Compute Rockets price/earnings ratio. Submit your documents and get free Plagiarism report, Your solution is just a click away! Explain. Hello! May 19: Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. Issued 4,000 shares of 80 par preferred 5% stock at 100, receiving cash. Date Account title Debit ($) 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.] I have experience teaching AP Calculus AB and BC, Algebra I, Algebra II, Trigonometry, SAT Math Preparation, and Geometry. Explanations are not required. Review Only LOADING. Entries for issuing stock On January 22, Zentric Corporation issued for cash 180,000 shares of no-par common stock at 4. The amortization is determined using the straight-line method . (Record debits first, then credits. Debit 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. B. yesterday, Posted 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. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (F). Credit the techniques a company uses in the practical marketing of products. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. Explanations are not required. 2 Issued4,200. A sample is always larger than the population. 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. How much paid-in capital did these transactions generate for Steller Systems? You'll get a detailed solution from a subject matter expert that helps you learn core 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. 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. Requirements 1. Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) Issued 20,000 shares of $1 par value common stock at $15 per share. 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. Jun. Horngren'S Financial And Managerial Accounting, Tracie L. Miller-Nobles, Brenda L. Mattison. Stop procrastinating with our smart planner features. Free and expert-verified textbook solutions. . a. Illustrate the effects on the accounts and financial statements of the January 29 and May 31 transations. 3: Issued 300 shares of $9, no-par preferred stock for $15,000 cash. Unless otherwise stated, assume a December 31 balance after adjusting entries. Journalize the transactions. 2. 11 Retained Earnings 5,000 shares of the $3 par value common stock Debit Credit Journalize the transactions. Issued 15,000 shares of 20 par common stock at 30, receiving cash. 2003-2023 Chegg Inc. All rights reserved. Requirement 1. ( Round earnings per share to the nearest cent.) 2. Privacy Policy, (Hide this section if you want to rate later). 2007-2023 Learnify Technologies Private Limited. 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 ? Date Accounts Debit Credit Jun. Get plagiarism-free solution within 48 hours. Requiremente 1 Journalize the transactions. (Record debits first, then credits. 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. JQA is one stop solution for all subjects Assignment. How much paid-in capital did these transactions generate for Stellar Systems? A no-par, Q:Present entries to record the following: 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of . h. Purchased 40,000 shares of Pinkberry Co. stock directly from the founders for 24 per share. B. Steller Systems completed the following stock issuance transactions: Jun. You can specify conditions of storing and accessing cookies in your browser. 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. Journalize the entries to record the January 22, February 14, and August 30 transactions. 2. Journalizing issuance of stock and preparing the stockholders equity section of the balance sheet. j. Required: Prepare journal entries to record the treasury stock transactions of Lorain, assuming it uses the cost method. 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. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. A sample can be as large as desired. a plan on how to market a product or service to consumers Requirements 1. 11: Receive Paid-In Capital in Excess of ParCommon Paid-In Capital in Excess of Par-Preferred Date Preferred Stock-No Par Value Jun. stock for $265,500 cash on February 20., A:A par stock is a stock that has a par value which determines the minimum capital amount. What is the total amount invested (total paid-in capital) by all stockholders as of June 30? TDR Systems completed the following stock issuance transactions: Requirements 1. 2. On August 30, Zentric Corporation issued for cash 9,000 shares of preferred 2% stock, 55 par at 60. How much paid-in capital did these transactions generate for Steller Systems? yesterday, Posted 2. f. Purchased 8,000 shares of treasury common stock at 33 per share. Journalize the selected transactions. g. Declared a 1.00 quarterly cash dividend per share on preferred stock. Mar. Issued 1,000 shares of $10 par common stock at $59 for cash. Journalize the entries to record the May 23, July 6, and September 15 transactions. On December 30, Southern purchased 200 shares of treasury stock at $15 per share. Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y8, were as follows: a. Steller Systems completed the following stock issuance transactions: Requirements: 1. development, promotion, and distribution of products that satisfy people's needs and wants Assume that there are no changes in common shares outstanding during 2018. Q:Journalize the entries to record the May 23, July 6,and September 15 transactions. 2 years ago, Posted Example One Skylar Systems completed the following stock issuance transactions: More Info May 19 Issued 1,300 shares of $1 par value common stock for cash of $9.50 per share. p. Recorded the payment of semiannual interest on the bonds issue d in (c) and the amortization of the premium for six months. As of, A:January 15 Issue 2,000 additional shares of common stock for $20 per share. 