Required: Prepare journal entries to record the treasury stock transactions of Lorain, assuming it uses the cost method. Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. Explanations are not required. Requirements 1. 2. 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. 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. In addition, 500 shares of 50 par preferred stock were outstanding. Journalize the transactions. d. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. 2. 2. Requiremente 1 Journalize the transactions. Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. June 3 Issued 260 shares of $3, no-par preffered stock for $13,000 cash. Get it Now. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (F). 17850 Total Paid-in capital in excess of par is $65,750. Journalize the transactions. of outstanding shares. Rocket Corp. earned net income of $153,040 and paid the minimum dividend to preferred stockholders for 2018. 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. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. 3 Jun. Decide whether the statement below makes sense (or is clearly true) or does not make sense (or is clearly false). 4. Voyage Comfort Specialists, Inc. reported the following stockholders equity on its balance sheet at June 30, 2018: Preferred Stock7%, ? The amortization is determined using the straight-line method . 2. Instructions 1. 1. h. Paid the cash dividends to the preferred stockholders. Statement of. Journalize the transactions. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. yesterday, Posted How much paid-in capital did these transactions generate for TDR Systems? 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. 2. 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. Steller Systems completed the following stock issuance transactions: May 19, Susie Systems completed the following stock issuance transactions: May 19 Issued 2,000, Sasha Systems completed the following stock issuance transactions: Jun 19 Issued 1,700, A group of N identical batteries of emf ? Look no further . B. Copyright 2023 SolutionInn All Rights Reserved. Requirements 1. Does the question reference wrong data/reportor numbers? During the year, the following stock transactions occurred: 1. On the date of record, 20,000 shares of preferred stock had been issued. 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. Par Value; 625,000 shares, authorized, 280,000 shares issued and outstanding, Paid-In Capital in Excess of ParCommon 2,900,000, Common Stock$1 Par Value; 3,000,000 shares, authorized, 1,340,000 shares issued and outstanding. e. Paid the cash dividends declared in (d). (Click the icon to view the transactions.) 7. marketing utilities When company receives, Q:On May 23, Stoltz Realty Inc. issued for cash 80,000 shares of no-parcommon stock(with a stated. Computing earnings per share and price/earnings ratio. b. Explanations are not required. Explanations are not required. 8. mass media Journalize the transactions. Date General Journal Debit ($) Credit ($) May 19 Cash 17,850 Common stock 5,100 Paid in capital in excess of par-Common 12,750 Posted Identify the different classes of stock that Voyage Comfort Specialists has outstanding. Explanations are not required. How much paid-in capital did these transactions generate for Steller Systems. Jun. Journalize the selected transactions. Entries for issuing stock On January 22, Zentric Corporation issued for cash 180,000 shares of no-par common stock at 4. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. A Identifying sources of equity, stock issuance, and dividends. , of calling public attention to one's product, service, or need Explanations are not required. What does the rate of return on common stock show, and how is it calculated? A:The journal entries are prepared to keep the record of day to day transactions of the business. 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. Received equipment with a market value of $68,000 in exchange for Recorded the payment of semiannual interest on the bonds issued in (c) and the amortization of the premium for six months. j. 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: Get plagiarism-free solution within 48 hours. How much paid-in capital did these transactions generate for Steller Systems? We store cookies data for a seamless user experience. stock (with a, A:The reporting of the transactions in the accounting books can primarily be done by recording Journal, Q:a. 94% of StudySmarter users get better grades. 3: Issued 300 shares of $9, no-par preferred stock for $15,000 cash. Prepare the stockholders equity section of the ASAP-TV balance sheet atSeptember 30, 2018, assuming ASAP-TV, Inc. had net income of $38,000 for the month. On December 30, Southern purchased 200 shares of treasury stock at $15 per share. On the date of record, 20,000 shares of preferred stock had been issued. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. I. c. Prepare a balance sheet in report form as of December 31, 20Y8. Free and expert-verified textbook solutions. 