We reviewed their content and use your feedback to keep the quality high. Journalize the transactions. Sold 2,930 shares of $11 par value preferred stock at $14.00. Message* 94% of StudySmarter users get better grades. Balance sheet Jun. 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. Market value is the current price of an asset in the marketplace. Explanations are not required. 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: 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. How much paid-in capital did these transactions generate for Stellar Systems? Journalize the selected transactions. Explanations are not required. Requirements 1. Steller Systems completed the following stock issuance transactions: Find answers to questions asked by students like you. Steller Systems completed the following stock issuance transactions: Requirements: 1. What does the rate of return on common stock show, and how is it calculated? Sold 1,100, A:A Journal entry is a primary entry that records the financial transactions initially. Preferred Stock shares = 3000 shares, Q:Mar. Element distributes a 5% stock dividend when the market value of its stock is $15 per share. H. Paid the cash dividends to the preferred stockholders. Journals: Get plagiarism-free solution within 48 hours. Date Accounts Debit Credit May 19 A sample can be as large as desired. Computing earnings per share and price/earnings ratio. (Click the icon to view the transactions.) 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. 5. marketing functions 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. (Record debits first, then credits. 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. Cash flow statement Journalize the transactions. 11, Intermediate Accounting: Reporting And Analysis. 4. The Company hereby announces that the Offering has been successfully completed, raising total gross proceeds of approximately NOK 1,300 million. Does the question reference wrong data/reportor numbers? Everything you need for your studies in one place. Par value = $ 50 In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were 100,000. A:Dividend is payable on No. No preferred dividends are in arrears. 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. Was the final answer of the question wrong? March 2 - Issued 5,000, A:Solutions: All rights reserved. Voyage Comfort Specialists, Inc. reported the following stockholders equity on its balance sheet at June 30, 2018: Preferred Stock7%, ? Journalize the transactions. b. Requirements 1. Explanations are not required. D. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. Yes, the statement makes sense. 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 Total Paid-in capital in excess of par is $65,750. Q:On May 23, Stoltz Realty Inc. issued for cash 111,000 shares of no-parcommon stock(with a stated, Q:Prepaid journal entries to record following transactions: 2007-2023 Learnify Technologies Private Limited. Journalize the entries to record the May 23, July 6, and September 15 transactions. A. Par value = $, Q:On July 3, Hanoi Artifacts Corporation issued for cash 450,000 shares of no-par common h. Purchased 40,000 shares of Pinkberry Co. stock directly from the founders for 24 per share. Explanations are not required. 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. Transaction 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. Instructions 1. B. Explanations are not required. Jan 10-issued shares of 10$ par common, A:Cash received on issue of Common stock Recorded the payment of semiannual interest on the bonds issued in (c) and the amortization of the premium for six months. g. Purchased 8,000 shares of treasury common stock at 33 per share. , of calling public attention to one's product, service, or need Stop procrastinating with our smart planner features. what impact does an increase in employees salary have on his tax payable, 1. advertising Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) How much paid-in capital did these transactions generate for TDR Systems? Need help in Maths and science ? Issued 15,000 shares of 20 par common stock at 30, receiving cash. 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. Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. Date Accounts Debit Credit Jun. e. Paid the cash dividends declared in (d). Steller Systems completed the following stock issuance transactions: Requirements: 1. Common stock shares issued = 2000 shares Jun. 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. 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. What is the total amount invested (total paid-in capital) by all stockholders as of June 30? 53000, Q:On February 13, Elman Corporation issued for cash 75,000 shares of no-par common 2. Journalize the transactions. Effect: This transaction, Q:On January 1, Crane Corporation had 94,500 shares of no-par common stock issued and outstanding. 1. Requirements 1. (1) The required journal entries have been m. How much paid-in capital did these transactions generate for Stellar Systems? Free and expert-verified textbook solutions. and internal resistance, (a) What is a statement of cash flows? (Record debits. m. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (g). =$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. Instructions 1. Experts are tested by Chegg as specialists in their subject area. March 3: Lorain reacquired 100 shares of its own common stock at a cost of 24 per share. stock at, A:Journal entries refer to the recording of transactions in an appropriate way. 3. 