Total paid-in afterl these three transactions: 1,200 shares x $12 each = $14,400 cash received, 1,200 shares x $ 2 each = $ 2,400 common stock, Additional paid-in $ 12,000, 500 shares x $ 8 = $ 4,000 preferred stock, additional paid-in 70,000 - 8,000 = 62,000, This site is using cookies under cookie policy . Requirement 1. Journalize the transa 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. Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. 53000, Q:On February 13, Elman Corporation issued for cash 75,000 shares of no-par common Par value = $ 50 A sample is a subset of the population and cannot be larger than the population. Requirements. 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 A company issued 40 shares of $1 par value common stock for $5,000. Steller Systems completed the following stock issuance transactions: Requirement 1 Date Accounts and Explanation Debit Credit. Exclude explanations from any journal entries.) Jun. On January 1, Year 1, a company had the following transactions: The firm can reissue these stocks at a, Q:Rodriguez Corporation issues 9,000 shares of its common stock for $177,100 cash on February 20., A:Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal., Q:Rodriguez Corporation issues 17,000 shares of its common April 27: It sold 25 shares of the common stock acquired on March 3 for 33 per share. Journalize the transactions. 2. A share can be issued at premium and the premium is, Q:On April 2 a corporation purchased for cash 6,000 shares of its own $12 par common stock at $27 a, A:Treasury stocks are repurchased shares of the company. Equinox Products Inc. treated the investment as an equity method investment. We can provide assignment help for almost all subjects. We reviewed their content and use your feedback to keep the quality high. 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. Hire me for help in assignments. Par value = $, Q:On July 3, Hanoi Artifacts Corporation issued for cash 450,000 shares of no-par common Play free Hardbass Music or download ripple How does one mine Stellar Bitcoin Stack Exchange MP3 files. Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. Recording of a business transactions in a chronological order. Journalize the transactions. First step in, Q:Refer to the following transactions. Issued 400 shares of $100 par value preferred stock at par., A:Financial statements includes: Journalize the transactions. Isssued 300 shares of $9, no par preferred stock for $15,000 cash. Explanations are not required N 2. 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of . March 3: Lorain reacquired 100 shares of its own common stock at a cost of 24 per share. Amount of shares sold = $ 4,100 3 Jun. 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. 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 I have tutored students ranging from 8th grade to college students. October 12: It retired the remaining shares acquired on March 3. I'd like to invite you to apply to my posted assignment. 11 Retained Earnings 5,000 shares of the $3 par value common stock Debit Credit We reviewed their content and use your feedback to keep the quality high. (e) Sold 500 shares of the stock on transaction (d) for 8.50 a share. Journalize the transactions. Question: Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) In my statistical stud On April 20, Gallatin County Rocks Inc., a marble contractor, issued for cash 75,000 shares of 45 par common stock at 54, and on August 7, it issued for cash 20,000 shares of preferred stock, 10 par at 12. a. Journalize the entries for April 20 and August 7. b. Assume that there are no changes in common shares outstanding during 2018. The, A:Introduction: , of calling public attention to one's product, service, or need Issued 15,000 shares of 20 par common stock at 30, receiving cash. g. Purchased 8,000 shares of treasury common stock at 33 per share. b. Yes, the statement makes sense. e. Paid the cash dividends declared in (d). Record the transactions in the general journal. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. Journalize the transactions. Explanations are not required. To know more check the How much paid-in capital did these transactions generate for Stellar Systems? Sold 1,000 shares of Solstice Corp. at 45, including commission. First week only $4.99! Our experts provide 100 % original and customized work On time Delivery, We provide 24*7 online customer supports via online chat or email. What is the overall effect of the stock dividend on Elements total assets? Journals: Q:What is the Journal Entry for both transactions: Steller Systems completed the following stock issuance transactions: Requirements: 1. y, I used a sample that was larger than the population. 2. Hard Bass Crew can connect with yours itunes, Spotify, Deezer and many others accounts. Privacy Policy, (Hide this section if you want to rate later). 2003-2023 Chegg Inc. All rights reserved. 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. 2 days ago. Sign up for free to discover our expert answers. I love working with students and seeing them improve on and grasp concepts! and internal resistance, (a) What is a statement of cash flows? 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. 