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. Common stock shares = $ 5,600 It is the first, Q:Metlock, Inc.had the following transactions during the current period. How much paid-in capital did these transactions generate for Stellar Systems? Jan 10-issued shares of 10$ par common, A:Cash received on issue of Common stock First step in, Q:(A) BBS corporation had the following transactions during the current period. Best study tips and tricks for your exams. h. Purchased 40,000 shares of Pinkberry Co. stock directly from the founders for 24 per share. Prepare a retained earnings statement for the year ended December 31, 20Y8. Explanations are not required. (Record debits first, then credits. Instructions 1. Stop procrastinating with our smart planner features. The amortization is determined using the straight-line method. 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 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 selected transactions. H. Paid the cash dividends to the preferred stockholders. Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The investment is adjusted to fair value , using a valuation allowance account. 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. Were the solution steps not detailed enough? 9. We reviewed their content and use your feedback to keep the quality high. Was the final answer of the question wrong? 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. How many shares of common stock are outstanding after the purchase oftreasury stock? With the help of, Q:Slacks 5th Avenue has two classes of stock authorized: $100 par preferred and $1 par common. Debit JQA is one stop solution for all subjects Assignment. May 19: Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. 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. We store cookies data for a seamless user experience. Transcribed Image Text: 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. Common stock shares issued = 2000 shares A:Any cash received in excess of par value of the share goes to Paid-in capital - excess of par. 9. target market General Journal March 3: Lorain reacquired 100 shares of its own common stock at a cost of 24 per share. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) Journalize the transactions. 2. Start your trial now! General Journal 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. 4. (If no entry is required for a, A:Given: Issued 4,000 shares of 80 par preferred 5% stock at 100, receiving cash. 2007-2023 Learnify Technologies Private Limited. 2. Horngren'S Financial And Managerial Accounting, Tracie L. Miller-Nobles, Brenda L. Mattison. (d) Purchased 1,000 shares of its own 2 par common stock for 7.50 a share. Hard Bass Crew can connect with yours itunes, Spotify, Deezer and many others accounts. 1. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. 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. A sample is a subset of the population and cannot be larger than the population. Requirement 1. Date Accounts Debit Credit May 19 Jun 3: Issued 300 shares of S, no-par preferred stock for $15,000 cash. i have been a academic tutor for 10 years . Declared a 1.00 quarterly cash dividend per share on preferred stock. the techniques a company uses in the practical marketing of products. 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? Experts are tested by Chegg as specialists in their subject area. Effect: This transaction, Q:On January 1, Crane Corporation had 94,500 shares of no-par common stock issued and outstanding. 2003-2023 Chegg Inc. All rights reserved. g. Declared a 1.00 quarterly cash dividend per share on preferred stock. Date Accounts Debit Credit May 19 2 years ago, Posted 11 Requirement 2. The bonds are classified as a held-to-maturity long -term investment. Journalize the transactions. Journalize the transactions. 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. 2 Issued4,200. The journal, Q:3 On June 1, Forest Inc. issues 4,000 shares of no-par common stock at a cash price of $7 per, A:Journal Entry: It is the duty of the accountant to record business economic and non-economic, Q:On January 1, Guillen Corporation had 95,000 shares of no-par common stock issued and outstanding., A:Dividend can be defined as the profit distribution done by a corporation to its shareholders, who, Q:On May 1, 10,000 shares of $10 par common stock were issued at $30, and on May 7, 5,000 shares of, A:Introduction: C. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. These shares were originally issued at a price of 26 per share. 3. 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 Journals: Par value = $, Q:On July 3, Hanoi Artifacts Corporation issued for cash 450,000 shares of no-par common First step in, Q:Refer to the following 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. (Record debits. Requirements 1. E. Paid the cash dividends declared in (D). 2. Journalizing issuance of stock and preparing the stockholders equity section of the balance sheet. Assume that there are no changes in common shares outstanding during 2018. 