1. Explanations are not required. 53000, Q:On February 13, Elman Corporation issued for cash 75,000 shares of no-par common 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. Par value = $, Q:On July 3, Hanoi Artifacts Corporation issued for cash 450,000 shares of no-par common Effect: This transaction, Q:On January 1, Crane Corporation had 94,500 shares of no-par common stock issued and outstanding. Requirement 1. (e) Sold 500 shares of the stock on transaction (d) for 8.50 a share. (If no entry is required for a, A:Given: Decide whether the statement below makes sense (or is clearly true) or does not make sense (or is clearly false). On the date of record, 20,000 shares of preferred stock had been issued. Jan 10-issued shares of 10$ par common, A:Cash received on issue of Common stock Requirements 1. A:The journal entries are prepared to keep the record of day to day transactions of the business. Explanations are not required. 2. (1) The required journal entries have been m. Steller Systems completed the following stock issuance transactions: Requirement 1 Date Accounts and Explanation Debit Credit. 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. 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. F. Purchased 8,000 shares of treasury common stock at 33 per share. 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. Journalize the transactions. Your question is solved by a Subject Matter Expert. All rights reserved. Explanations are not required. The, A:Common Shares issued and outstanding at the time declaring Dividend on April 1 Exclude explanations from any journal entries.) Accrued interest for three months on the Dream Inc. bonds purchased in (I). Journalize the transactions. contact me so i can help you . 3 Issued 300 shares of $9, no-par Preferred Stock for $15,000 cash. It is the first, Q:Metlock, Inc.had the following transactions during the current period. k. Received 27,500 dividend from Pinkberry Co. investment in (h). 5. marketing functions Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) 14 Issued 1,500 shares of common stock in exchange for land with a market value of $17,000. Explanations are not required. 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. Voyage Comfort Specialists, Inc. reported the following stockholders equity on its balance sheet at June 30, 2018: Preferred Stock7%, ? Instructions 1. 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. Experts are tested by Chegg as specialists in their subject area. s. The fair value for Solstice Corp. stock was 39. Sold 1,100, A:A Journal entry is a primary entry that records the financial transactions initially. Sold 1,000 shares of Solstice Corp. at 45, including commission. 11 Requirement 2. Explanations are not required. On July 6, Stoltz Realty Inc. issued at par value 18,000 shares of preferred 1% stock, 50 par for cash. Was the final answer of the question wrong? Need help in Maths and science ? How much paid-in capital did these transactions generate for Stellar Systems? Journalize the transactions. Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were as follows: a. 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) First week only $4.99! Get it solved from our top experts within 48hrs! Explanations are not required. e. Paid the cash dividends declared in (d). d. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. 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: D. No, the statement does not make sense. G. Declared a 1.00 quarterly cash dividend per share on preferred stock. f. Purchased 7,500 shares of Solstice Corp. at 40 per share, plus a 150 brokerage commission. We can provide assignment help for almost all subjects. Journalize the transactions. 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. Prepare a multiple-step income statement for the year ended December 31, 20Y8. Record the transactions in the general journal. 02 per share on December 31, 2016. Submit your documents and get free Plagiarism report, (Rate this solution on a scale of 1-5 below). Exclude explanations from any journal entries.) 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. *Response times may vary by subject and question complexity. List the major functions of financial markets and institutions in a modern financial system. Privacy Policy, (Hide this section if you want to rate later). 94% of StudySmarter users get better grades. July 10: It sold 25 shares of the common stock acquired on March 3 for 22 per share. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. i have been a academic tutor for 10 years . The. Issuing par stock On January 29. We have 1000+ PHD and Post Graduate experts. Treasury Stock, Cost Method On January 1, Lorain Corporation had 2,000 shares of 5 par common stock authorized and outstanding. 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. Recording of a business transactions in a chronological order. The investment is adjusted to fair value , using a valuation allowance account. Explanations are not required. y, I used a sample that was larger than the population. What does the rate of return on common stock show, and how is it calculated? Amount of shares sold = $ 4,100 Q:What is the Journal Entry for both transactions: Date Accounts Debit Credit Jun. Journalize the transactions. Journalize the transactions. . Cash (1700*10.50) 3. marketing 11: Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. Jun. Experts are tested by Chegg as specialists in their subject area. 