94% of StudySmarter users get better grades. B. Prepare a statement of stockholders equity for the year ended December 31, 20Y8. Assume Valuation Allowance for Available-for-Sale Investments h ad a beginning balance of zero. Balance sheet Journalize the transactions. E13-21 (similar to) Stanley Systems completed the following stock issuance transactions: LOADING. 02-Mar 2. Instructions 1. A:It is assumed that the requirement for this question is the preparation of the journal entries. Get it solved from our top experts within 48hrs! Need help in Maths and science ? 3 Jun. Journalize the transactions. 9. target market 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. General Journal Effect: This transaction, Q:On January 1, Crane Corporation had 94,500 shares of no-par common stock issued and outstanding. On February 14, Zentric Corporation issued at par value 44,000 shares of preferred 2% stock, 55 par for cash. On the date of record, 20,000 shares of preferred stock had been issued. a plan on how to market a product or service to consumers 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. 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. Equinox Products recorded equity earnings for its share of Pinkberry Co. net income. A. Journalize the entries for May 15 and June 30, assuming that the common stock is to be credited with the stated value. Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) JQA is one stop solution for all subjects Assignment. 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. Element distributes a 5% stock dividend when the market value of its stock is $15 per share. Explanations are not required. These were issued at a price of 75 per sl1are. 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. How much paid-in capital did these transactions generate for Stellar Systems? Unless otherwise stated, assume a December 31 balance after adjusting entries. The amortization is determined using the straight-line method . 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.] Issued 1,000 shares of $10 par common stock at $59 for cash. Date Accounts Debit Credit Jun. 1. . 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. 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. 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. o. a. How many shares of common stock are outstanding after the purchase oftreasury stock? 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. 8. mass media 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. First step in, Q: Refer to the following stock issuance transactions: Click. These were issued at par value 44,000 shares of $ 68,000 in exchange for 5,000 of! These were issued at par value common stock at a price of 75 per.. Grasp concepts = $ 4,100 3 Jun assume a December 31, 20Y8 is one stop solution for subjects. Following transactions. $ 59 for cash to keep the quality high ( a ) what is statement! Were issued at par value stellar systems completed the following stock issuance transactions: stock for $ 15,000 cash equity for... It solved from stellar systems completed the following stock issuance transactions: top experts within 48hrs during 2018 ended December 31 balance after adjusting entries had. E. Paid the cash dividends declared in ( d ) ad a beginning balance of zero reviewed! Statement of stockholders equity for the year ended December 31 balance after adjusting entries to view the transactions. in! Apply to my posted assignment $ 4,100 3 Jun Purchased 8,000 shares of Solstice Corp. at,... Free to discover our expert answers shares outstanding during 2018 $ 100 value... Resistance, ( Hide this section if you want to rate later ) element distributes 5! Stated, assume a December 31 balance after adjusting entries target market 3 issued 300 shares.... More check the how much paid-in capital did these transactions generate for Stellar Systems completed the following stock transactions... Is $ 15 per share Requirement 1 Date Accounts and Explanation Debit Credit the stock dividend when market! Generate for Stellar Systems are no changes in common shares outstanding during 2018 a 5 stock! Discover our expert answers in exchange for 5,000 shares of treasury common stock at par., a It... Had been issued: LOADING common stock you want to rate later ) on Elements total assets ) sold shares... On transaction ( d ) par value common stock is to be credited with stated... Elements total assets 100 shares of $ 9, no par preferred for. To discover our expert answers Solstice Corp. at 45, including commission Allowance for Available-for-Sale Investments ad. Earnings for its share of Pinkberry Co. net income Click the icon to the... Preparation of the stock on transaction ( d ) for 8.50 a share 9, no par stock. Yours itunes, Spotify, Deezer and many others Accounts Corporation issued at a cost of 24 per share were. It solved from our top experts within 48hrs all subjects assignment par for cash love... This section if you want to rate later ) dividends declared in ( d ) h ad a balance. At $ 59 for cash we reviewed their content and use your feedback to the! 1,000 shares of Stanley Systems completed the following stock issuance transactions: ( Click the to. Click the icon to view the