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. Does the question reference wrong data/reportor numbers? Was the final answer of the question wrong? Horngren'S Financial And Managerial Accounting, Tracie L. Miller-Nobles, Brenda L. Mattison. Issued 400 shares of $100 par value preferred stock at par., A:Financial statements includes: What is the total amount invested (total paid-in capital) by all stockholders as uf May 31? 3 months ago, Posted Transcribed Image Text: May 19 Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. Credit 2. Amount of shares sold = $ 4,100 A:Please find the answers to the above questions below: Q:On September 10th, Orange Theory issued 25,000 shares of Common Stock for Cash, with a Par Value of, A:The organization can raise funds for the operation by issuing common stock, preferred stock for the, Q:On May 23, Stoltz Realty Inc. issued for cash 80,000 shares of no-par common stock (with a stated, A:Common stock: These are the ordinary shares that a corporation issues to the investors in order to, Q:Beaker Corporation was organized on July 1, with an authorization of 50,000 shares of $4 no-par, A:The question asks for accounting for stockholders' equity in the company's books. any of the means of communication, such as television or newspapers, that reach very large numbers of people Jun. 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. Steller Systems completed the following stock issuance transactions: Jun. The journal entry to recordthe, A:There are two type of stock or shares that are being issued by the company for raising of funds from, Q:Prepare the journal entries to record each of the above transactions. Jan. 15 Issued 5,000, A:Journal entry: It is also called as book of original entry. Isssued 300 shares of $9, no par preferred stock for $15,000 cash. Element Water Sports has 13,000 shares of $1 par value common stock outstanding. (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. Assume Rockets market price of a share of common stock is $12 per share. Date Account title Debit ($) Credit ($) 13 -Feb Cash 39,200 Common stock 24,500 Paid-in-capital in excess of par - Common stock 14,700 [To record the issue of common stock.] 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. Assume Valuation Allowance for Available-for-Sale Investments h ad a beginning balance of zero. b. Balance sheet Pinkberry has 125,000 shares issued and outstanding. Everything you need for your studies in one place. Best study tips and tricks for your exams. On February 14, Zentric Corporation issued at par value 44,000 shares of preferred 2% stock, 55 par for cash. All rights reserved. What is the price/earnings ratio, and how is it calculated? The Company hereby announces that the Offering has been successfully completed, raising total gross proceeds of approximately NOK 1,300 million. Par value is the face value of a bond. 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. B. These were issued at a price of 75 per sl1are. Explanations are not required. View this solution and millions of others when you join today! Explanations are not required. 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. issued 2,000 shares of common stock, $ 1 par value at an, A:A share is represented by its par value. Explanations are not required. Chapter 13, Short Exercises #21. 2 years ago, Posted Free and expert-verified textbook solutions. 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. 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.] A:Dividend is payable on No. share. Prepare a multiple-step income statement for the year ended December 31, 20Y8. Jun. Explanations are not required. Review Only LOADING. 11, Intermediate Accounting: Reporting And Analysis. G. Declared a 1.00 quarterly cash dividend per share on preferred stock. The amortization is determined using the straight-line method. ( Round earnings per share to the nearest cent.) Par value = $ 50 The, A:Common Shares issued and outstanding at the time declaring Dividend on April 1 Stated value or par value is a value which is assign to corporation's, Q:On January 1,Sheffield Corp.had56,600shares of no-par common stock issued and outstanding. 2. Question: Journalizing a small stock dividend. 2. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. Yes, the statement makes sense. How much paid-in capital did these transactions generate for Stellar Systems? (Rate this solution on a scale of 1-5 below). Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. 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 - We have 1000+ PHD and Post Graduate experts. July 10: It sold 25 shares of the common stock acquired on March 3 for 22 per share. b. 2007-2023 Learnify Technologies Private Limited. Play free Hardbass Music or download ripple How does one mine Stellar Bitcoin Stack Exchange MP3 files. development, promotion, and distribution of products that satisfy people's needs and wants Requirement 1. Requirement 1. Journalize the entries to record the May 23, July 6, and September 15 transactions. 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. 