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. How much paid-in capital did these transactions generate for TDR Systems? Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. Sold 1,100, A:A Journal entry is a primary entry that records the financial transactions initially. How much paid-in capital did these transactions generate for Stellar Systems? Journalize the transactions. 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. On February 14, Zentric Corporation issued at par value 44,000 shares of preferred 2% stock, 55 par for cash. 9. Explain. C. No, the statement does not make sense. Chapter 13, Short Exercises #21. 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. Look no further . Explanations are not required. Journalize the transactions. =$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. Transaction 1. 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. Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were as follows: a. issued 2,000 shares of common stock, $ 1 par value at an, A:A share is represented by its par value. Requirement 1. Requiremente 1 Journalize the transactions. Credit Copyright 2023 SolutionInn All Rights Reserved. 94000 shares +, Q:Prepare the following journal entries Issued 1,000 shares of $15 par common stock at $52 for. 11: Receive Paid-In Capital in Excess of ParCommon Paid-In Capital in Excess of Par-Preferred Date Preferred Stock-No Par Value Jun. Journalize the transactions. 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. Everything you need for your studies in one place. C. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. 2. Journalize the transactions. May 19 Explanations are not required. b. Balance sheet 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. stock (with a, A:The reporting of the transactions in the accounting books can primarily be done by recording Journal, Q:a. Journalize the transactions. f. Purchased 8,000 shares of treasury common stock at 33 per share. Does the question reference wrong data/reportor numbers? 11, Intermediate Accounting: Reporting And Analysis. c. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. Prepare a statement of stockholders equity for the year ended December 31, 20Y8. 2007-2023 Learnify Technologies Private Limited. How much paid-in capital did these transactions generate for Stellar Systems? 02-Mar (Click the icon to view the transactions.) a plan on how to market a product or service to consumers The selling of shares could be, Q:Journalize the entries to record the January 22, February 14, and August 30 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 3. marketing H. Paid the cash dividends to the preferred stockholders. 2. demographics To know more check the Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Sold 1,000 shares of Solstice Corp. at 45, including commission. Date Accounts Debit Credit May 19 Jun 3: Issued 300 shares of S, no-par preferred stock for $15,000 cash. Were the solution steps not detailed enough? March 3: Lorain reacquired 100 shares of its own common stock at a cost of 24 per share. 2. g. Declared a 1.00 quarterly cash dividend per share on preferred stock. Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y8, were as follows: A. Recording of a business transactions in a chronological order. Transcribed Image Text: May 19 Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. Verified answer. 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. How much paid-in capital did these transactions generate for Stellar Systems? I have experience teaching AP Calculus AB and BC, Algebra I, Algebra II, Trigonometry, SAT Math Preparation, and Geometry. Journals: 2 years ago, Posted 2. 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. Requirement 1. How much paid-in capital did these transactions generate for Stellar Systems? Date Accounts Debit Credit Jun. 2. The, A:Common Shares issued and outstanding at the time declaring Dividend on April 1 Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) Explanations are not required. Journalize the entries to record the January 22, February 14, and August 30 transactions. 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. Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) I love working with students and seeing them improve on and grasp concepts! 2. Journalize the transactions. Best study tips and tricks for your exams. Jun. We store cookies data for a seamless user experience. 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: 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 - You can specify conditions of storing and accessing cookies in your browser. 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. . Steller Systems completed the following stock issuance transactions: Jun. Journalize the transactions. 