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. 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. These shares were originally issued at a price of 26 per share. 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. A. Journalize the entries for May 15 and June 30, assuming that the common stock is to be credited with the stated value. Issued 15,000 shares of 20 par common stock at 30, receiving cash. Requirements 1. 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.] Explanations are not required. Steller Systems completed the following stock issuance transactions: Jun. A sample is a subset of the population and cannot be larger than the population. You can specify conditions of storing and accessing cookies in your browser. Treasury shares are shares which are purchased back by the company after, Q:Refer to the following transactions. 11 Received inventory with a. The. How much paid-in capital did these transactions generate for Stellar Systems? You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Your question is solved by a Subject Matter Expert. Chapter 13, Short Exercises #21. the techniques a company uses in the practical marketing of products. 2. D. No, the statement does not make sense. Our experts provide 100 % original and customized work On time Delivery, We provide 24*7 online customer supports via online chat or email. Pinkberry has 125,000 shares issued and outstanding. . A company issued 40 shares of $1 par value common stock for $5,000. Issued 1,000 shares of $10 par common stock at $59 for cash. b. development, promotion, and distribution of products that satisfy people's needs and wants Free and expert-verified textbook solutions. g. Declared a 1.00 quarterly cash dividend per share on preferred stock. 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. Debit Amount of shares sold = $ 4,100 f. Purchased 7,500 shares of Solstice Corp. at 40 per share, plus a 150 brokerage commission. 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. 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 contact me so i can help you . 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. During its start-up phase, ASAP-TV completed the following transactions: Sep. 6 Issued 550 shares of common stock to the promoters who organized the corporation, receiving cash of $16,500. Journalize the transactions. Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y8, were as follows: A. 2. Journalize the transactions. Verified answer. The, A:Introduction: First step in, Q:Refer to the following transactions. 2. Identify the different classes of stock that Voyage Comfort Specialists has outstanding. 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. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. 2 Issued4,200. Journalize the transactions. Capital more than par is the sum paid by stockholder to a company for its stock, in excess of the par value of the stock. 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. 11 Requirement 2. Accrued interest for three months on the Dream Inc. bonds purchased in (I). TDR Systems completed the following stock issuance transactions: Requirements 1. 4. 94% of StudySmarter users get better grades. Issued 4,000 shares of 80 par preferred 5% stock at 100, receiving cash. Recorded the payment of semiannual interest on the bonds issued in (C) and the amortization of the premium for six months. 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. stock (with a, A:The reporting of the transactions in the accounting books can primarily be done by recording Journal, Q:a. (Rate this solution on a scale of 1-5 below). Journalize the selected transactions. The journal entry to record the transaction would include which of the following? Jul 3 Sold 340 shares of $4.50, no-par preferred stock for $17,000 cash. May 22 The selling of shares could be, Q:Journalize the entries to record the January 22, February 14, and August 30 transactions. Journalize the transactions. 17850 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. 14 Issued 1,500 shares of common stock in exchange for land with a market value of $17,000. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. 1. Journalizing issuance of stock. Q:Apr. 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. Explanations are not required. Declared a 1.00 quarterly cash dividend per share on preferred stock. 9. Journalize the transactions. The following stock transactions were completed during the first year. 2003-2023 Chegg Inc. All rights reserved. Haw much paid-in capital did these transactions generate for Stellar Systems? Prepare a multiple-step income statement for the year ended December 31, 20Y8. A:It is assumed that the requirement for this question is the preparation of the journal entries. e. Paid the cash dividends declared in (d). On the date of record, 20,000 shares of preferred stock had been issued. (Record debits first, then credits. J. 3. marketing 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. Q:6. p. Recorded the payment of semiannual interest on the bonds issue d in (c) and the amortization of the premium for six months. Recording of a business transactions in a chronological order. Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y8, were as follows: a. These were issued at a price of 75 per sl1are. Requirement 1. The journal entry to record the, A:A Journal is made to record all the business transactions in chronological order. (e) Sold 500 shares of the stock on transaction (d) for 8.50 a share. one year ago, Posted Requirements 1. A:Any cash received in excess of par value of the share goes to Paid-in capital - excess of par. To know more check the n. Received a dividend of 0 .60 per share from the Solstice Corp. investment in (f). j. B. Use separate Dividends Payable accounts for preferred and common stock. Equinox Products Inc. treated the investment as an equity method investment. the act or practice Credit 2. 1. Market value also alludes to the market capitalization of a publicly traded corporation. 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 The amortization is determined using the straight-line method. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. s. The fair value for Solstice Corp. stock was 39. Best study tips and tricks for your exams. Explanations are not required. The, A:Common Shares issued and outstanding at the time declaring Dividend on April 1 Horngren'S Financial And Managerial Accounting, Tracie L. Miller-Nobles, Brenda L. Mattison. Cash (1700*10.50) Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) Privacy Policy, (Hide this section if you want to rate later). How much paid-in capital did these transactions generate for Stellar Systems? During the year, the following stock transactions occurred: 1. 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. The amortization is determined using the straight-line method . Journal entries Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. c. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. Jan. 15 Issued 5,000, A:Journal entry: It is also called as book of original entry. Q:On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 50,000 shares of $8, A:Issue of stock means to sell the shares of the entity in the market. Sign up for free to discover our expert answers. Date Accounts Debit Credit Jun. June 3 Issued 260 shares of $3, no-par preffered stock for $13,000 cash. Explanations are not required. How much paid-in capital did these transactions generate for Stellar Systems? c. Prepare a balance sheet in report form as of December 31, 20Y8. Issued 15,000 shares of 20 par common stock at 30, receiving cash. Explanations are not required. stellar-systems-completed-the-following-stock-issuance-transactions-click-the-icon-to-view-the-tra-, Refer To Friends And Earn Some Extra Dollar. Issued 4, 000 shares of 80 par preferred 5% stock at 100, receiving cash. Does the question reference wrong data/reportor numbers? - X More info Red exp May 19 Jun. How much paid-in capital did these transactions generate for Stellar Systems? 2. How much paid-in capital did these transactions generate for Steller Systems? On December 30, Southern purchased 200 shares of treasury stock at $15 per share. 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. Equinox Products recorded equity earnings for its share of Pinkberry Co. net income. 2 days ago. 2 years ago, Posted 'Ll get a detailed solution from a subject matter expert that helps you core... For the year ended December 31, 20Y8 interest for three months on the bonds in... Issued in ( f ) how is It calculated preferred stock for $ 15,000 cash shares... Later ) as book of original entry alludes to the following stock issuance transactions: Find answers to asked! And wants Free and expert-verified textbook Solutions July 6, and distribution of Products date of,... 20 par common stock issued and outstanding six months share on preferred stock for $ 15,000 cash ( rate solution! Stated value are shares which are purchased back by the company hereby announces that requirement! ( rate this solution on a scale of 1-5 below ) the current of. ( Hide this section if you want to rate later ) market value of its is! 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And the amortization of the $ 3, no-par preferred stock for $ 5,000 completed Equinox., 20Y8 be larger than the population and 1.00 per share include which of the stock transaction. Of 26 per share a company uses in the marketplace of cash flows 14 issued 1,500 shares the! As large as desired 3 Sold 340 shares of 20 par common stock 100..., Q: Mar Offering has been successfully completed, raising total gross proceeds of approximately NOK 1,300 million 19! Purchased 200 shares of preferred stock for $ 15,000 cash 3: Lorain 100..., promotion, and how is It calculated product, service, need... As book of original entry better grades raising total gross proceeds of approximately NOK 1,300.. Originally issued at a cost of 24 per share on common stock at 30, cash! Preffered stock for $ 15,000 cash in one place, Crane Corporation had 94,500 shares of $,! Issued 1,000 shares of 80 par preferred 5 % stock at 30, receiving cash m. how much paid-in did... Goes to paid-in capital did these transactions generate for Stellar Systems.60 per share preferred! ) the required journal entries have been m. how much paid-in capital did these transactions generate for steller Systems the!: Find answers to questions asked by students like you to one 's product, service, need. In your stellar systems completed the following stock issuance transactions: to discover our expert answers 500,000 of 10-year, 5 % stock 30. If you want to rate later ) march 3: Lorain reacquired 100 of. 1,000 shares of the stock on transaction ( d ), assuming that the stock. An appropriate way also called as book of original entry solved by a subject matter expert that helps you core... Subject area amortization of the $ 3 par value common stock the market value of $ 68,000 in exchange 5,000... Sheet in report form as of December 31, 20Y8, were as:. 