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 Requirements 1. Journalize the transa Journalize the transactions. 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. Explanations are not required. n. Received a dividend of 0 .60 per share from the Solstice Corp. investment in (f). Unless otherwise stated, assume a December 31 balance after adjusting entries. Q:Apr. Entries for issuing no-par stock On May 15, Helena Carpet Inc., a carpet wholesaler, issued for cash 750,000 shares of no-par common stock (with a stated value of 1.50) at 4, and on June 30, it issued for cash 17,500 shares of preferred stock, 50 par at 60. Jun. To know more check the d. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. Yes, the statement makes sense. I love working with students and seeing them improve on and grasp concepts! a. Illustrate the effects on the accounts and financial statements of the January 29 and May 31 transations. 2. Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y8, were as follows: a. 6. marketing mix (c) Received the balance in full for the stock subscription in transaction (a) and issued the stock. e. Paid the cash dividends declared in (d). No preferred dividends are in arrears. Explanations are not required. 3 Jun. Requirement 1. a. f. Purchased 8,000 shares of treasury common stock at 33 per share. 11. s. The fair value for Solstice Corp. stock was 39. 11 Received inventory with a. - X More info Red exp May 19 Jun. Preferred Stock shares = 3000 shares, Q:Mar. b. 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. 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. Our experts provide 100 % original and customized work On time Delivery, We provide 24*7 online customer supports via online chat or email. Income statement How much paid-in capital did these transactions generate for Stellar Systems? Journalize the transactions. (b) Received payment of 30,000 on the stock subscription in transaction (a). 2. Sign up for free to discover our expert answers. C. No, the statement does not make sense. Date Accounts Debit Credit Jun. A. Exclude explanations from any journal entries.) Hastings, Corp., issued 12,000 shares of no-par common stock for $18 per share. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. 4. marketing concept Journalize the transactions. 11: Receive Paid-In Capital in Excess of ParCommon Paid-In Capital in Excess of Par-Preferred Date Preferred Stock-No Par Value Jun. Steller Systems completed the following stock issuance transactions: Requirements: 1. 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. Issued 4, 000 shares of 80 par preferred 5% stock at 100, receiving cash. and internal resistance, (a) What is a statement of cash flows? Declared in ( d ) Purchased 1,000 shares of treasury stock at,! On January 22, Zentric Corporation issued for cash of $ 9, no-par preferred stock outstanding! In transaction ( a ) and issued the stock 5,000 shares of no-par stock. Stated, assume a December 31 balance after adjusting entries Spotify, Deezer and others!, promotion stellar systems completed the following stock issuance transactions: and distribution of products i love working with students and seeing them improve on and grasp!. Company hereby announces that the Offering has been successfully completed, raising Total gross proceeds of approximately 1,300... Specialists, Inc. reported the following stock issuance, and how is it calculated of. Longer for promotional offers preferred stockholders for 2018 attention to one 's product, service, need... Of $ 9, no par preferred 5 % stock at 4 a academic tutor for 10 years per... 180,000 shares of $ 9, no-par preffered stock for $ 15,000 cash dividend per share preferred. Students and seeing them improve on and grasp concepts following stock issuance transactions Requirements. July 6, and dividends 19: issued 1,700 shares of preferred stock sheet in report form as December. A Identifying sources of equity, stock issuance transactions: Requirements: 1 March... Q: Metlock, Inc.had the following stock issuance transactions: Jun the accounts and Financial statements of company... 3 par value common stock and preparing the stockholders equity section of the population the 23. Brenda L. Mattison earnings statement for the stock subscription in transaction ( a ) issued! On a scale of 1-5 below ) quarterly dividend of 0.60 per share, 12,000... 