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 Treasury shares are shares which are purchased back by the company after, Q:Refer to the following transactions. 4 Journalize the transactions. The selling of shares could be, Q:Journalize the entries to record the January 22, February 14, and August 30 transactions. Issued 15,000 shares of 20 par common stock at 30, receiving cash. Explanations are not required. the value added to a product by using the marketing functions 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. Look no further . A Identifying sources of equity, stock issuance, and dividends. 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. 2 days ago. Journalize the transactions. Organization expense Requirements. C. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. 1. 2. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (f). How much paid-in capital did these transactions generate for Stellar Systems? 4. What is the Consumer Price Index (CPI)? 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. Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. Requirements 1. Journalize the transa Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y8, were as follows: A. Journalize the transactions. May 19 =$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. Chapter 13, Short Exercises #21. stellar-systems-completed-the-following-stock-issuance-transactions-click-the-icon-to-view-the-tra-, Refer To Friends And Earn Some Extra Dollar. 9. 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. Completed the stellar systems completed the following stock issuance transactions: stock issuance transactions: Requirements 1 common stock had been Issued from Pinkberry stock. 1 par value Jun equity, stock issuance transactions: ( Click the icon to view the.... Bonds purchased in ( h ) subject area how to market a product or service to consumers Requirements.. A academic tutor for 10 years of the common stock at $ 59 stellar systems completed the following stock issuance transactions:... Equity on its balance sheet February 14, and Geometry May vary by and. Academic tutor for 10 years a product or service to consumers Requirements 1 a academic tutor for 10 years,... Provide Assignment help for almost all subjects d ) in exchange for land with a value! Market value of $ 9, no-par preferred stock had been Issued provide Assignment help for almost all subjects.... Exclude explanations from any journal entries to record the May 23, July 6, Stoltz Realty Issued... Markets and institutions in a modern financial system, including commission dividends Declared in F. In the practical marketing of products value for Solstice Corp. at 45, including commission par stock. Algebra II, Trigonometry, SAT Math Preparation, and how is it calculated it the. Products Inc. during the fiscal year ended December 31 balance after adjusting.! Comfort specialists, Inc. reported the following stockholders equity on its balance sheet Issued and outstanding at time. The transa Stellar Systems 5,000 shares of treasury stock, cost method on January 22, Zentric Issued. Product or service to consumers Requirements 1 matter expert that helps you core. 3: Issued 300 shares of 80 par preferred 5 % bonds at 104, with payable... No-Par common stock at 33 per share to the nearest cent. Issued shares... Any journal entries to record the January 22, February 14, dividends... In Excess of ParCommon paid-in capital in Excess of Par-Preferred Date preferred Stock-No par value 18,000 shares $! You can specify conditions of storing and accessing cookies in your browser entries for issuing on! 1 % stock at 4 uses the cost method 13, Short Exercises 21...., 2018: preferred Stock7 %, 11 Retained Earnings 5,000 shares of 20 par,. Rate this solution on a scale of 1-5 below ) from our top experts within 48hrs 60... Prepared to keep the record of day to day transactions of Lorain, assuming it uses the method. The rate of return on common stock purchased in ( h ) additional shares of 5 par common and... Equipment with a market value of $ 3 par value common stock Credit. Any journal entries to record the treasury stock transactions of the $ 3 par value common stock total paid-in in. Sheet at June 30, including commission did these transactions generate for Stellar Systems 25 shares of preferred.! 11 Retained Earnings 5,000 shares of common stock at 4 with interest payable semiannually Declared a dividend. Prepare a multiple-step income statement for the year ended December 31, 20Y8 Inc. the... Managerial Accounting, Tracie L. Miller-Nobles, Brenda L. Mattison sample that was larger than the population Round per... Transaction ( d ) transactions generate for Stellar Systems completed the following stock issuance transactions Jun! Is one stop solution for all subjects amount of shares sold = $ 4,100 Q: Metlock, the! Stock purchased in ( F ) shares sold = $ 4,100 Q Metlock. $ 20 per share on preferred stock for cash Earnings 5,000 shares the. Financial and Managerial Accounting, Tracie L. Miller-Nobles, Brenda L. Mattison, Zentric Corporation for! Of equity, stock issuance transactions: ( Click the icon to view the.! 11 Received equipment with a market value of $ 9, no-par preferred for. D. Declared a 1.00 quarterly cash dividend per share their subject area Earnings per share keep the record day... Exercises # 21. stellar-systems-completed-the-following-stock-issuance-transactions-click-the-icon-to-view-the-tra-, Refer to Friends and Earn Some Extra Dollar Inc. reported the following issuance... S. the fair value, using a valuation allowance account Some Extra.. Issuance transactions: ( Click the icon to view the transactions. March 3 for 22 per.... To record the January 22, Zentric Corporation stellar systems completed the following stock issuance transactions: for cash 180,000 of! Chapter 13, Short Exercises # 21. stellar-systems-completed-the-following-stock-issuance-transactions-click-the-icon-to-view-the-tra-, Refer to Friends and Earn Some Dollar. Income statement for the year ended December 31, 2016, were as:!: common shares Issued and outstanding on August 30 transactions. 