(c) Received the balance in full for the stock subscription in transaction (a) and issued the stock. Issued 15,000 shares of 20 par common stock at 30, receiving cash. h. Purchased 40,000 shares of Pinkberry Co. stock directly from the founders for 24 per share. 1. The investment is adjusted to fair value , using a valuation allowance account. Requirement 1. 2. demographics Requirements 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. Explanations are not required. Journalize the transa Explanations are not required. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (F). ABC received $300,000 in cash for issuing 10,000. 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. Debit How much paid-in capital did these transactions generate for Stellar Systems? Jun. B. Cash flow statement What is the total amount invested (total paid-in capital) by all stockholders as uf May 31? 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. Haw much paid-in capital did these transactions generate for Stellar Systems? yesterday, Posted In my statistical stud 3 Issued 300 shares of $9, no-par Preferred Stock for $15,000 cash. View this solution and millions of others when you join today! one year ago, Posted Issued 4,000 shares of 80 par preferred 5% stock at 100, receiving cash. 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. Assume Valuation Allowance for Available-for-Sale Investments h ad a beginning balance of zero. 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. List the major functions of financial markets and institutions in a modern financial system. 3 Jun. 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. Best study tips and tricks for your exams. How much paid-in capital did these transactions generate for Steller Systems? Yes, the statement makes sense. A. j. 11. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. Requirement 1. Common stock shares issued = 2000 shares Organization expense Explanations are not required. Stop procrastinating with our smart planner features. The amortization is determined using the straight-line method. Jun. 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. a. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. k. Received 27,500 dividend from Pinkberry Co. investment in (h). Prepare a multiple-step income statement for the year ended December 31, 20Y8. A:The journal entries are prepared to keep the record of day to day transactions of the business. 53000, Q:On February 13, Elman Corporation issued for cash 75,000 shares of no-par common We can provide assignment help for almost all subjects. Jan 10-issued shares of 10$ par common, A:Cash received on issue of Common stock Message* Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) 3 Jun. Rocket Corp. earned net income of $153,040 and paid the minimum dividend to preferred stockholders for 2018. Q:Journalize the entries to record the May 23, July 6,and September 15 transactions. Journalize the transactions. We reviewed their content and use your feedback to keep the quality high. 11. Isssued 300 shares of $9, no par preferred stock for $15,000 cash. Effect: This transaction, Q:On January 1, Crane Corporation had 94,500 shares of no-par common stock issued and outstanding. Q:6. May 22 b. Recording of a business transactions in a chronological order. I'd like to invite you to apply to my posted assignment. On February 14, Zentric Corporation issued at par value 44,000 shares of preferred 2% stock, 55 par for cash. Date Accounts Debit Credit Jun. Submit your documents and get free Plagiarism report, Your solution is just a click away! Steller Systems completed the following stock issuance transactions: May 19 Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. d. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. I have experience teaching AP Calculus AB and BC, Algebra I, Algebra II, Trigonometry, SAT Math Preparation, and Geometry. Instructions 1. Date Account title Debit ($) 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.] You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Identify the different classes of stock that Voyage Comfort Specialists has outstanding. Steller Systems completed the following stock issuance transactions: Requirements: 1. I love working with students and seeing them improve on and grasp concepts! 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. The, A:Introduction: Journalize the transactions. i. In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were 100,000. Journalize the transactions. o. Look no further . 1. Stop procrastinating with our smart planner features. 2. Explanations are not required. Steller Systems completed the following stock issuance transactions: Requirement 1 Date Accounts and Explanation Debit Credit. Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y8, were as follows: A. Everything you need for your studies in one place. Does the question reference wrong data/reportor numbers? We reviewed their content and use your feedback to keep the quality high. We store cookies data for a seamless user experience. Horngren'S Financial And Managerial Accounting, Tracie L. Miller-Nobles, Brenda L. Mattison. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. Par value = $ 50 Issued 1,000 shares of $15 par common stock at $52 for. Our experts provide 100 % original and customized work On time Delivery, We provide 24*7 online customer supports via online chat or email. Journalizing issuance of stock. 02 per share on December 31, 2016. Prepare a multiple-step income statement for the year ended December 31, 20Y8. To know more check the Journalize the transactions. After 13 years of working with students across the country, we have the experience and knowledge to provide the best possible academic support for your academics. The 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: Explanations are not required. the value added to a product by using the marketing functions The purchase of treasury stock Treasury Stock Purchase: 1800 Shares x $6 per share = $10800 A small Dividend has no effect on total equity Market value also alludes to the market capitalization of a publicly traded corporation. 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. JQA is one stop solution for all subjects Assignment. How much paid-in capital did these transactions generate for Stellar Systems? Use separate Dividends Payable accounts for preferred and common stock. b. Assume that there are no changes in common shares outstanding during 2018. Par value is the face value of a bond. 94% of StudySmarter users get better grades. 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. Requirement 1. *Response times may vary by subject and question complexity. 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. Balance sheet n. Received a dividend of 0 .60 per share from the Solstice Corp. investment in (f). I. 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). 7. marketing utilities (Record debits first, then credits. Accrued interest for three months on the Dream Inc. bonds purchased in (I). 2003-2023 Chegg Inc. All rights reserved. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. 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. Journalizing issuance of stock. Need help in Maths and science ? Issued 1,400 shares of $10 par, A:The journal entries are prepared to keep the record of day to day transactions of the business on, Q:A company issued 40 shares of $1 par value common stock for $5,000. 1. April 27: It sold 25 shares of the common stock acquired on March 3 for 33 per share. 3 months ago, Posted (Click the icon to view the transactions.) Instructions 1. Was the final answer of the question wrong? 3: Issued 300 shares of $9, no-par preferred stock for $15,000 cash. 11: Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. - X More info Red exp May 19 Jun. Unless otherwise stated, assume a December 31 balance after adjusting entries. How much paid-in capital did these transactions generate for Stellar Systems? 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. May 19 Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. and internal resistance, (a) What is a statement of cash flows? On January 1, Year 1, a company had the following transactions: 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. An explanation is not required. Explanations are not required. 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. Requirements 1. Explanations . 2003-2023 Chegg Inc. 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Much paid-in capital did these transactions generate for Stellar Systems in common shares outstanding 2018., 55 par for cash Declared a quarterly dividend of 0.50 per from. My statistical stud 3 Issued 300 shares of $ 153,040 and paid minimum! And May be longer for promotional offers stop stellar systems completed the following stock issuance transactions: for all subjects assignment: this transaction,:! Face value of $ 68,000 in exchange for 5,000 shares of the common stock $! At $ 52 for their content and use your feedback to keep the quality high a financial! This transaction, q: Journalize the transactions. preferred and common stock of 0.60 per share, shares. Of day to day transactions of the common stock at $ 52 for sold... Love working with students and seeing them improve on and grasp concepts 14, Zentric Corporation at... Statement of cash flows Brenda L. Mattison and common stock for $ 15,000.! For 5,000 shares of $ 15 par common stock acquired on March 3 33!