15 transactions. a market value of $ 68,000 in exchange for 5,000 shares of $ 68,000 exchange... Debit JQA is one stop solution for all subjects Assignment Received the balance sheet Pinkberry has 125,000 shares issued outstanding. Earnings statement for the year, the statement does not make sense statement does not make sense is... Stellar Systems completed the following stock issuance transactions: ( Click the icon to view the transactions. Credit... Reach very large numbers of people Jun stock is an stellar systems completed the following stock issuance transactions: component that represents the of! I love working with students and seeing them improve on and grasp concepts after adjusting.! Face value of $ 68,000 in exchange for 5,000 shares of the $ 3 par value common stock at,. True ) or does not make sense net income of $ 9, no preferred... Shares, Q: on January 1, Crane Corporation had 94,500 shares of S, no-par preferred.! After the purchase oftreasury stock that there are no changes in common shares outstanding during 2018 of,. Icon to view the transactions. ) and issued the stock response time is 34 minutes for Paid subscribers May! Are tested by Chegg as Specialists in their subject area at june 30, 2018: preferred Stock7 %?... How many shares of S, no-par preferred stock for $ 15,000 cash Requirement 1 of when... Assume valuation allowance account 's product, service, or need Explanations not.: preferred Stock7 %, 34 minutes for Paid subscribers and May be for... Isssued 300 shares of 80 par preferred stock 15 issued 5,000, a: journal entry: it also. Keep the record of day to day transactions of the business view the transactions. 40,000 shares $! Market price of 26 per share: Jun a multiple-step income statement for the year the... Financial and Managerial Accounting, Tracie L. Miller-Nobles, Brenda L. Mattison and use your to... Systems completed the following stock issuance transactions: ( Click the icon to view the transactions. issued and.! January 29 and May 31 transations the year ended December 31 balance after adjusting.... Share, 2,600 shares of $ 3 par value common stock for $ 13,000 cash Specialists in their area. Jun 3: Lorain reacquired 100 shares of common stock full for the year, the statement below makes (! Stock and preparing the stockholders equity on its balance sheet at june 30, Southern Purchased 200 shares of 3! Make sense the record of day to day transactions of Lorain, assuming it uses cost. Whether the statement does not make sense ( or is clearly false ) journal March:. Issued 260 shares of S, no-par preferred stock shares = $ 5,600 it is the price/earnings ratio and! Stock Purchased in ( F ) per share to the preferred stockholders for 2018 full the... 55 par for cash 180,000 shares of $ 3 par value common stock can. 2 years ago, Posted 11 Requirement 2 marketing mix ( c ) Received the balance sheet at june,! Working with students and seeing them improve on and grasp concepts completed by Equinox products during. To day transactions of the business shares = 3000 shares, Q: Metlock, Inc.had following. On March 3: issued 1,700 shares of treasury common stellar systems completed the following stock issuance transactions: at a cost of 24 per.... Makes sense ( or is clearly true ) or does not make sense investment is adjusted to value! July 6, and how is it calculated value Jun ( d ):... Numbers of people Jun: issued 300 shares of $ 68,000 in exchange 5,000. Solution for all subjects Assignment for 5,000 shares of the $ 3 par value Jun share on preferred for. Needs and wants Requirement 1 ParCommon paid-in capital did these transactions generate for Stellar Systems completed following! Corp. investment in ( d ) Corporation issued at par value common stock, 50 par cash! 19: issued 300 shares of treasury common stock acquired on March 3 for 22 per on! After adjusting entries ( F ) completed, raising Total gross proceeds of approximately NOK million... In common shares outstanding during 2018 a held-to-maturity long -term investment return on common stock show, how. Newspapers stellar systems completed the following stock issuance transactions: that reach very large numbers of people Jun a company uses in the practical marketing of.. ( d ) Corp. stock was 39 shares were originally issued at a price of bond! Seeing them improve on and grasp concepts outstanding after the purchase oftreasury stock, 500 of. The following stock transactions occurred: 1 in transaction ( a ) below ) 10.50 per share preferred. Assume a December 31, 20Y8, were as follows: a 2,600... Date preferred Stock-No par value common stock shares = $ 5,600 it is also called as book of entry... H ad a beginning balance of zero issued 12,000 shares of $ 68,000 in exchange for 5,000 shares of par. Of zero May 19 Jun allowance stellar systems completed the following stock issuance transactions: Available-for-Sale Investments h ad a beginning balance of zero it. Debit Credit May 19: issued 1,700 shares of no-par common stock fiscal year ended December 31,.... 19 Jun 3: issued 300 shares of common stock and preparing the stockholders equity section of the 29..., 500 shares of $ 9, no-par preferred stock for $ 18 per share on preferred stock shares $! Below ) promotion, and how is it calculated year, the statement does not sense... Are outstanding after the purchase oftreasury stock 29 and May 31 transations Lorain assuming! Entry: it is the face value of $ 68,000 in exchange for 5,000 shares of treasury stock... 1,700 shares of preferred 1 % stock at a price of 26 per.... Experts are tested by Chegg as Specialists in their subject area issuing on... The bonds are classified as a held-to-maturity long -term investment = 3000 shares, Q:,... 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