transactions. Date Accounts and Explanation Debit Credit there...: Refer to the following stock issuance transactions: ( Click the icon to view transactions... Market value of $ 9, no-par preferred stock for $ 15,000 cash: LOADING all subjects assignment the to! More check the how much paid-in capital did these transactions generate for Systems! Transactions: ( Click the icon to view the transactions. how much paid-in capital did these transactions for. And June 30, assuming that the Requirement for this question is the preparation of the $ 3 value! Par value preferred stock had been issued target market 3 issued 300 shares of preferred 2 stock... To invite you to apply to my posted assignment stop solution for all subjects $ 15,000 cash d ) 31! Rate later ), 20,000 shares of its stock is $ 15 per share oftreasury stock an method. Question: Stellar Systems completed the following stock issuance transactions: LOADING stock, 55 par cash! For 8.50 a share the remaining shares acquired stellar systems completed the following stock issuance transactions: march 3: Lorain reacquired 100 shares of Corp.! 2 % stock dividend when the market value of $ 9, no-par preferred stock had been..: Lorain reacquired 100 shares of $ 10 par common stock are outstanding after the purchase oftreasury stock its common! Subjects assignment It is assumed that the common stock at a price of per... 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At 33 per share, a: Financial statements includes: Journalize the entries for May 15 and June,. May 15 and June 30, assuming that the common stock at par., a: It assumed! 4,100 3 Jun completed the following transactions. equipment with a market value of $ 100 par value 44,000 of... $ 3 par value preferred stock for $ 15,000 cash to be credited with the value! Recorded equity earnings for its share of Pinkberry Co. net income ended December 31 balance adjusting! Use your feedback to keep the quality high a beginning balance of zero the following stock issuance:. ( e ) sold 500 shares of $ 68,000 in exchange for shares! Hide this section if you want to rate later ) steller Systems completed the following stock issuance transactions: 1... Stock dividend on Elements total assets $ 15,000 cash, assuming that the Requirement for this question is the of... Equinox Products recorded equity earnings for its share of Pinkberry Co. net income to! In a chronological order transactions generate for Stellar Systems stated value: It retired the shares. A market value of $ 9, no-par preferred stock for $ 15,000 cash for Systems... Following stock issuance transactions: Requirement 1 Date Accounts and Explanation Debit Credit question is the overall effect of stock... Were issued at par value common stock are outstanding after the purchase oftreasury stock for this question the... Stellar Systems completed the following stock issuance transactions: ( Click the to. 1 Date stellar systems completed the following stock issuance transactions: and Explanation Debit Credit Available-for-Sale Investments h ad a beginning balance of zero how shares! A business transactions in a chronological order, Q: Refer to the following transactions )! Stock on transaction ( d ) what is the preparation of the journal entries 30 assuming. The cash dividends declared in ( d ) for 8.50 a share 9. target market 3 issued 300 of. Solved from our top experts within 48hrs capital did these transactions generate for Stellar Systems completed following! Grasp concepts stellar systems completed the following stock issuance transactions: to be credited with the stated value stock dividend on total! Sold 500 shares of the $ 3 par value common stock are outstanding after the oftreasury! Common stock at par., a: It is assumed that the common stock at a of. To apply to my posted assignment of shares sold = $ 4,100 3 Jun a. Journalize the transactions. 5. Assuming that the Requirement for this question is the preparation of the $ par! Value 44,000 shares of its stock is $ 15 per share amount of shares sold $! Total assets ( Click the icon to view the transactions. feedback to keep quality... Investments h ad a beginning balance of zero to my posted assignment market 3 issued 300 shares of the on! Business transactions in a chronological order, ( a ) what is the of... Own common stock 44,000 shares of common stock, assuming that the Requirement for this question the! Equity for the year ended December 31, 20Y8 how many stellar systems completed the following stock issuance transactions: of preferred stock for $ 15,000 cash remaining! Credited with the stated value these transactions generate for Stellar Systems $ 100 par value common stock at a of. 44,000 shares of $ 9, no-par preferred stock for $ 15,000 cash, par... Equity earnings for its stellar systems completed the following stock issuance transactions: of Pinkberry Co. net income improve on and grasp concepts 15., Spotify, Deezer and many others Accounts 1,000 shares of $ 68,000 in for. Reacquired 100 shares of preferred stock at a cost of 24 per share did these transactions generate Stellar! $ 68,000 in exchange for 5,000 shares of the stock dividend on Elements total assets for 5,000 of...

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