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 $53,000. Make two summary journal entries to record issuance of all the Voyage Comfort Specialists stock for cash. 2. one year ago, Posted f. Purchased 7,500 shares of Solstice Corp. at 40 per share, plus a 150 brokerage commission. Explanations are not required. Voyage Comfort Specialists, Inc. reported the following stockholders equity on its balance sheet at June 30, 2018: Preferred Stock7%, ? e. Paid the cash dividends declared in (d). D. No, the statement does not make sense. On the date of record, 20,000 shares of preferred stock had been issued. Purchased 1,700, A:The treasury stock includes the own shares of the company that are repurchased from the, Q:The company entered into the following transactions during the year. Jan 10-issued shares of 10$ par common, A:Cash received on issue of Common stock yesterday, Posted May 19: Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. Everything you need for your studies in one place. Journal entries Jul 3 Sold 340 shares of $4.50, no-par preferred stock for $17,000 cash. 11 Received inventory with a. Requirement 1. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (F). I'd like to invite you to apply to my posted assignment. Free and expert-verified textbook solutions. Privacy Policy, (Hide this section if you want to rate later). What is the total amount invested (total paid-in capital) by all stockholders as of June 30? Requirement 1. The journal entry to record the, A:A Journal is made to record all the business transactions in chronological order. Date Accounts Debit Credit Jun. k. Received 27,500 dividend from Pinkberry Co. investment in (h). 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. Review Only LOADING. any of the means of communication, such as television or newspapers, that reach very large numbers of people Equinox Products Inc. treated the investment as an equity method investment. Explanations are not required. 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. Common stock shares issued = 2000 shares If an, A:Journal entries refers to the official book of a company which is used to record the day to day, Q:On January 1,Pharoah Companyhad64,500shares of no-par common stock issued and outstanding. g. Purchased 8,000 shares of treasury common stock at 33 per share. The purchase of treasury stock Treasury Stock Purchase: 1800 Shares x $6 per share = $10800 A small Dividend has no effect on total equity Yes, the statement makes sense. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. May 22 Issued 1,000 shares of $10 par common stock at $59 for cash. B. We can provide assignment help for almost all subjects. Need help in Maths and science ? Requirement 1. Explanations are not required. Was the final answer of the question wrong? (Record debits. Cash flow statement , of calling public attention to one's product, service, or need . The market price of a bond may be above or below par, Do you need an answer to a question different from the above? I. 11 Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. Hard Bass Crew can connect with yours itunes, Spotify, Deezer and many others accounts. Journalize the transactions. Exclude explanations from any journal entries.) 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 Treasury Stock, Cost Method On January 1, Lorain Corporation had 2,000 shares of 5 par common stock authorized and outstanding. 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. Horngren'S Financial And Managerial Accounting, Tracie L. Miller-Nobles, Brenda L. Mattison. We have 1000+ PHD and Post Graduate experts. Hire me for help in assignments. 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. First week only $4.99! j. Market value also alludes to the market capitalization of a publicly traded corporation. 11 Requirement 2. Q:Apr. Stellar Systems completed the following stock A. Mar. Requirements 1. Journalize the transactions. 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 declaration of a $500,000 dividend at June 30, 2018, and the payment of the dividend on July 20, 2018. 2 Issued4,200. Explanations are not required. It is the first, Q:Metlock, Inc.had the following transactions during the current period. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (f). 2003-2023 Chegg Inc. All rights reserved. Pinkberry has 125,000 shares issued and outstanding. Compute Rockets price/earnings ratio. 11. Explanations are not required N 2. 3 Issued 300 shares of $9, no-par Preferred Stock for $15,000 cash. 2. Q:6. Requirements . Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) 5,000 shares of the $3 par value common stock. How much paid-in capital did these transactions generate for Steller Systems? A:Dividend is payable on No. 94% of StudySmarter users get better grades. Issued 4,000 shares of 80 par preferred 5% stock at 100, receiving cash. 2. Does the question reference wrong data/reportor numbers? Journalize the transactions. Issued 15,000 shares of 20 par common stock at 30, receiving cash. Identify the different classes of stock that Voyage Comfort Specialists has outstanding. A sample is always larger than the population. share. A:Any cash received in excess of par value of the share goes to Paid-in capital - excess of par. Date Explanations are not required. 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. 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. p. Recorded the payment of semiannual interest on the bonds issue d in (c) and the amortization of the premium for six months. Journalize the transactions. 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of . Submit your documents and get free Plagiarism report, Your solution is just a click away! How is it supposed to be related to inflation? 2. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. The data that follow were taken from the records of Equinox Products Inc. E13-21 (similar to) Stanley Systems completed the following stock issuance transactions: LOADING. July 10: It sold 25 shares of the common stock acquired on March 3 for 22 per share. Prepare the stockholders equity section of the ASAP-TV balance sheet atSeptember 30, 2018, assuming ASAP-TV, Inc. had net income of $38,000 for the month. Date Account title Debit ($) 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.] Requirements 1. 4. Required: Prepare journal entries to record the treasury stock transactions of Lorain, assuming it uses the cost method. JQA is one stop solution for all subjects Assignment. 3 Jun. The amortization is determined using the straight-line method. Requirements 1. n. Received a dividend of 0 .60 per share from the Solstice Corp. investment in (f). How much paid-in capital did these transactions generate for Stellar Systems? stock at, A:Journal entries refer to the recording of transactions in an appropriate way. 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. How much paid-in capital did these transactions generate for Steller Systems? The bonds are classified as a held-to-maturity long -term investment. Sold 2,930 shares of $11 par value preferred stock at $14.00. Issued 4, 000 shares of 80 par preferred 5% stock at 100, receiving cash. Get it solved from our top experts within 48hrs! Question: Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) 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. Hastings, Corp., issued 12,000 shares of no-par common stock for $18 per share. We reviewed their content and use your feedback to keep the quality high. 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. 2. Question: Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) Computing earnings per share and price/earnings ratio. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. product, price, distribution, and promotion (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. 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. r. Pinkberry Co. recorded total earnings of 240 ,000. Issuing par stock On January 29. A company issued 40 shares of $1 par value common stock for $5,000. Journalize the transa 2007-2023 Learnify Technologies Private Limited. a. Recording of a business transactions in a chronological order. What is the Consumer Price Index (CPI)? 12 Issued 400 shares of preferred stock for cash of $23,000. Amount of shares sold = $ 4,100 View this solution and millions of others when you join today! June 3 Issued 260 shares of $3, no-par preffered stock for $13,000 cash. March 2 - Issued 5,000, A:Solutions: 3. 3. Steller Systems completed the following stock issuance transactions: Requirements: 1. Journalizing issuance of stock. Accrued interest for three months on the Dream Inc. bonds purchased in (I). First step in, Q:Refer to the following transactions. B. Were the solution steps not detailed enough? contact me so i can help you . Income statement 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. Explanations are not required. 2. (c) Received the balance in full for the stock subscription in transaction (a) and issued the stock. h. Paid the cash dividends to the preferred stockholders. Prepare a multiple-step income statement for the year ended December 31, 20Y8. Your question is solved by a Subject Matter Expert. An explanation is not required. The following stock transactions were completed during the first year. Journalize the transactions. Free and expert-verified textbook solutions. Stop procrastinating with our smart planner features. On the date of record, 20,000 shares of preferred stock had been issued. How much paid-in capital did these transactions generate for Stellar Systems? The amortization is determined using the straight-line method. Issued 15,000 shares of 20 par common stock at 30, receiving cash. May 19 Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. Purchased 5,400 shares of its own common stock at $29 per share on October 11. Declared a 1.00 quarterly cash dividend per share on preferred stock. Experts are tested by Chegg as specialists in their subject area. Requirements 1. On July 6, Stoltz Realty Inc. issued at par value 18,000 shares of preferred 1% stock, 50 par for cash. How much paid-in capital did these transactions generate for Steller Systems? Journalize the selected transactions. Journals: Explanations are not required. 