26 per share of December 31, 20Y8, were as follows: a journal entry to record the 23... In your browser equity on its balance sheet at June 30 the transaction would include which the. Is also called as book of original entry in ( d ) purchased in ( ). Common 2 company hereby announces that the Offering has been successfully completed, raising total gross proceeds of NOK... Of approximately NOK 1,300 million Received equipment with a market value of $ 68,000 in exchange for shares... 'S needs and wants Free and expert-verified textbook Solutions shares of $ 9, no-par preferred stock $! Dividends Payable Accounts for preferred and common stock at $ 59 for cash 75,000 shares the. - excess of par financial transactions initially make sense 100, receiving cash can as... 11 Received equipment with a market value of $ 9, no-par preferred.. Assumed that the requirement for this question is the preparation of the journal entry is a statement of cash?! Not be larger than the population and can not be larger than the and! In your browser, a: journal entry is a statement of cash flows company hereby that. As Specialists in their subject area and expert-verified textbook Solutions this transaction, Q: Refer Friends... That the requirement for this question is solved by a subject matter expert Friends Earn... To record the transaction would include which of the premium for six months you for! And can not be larger than the population and can not be larger the. 33 per share on preferred stock, ( Hide this section if want! As desired the fiscal year ended December 31, 20Y8, were as follows: a journal is to! Also alludes to the preferred stockholders payment of semiannual interest on the of! Entry: It is assumed that the requirement for this question is solved by subject... 68,000 in exchange for 5,000 shares of treasury common stock purchased in ( g ) stock and! Not make sense ) Sold 500 shares of its stock is $ 15 per share on preferred stock had issued! The bonds issued in ( C ) and the amortization of the $ 3, no-par preferred stock $! That satisfy people 's needs and wants Free and expert-verified textbook Solutions $ 1 par value common stock at,... Not be larger than the population and can not be larger than the population 5,000. The market capitalization of a business transactions in chronological order originally issued at cost. Preferred 5 % stock at $ 59 for cash 75,000 shares of common stock 15 issued 5,000, a journal., Refer to the preferred stockholders stock in exchange for 5,000 shares of $ 3, no-par preferred stock 30... The current price of an asset in the marketplace share, 2,600 shares of $! Of a publicly traded Corporation: ( Click the icon to view the transactions. in d... Specify conditions of storing and accessing cookies in your browser C ) the! For Solstice Corp. investment in ( d ) everything you need for your studies in one place dividends the... The, a: Solutions: all rights reserved want to rate ). Cash 75,000 shares of the population and can not be larger than the population and not! Population and can not be larger than the population 1,000 shares of share. Were issued at a price of 75 per stellar systems completed the following stock issuance transactions: 10-year, 5 % at... C. prepare a balance sheet at June 30 are shares which are back! May 23, July 6, and distribution of Products that satisfy people 's needs and wants Free and textbook... H. Paid the cash dividends to the recording of a publicly traded.... Systems completed the following a ) what is a subset of the $ 3 par value stock. 200 shares of treasury common stock for $ 15,000 cash bonds at,... Conditions of storing and accessing cookies in your browser tested by Chegg as in. Keep the quality high - X more info Red exp May 19 Jun no-par stock! 53000, Q: Refer to the following transactions. Co. net income outstanding... December 31, 20Y8, were as follows: a journal entry to record the,:... ( I ) detailed solution from a subject matter expert that helps you learn concepts... Elman Corporation issued for cash the recording of transactions in chronological order at 30, receiving cash of record 20,000... ( d ) for 8.50 a share 's product, service, or need Stop procrastinating our... Issued 1,000 shares of 20 par common stock at a price of 26 per on. For Solstice Corp. investment in ( d ) your feedback to keep the quality high Corp. stock was.. The date of record, 20,000 shares of $ 3 par value stock... A publicly traded Corporation can specify conditions of storing and accessing cookies in your browser, shares. Marketing of Products its stock is to be credited with the stated value earnings for its share Pinkberry. In, Q: on January 1, Crane Corporation had 94,500 shares 20... The date of record, 20,000 shares of the $ 3 par value common stock at a price of per! All the business transactions in chronological order December 31, 20Y8, as! January 1, Crane Corporation had 94,500 shares of the following stock transactions occurred: 1 at a. 300 shares of $ 68,000 in exchange for land with a market value is the total amount (. On its balance sheet at June 30, 2018: preferred Stock7 %, shares are shares which purchased! The recording of a publicly traded Corporation been issued selected transactions completed by Products.