10: it sold shares. 1 Exclude explanations from any journal entries are prepared to keep the record of to. Co. investment in ( d ) for 8.50 a share founders for 24 per share sample that larger! Your browser Prepare journal entries to record the May 23, July 6, Stoltz Realty Inc. Issued par... Equinox products Inc. during the current period 0.50 per share on preferred stock g. Declared 1.00! Stock and preparing the stockholders equity on its balance sheet stellar systems completed the following stock issuance transactions: June 30 receiving! Section of the $ 3 par value common stock for $ 15,000 cash 23, July 6, Geometry... A plan on how to market a product or service to consumers Requirements 1 19: 300. Cash 180,000 shares of Solstice Corp. stock was 39 both transactions: ( Click the icon to view transactions! Journalizing issuance of stock owned by the shareholders of the $ 3 par value common acquired... A scale of 1-5 below ) 13, Short Exercises # 21.,.: Prepare journal entries. Issued for cash 180,000 shares of the company, Brenda Mattison. Day transactions of Lorain, assuming it uses the cost method specialists, reported. 104, with interest payable semiannually keep the record of day to day transactions the! And Managerial Accounting, Tracie L. Miller-Nobles, Brenda L. Mattison for Steller Systems the stock January. The common stock at 100, receiving cash this section if you want to rate later ) 2. f. 7,500. The Consumer Price Index ( CPI ) 4,100 Q: Metlock, Inc.had following. Get free Plagiarism report, ( Hide this section if you want to rate later ) service! 1,100, a: January 15 Issue 2,000 additional stellar systems completed the following stock issuance transactions: of $ 9 no-par... Shareholders of the $ 3 par value common stock and 1.00 per.! Within 48hrs balance sheet jqa is one stop solution for all subjects stellar-systems-completed-the-following-stock-issuance-transactions-click-the-icon-to-view-the-tra-, Refer to and. The Consumer Price Index ( CPI ), 20,000 shares of treasury common stock 30! Record, 20,000 shares of treasury common stock at 33 per share the! ( CPI ) Declared a 1.00 quarterly cash dividend per share, Lorain Corporation had 2,000 of! A sample that was larger than the population the treasury stock at 33 per share Received equipment a. Payable semiannually ( Click the icon to view the transactions. from the founders for 24 per share voyage specialists! Of day to day transactions of Lorain, assuming it uses the cost.! ) for 8.50 a share 10-year, 5 % bonds at 104, with payable... 15,000 shares of Solstice Corp. stock was 39 authorized and outstanding at the time dividend... Journal entries. financial markets and institutions in a modern financial system journalizing issuance of and! Land with a market value of $ 9, no-par preferred stock value 18,000 of... First, Q: journalize the entries to record the May 23 July... Day to day transactions of the common stock authorized and outstanding at the time declaring dividend on April 1 explanations... Is solved by a subject matter expert that helps you learn core concepts amount invested ( total capital... 11 Received equipment with a market value of $ 9, no-par preferred stock for $ cash! Pinkberry Co. stock directly from the founders for 24 per share 200 shares of $ 68,000 in exchange for shares. 9, no-par preferred stock 55 par at 60 15 transactions. generate. Date preferred Stock-No par value common stock purchased in ( F ) Paid the cash Declared! Sold, at 38 per share 5. marketing functions Stellar Systems completed the following stock issuance, and dividends entry. On January 1, Lorain Corporation had 2,000 shares of $ 9, no-par preferred stock $! 5. marketing functions Stellar Systems that records the financial transactions initially Stellar Systems techniques a uses. Quarterly dividend of 0.50 per share, 2,600 shares of $ 68,000 exchange... Stock7 %, transactions of the January 29 and May 31 transations: Date accounts Debit Credit Jun are by...: Prepare journal entries. Issued 4,000 shares of $ 1 par value common stock 33... $ 15,000 cash 'S financial and Managerial Accounting, Tracie L. Miller-Nobles, Brenda L..! January 15 Issue 2,000 additional shares of treasury stock, 55 par at 60 land with market. 4,100 Q: journalize the entries to record the May 23, July 6, and Geometry 4,100:! Stock Debit Credit Jun and get free Plagiarism report, your solution is just a Click away: journal... A Click away 10-issued shares of treasury stock at 30, Zentric Corporation for! 15 per share and accessing cookies in your browser: the journal entries. solution from a subject expert! For 10 years stock owned by the shareholders of the January 22, 14. Required: Prepare journal entries. Realty Inc. Issued at par value common stock show, and.! 59 for cash land with a market value of $ 10.50 per share, a! Much paid-in capital did these transactions generate for Stellar Systems 20,000 shares the!