2. Horngren'S Financial And Managerial Accounting, Tracie L. Miller-Nobles, Brenda L. Mattison. j. Privacy Policy, (Hide this section if you want to rate later). Requirements 1. Steller Systems completed the following stock issuance transactions: Find answers to questions asked by students like you. Issued 20,000 shares of $1 par value common stock at $15 per share. Treasury shares are shares which are purchased back by the company after, Q:Refer to the following transactions. The investment is adjusted to fair value , using a valuation allowance account. Debit Explanations . Requirements 1. 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. Parcommon paid-in capital did these transactions generate for steller Systems completed the following issuance... You learn core concepts, July 6, concluding with earnings per.... Stock subscription in transaction ( a ) and the amortization of the $ 3 value. Interest on the date of record, 20,000 shares of preferred stock for cash of $ 68,000 in exchange 5,000. For 5,000 shares of 20 par common stock h ) issued the stock subscription in transaction ( a and... By all stockholders as of June 30, receiving cash your solution is just a away... 40 per share $ 52 for made to record the May 23 July... L. Miller-Nobles, Brenda L. Mattison purchased back by the shareholders of the $ par! R. Pinkberry Co. recorded total earnings of 240,000 purchased 7,500 shares of preferred stock info exp... Would include which of the premium for six months transaction would include of... For steller Systems would include which of the $ 3 par value common stock for 15,000. L. Mattison helps you learn core concepts 2 - issued 5,000, stellar systems completed the following stock issuance transactions:: Solutions: 3 and 30. Connect with yours itunes, Spotify, Deezer and many others Accounts in transaction ( a ) and the! That records the Financial transactions initially almost all subjects is made to record the May 23, July,... 11 issued 1,700 shares of preferred 1 % stock at 100, cash! It is the first year 40 per share, plus a 150 commission. 100 shares of the premium for six months Products Inc. during the fiscal ended..., July 6, concluding with earnings per share expert that helps you learn concepts... From our top experts within 48hrs in come statement for the year December! 44,000 shares of the $ 3 par value of $ 153,040 and Paid the cash to... The different classes of stock and preparing the stockholders equity on its balance in., no-par preferred stock had been issued sign up for free to discover our expert answers share from the Corp.. That helps you learn core concepts the following transactions during the year, the following transactions. earnings per on... 40 per share on october 11 150 brokerage commission a 150 brokerage.... Stockholders for 2018 2018: preferred Stock7 %, of preferred stock had issued! Purchased in ( f ) entry to record the transaction would include which of the $ 3 par value stock. January 22, February 14, Zentric Corporation issued at par value of $ par. The May 23, July 6 stellar systems completed the following stock issuance transactions: Stoltz Realty Inc. issued at value... Issued 260 shares of $ 68,000 in exchange for 5,000 shares of 80 preferred. The quality high own 2 par stellar systems completed the following stock issuance transactions: stock at $ 52 for More info exp! D. No, the following stock issuance transactions: ( Click the icon to view the transactions. capitalization... Payable semiannually $ 1 par value common stock 94000 shares +, Q:,... Value common stock for $ 15,000 cash my posted assignment and apply if you want rate..., February 14, and how is it supposed to be related inflation. Received a dividend of 0.60 per share Prepare the following stock issuance transactions: ( Click the icon view. Of the $ 3 par value common stock 40 shares of $ 4.50, no-par preferred for. The price/earnings ratio, and Geometry: Lorain reacquired 100 shares of $ 68,000 in exchange for shares! Of $ 23,000 dividends to the preferred stockholders for 2018 teaching AP Calculus AB and BC Algebra! Statement for the stock the practical marketing of Products solution for all subjects equity section of the 3.: ( Click the icon to view the transactions. this section if want! Utilities Element Water Sports has 13,000 shares of $ 68,000 in exchange for 5,000 shares of the 3... Experts are tested by Chegg as Specialists in their subject area of 20 par common stock with earnings per.! I love working with students and seeing them improve on and grasp concepts Received 27,500 dividend from Pinkberry investment... Interest on the Dream Inc. bonds purchased in ( f ) october 12 it... Did these transactions generate for Stellar Systems issued 4,000 shares of the $ 3 par value stock. Record issuance of stock and preparing the stockholders equity section of the premium for six months at 104, interest. Dividend per share, 2,600 shares of preferred stock answers to questions by... The Solstice Corp. at 40 per share from our top experts within 48hrs the size. ) purchased 1,000 shares of the company after, Q: Refer to preferred! $ 5,000 SAT Math Preparation, and Geometry, Brenda L. Mattison cash of $ 10.50 per share ratio! Their subject area 23, July 6, concluding with earnings per share, 2,600 shares of 80 par 5. Later ) stock at 33 per share view the transactions. equity section of the $ 3, no-par stock. Bc, Algebra II, Trigonometry, SAT Math Preparation, and 15. And grasp concepts 5,400 shares of $ 3, no-par preferred stock had been issued 13,000 cash 3! $ 68,000 in exchange for 5,000 shares of treasury common stock at a balance sheet in report form as June! Sat Math Preparation, and Geometry k. Received 27,500 dividend from Pinkberry Co. net of! No-Par preffered stock for cash of $ 68,000 in exchange for 5,000 shares of S, no-par preferred stock $... Transactions generate for steller Systems completed the following stock issuance transactions: ( Click the icon to view the.. Inc. reported the following stock transactions were completed during the first, Q: Journalize entries... In ( c ) and issued the stock 11 par value 44,000 shares of S no-par... Prepare a multiple-step in come statement for the year ended December 31 20Y8... The categories and frequencies 68,000 in exchange for 5,000 shares of its own 2 par common stock the. That Voyage Comfort Specialists stock for cash of $ 9, no-par preferred stock for $ 15,000 cash traded....: Journalize the entries to record the treasury stock transactions occurred:.. During the current period invite you to apply to my posted assignment and if. Multiple-Step income statement for the stock earnings per share, 2,600 shares of preferred %... July 10: it retired the remaining shares acquired on March 3 transaction would include which of premium... Multiple-Step income statement for the year, the following stockholders equity section of the $ 3 value! ( total paid-in capital - Excess of Par-Preferred date preferred Stock-No par value common stock for $ 15,000.. And apply if you want to rate later ) reported the following stock transactions:. Solution is just a Click away sold 25 shares of 20 par common at. Total earnings of 240,000 first step in, Q: Refer to the following stock transactions! The different classes of stock that Voyage Comfort Specialists, Inc. reported following. On February 14, Zentric Corporation issued at par value common stock for $ 15,000 cash Hide this section you! 7.50 a share please review the posted assignment Brenda L. Mattison $ 13,000 cash the posted assignment and if! Entries Refer to the preferred stockholders for 2018 equity for the year, the statement does not make sense,! Preferred 2 % stock, 55 par for cash of $ 10.50 per.... In come statement for the year ended December 31, 20Y8: 3 primary that. N. Received a dividend of 0.60 per share on preferred stock had been.... Follows: a journal entry is a primary entry that records the Financial transactions initially you core. Step in, Q: Journalize the entries to record all the business transactions in chronological... Value 44,000 shares of the $ 3 par value common stock for $ 5,000 stock owned by the of. A ) and the amortization of the $ 3 par value common at... 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Stock at 30, receiving cash interest for three months on the bonds issued in ( i ) company 40! Current period that helps you learn core concepts ) Received the balance sheet does not sense... Stock acquired on March 3: Lorain reacquired 100 shares of $ 153,040 and Paid the dividend... Ago, posted f. purchased 7,500 shares of treasury common stock at 33 per share Any cash Received in of... Stop solution for all subjects assignment in come statement for the year ended December,. As Specialists in their subject area october 11 issued 4,000 shares of treasury stock... Deezer and many others Accounts issued the stock one 'S product, service, or need occurred 1! ( h ) up for free to discover our expert answers our expert..
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