Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first year, the company has the following transactions: Jan. 31 Issued 45,000 shares at $11 share. Jun. 10 Issued 110,000 shares in exchange for land with a clearly determined value of $850,000. Aug. 3 Purchased 11,000 shares of treasury stock at $8 per share. A. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Jan. 31   fill in the blank fill in the blank     fill in the blank fill in the blank     fill in the blank fill in the blank Jun. 10   fill in the blank fill in the blank     fill in the blank fill in the blank     fill in the blank fill in the blank Aug. 3   fill in the blank fill in the blank     fill in the blank fill in the blank B. Calculate how many shares of stock are outstanding at August 3. fill in the blank  ________shares

Q: St. Marie Company is authorized to issue 1,000,000 shares of $5 par value preferred stock, and…

A: The journal entries are prepared to keep the record of day to day transactions of the business on…

Q: Montana Company was authorized to issue 80,000 shares of common stock. The company had issued 27,000…

A: Calculate the number of shares outstanding as follows: Outstanding shares = Issued shares - Treasury…

Q: Anslo Fabricating, Inc. is authorized to issue 10,000,000 shares of $5 stated value common stock.…

A: Formula: Cash received = Number of shares issued x Issue price per share

Q: Autumn Corporation was organized in August. It is authorized to issue 100,000 shares of $100 par…

A: Journal entries: Date Account title and explanation Debit Credit Aug. 22 Cash [2,000 x $105 ]…

Q: Smart Corp. was organized on Jan. 1 with authorization of 10,000 shares of $5 preferred stock, $100…

A: The entry for preferred stock issued   Date Particular Debit ($) Credit ($) Dec 31 Cash 20,000…

Q: During its first year of operations, Johnson Corporation had the following transactions pertaining…

A: Working notes:  Jan 10 = 80,800 shares * $6 per share. = $484800  Jan 10 = 80,800 shares * $4 per…

Q: (a) Prepare the journal entry for the issuance assuming the par value of the common stock was $5 and…

A:

Q: Journal entries? Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common…

A: The journal entries are prepared to keep the record of day to day transactions of the business on…

Q: Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 320,000 shares of $10 par…

A: Common shares (Transaction 1)=Number of shares×Par value=20,000×$10=$200,000

Q: St. Marie Company is authorized to issue 1,000,000 shares of $5 par value preferred stock, and…

A: The organization can raise funds for the operation song integrity by issuing common stock, preferred…

Q: Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 470,000 shares of $10 par…

A: Any amount paid in excess of the par value of share goes to Paid-in Capital in excess of Par.

Q: Sunshine Corp. was organized on Jan. 1 with authorization of 20,000 shares of $5 preferred stock,…

A: Common Stock - Common Stock is the stock issued to the public for raising capital. This recorded in…

Q: Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 420,000 shares of $11 par…

A: The stockholders' equity section record the total investment and retained earnings that belong to…

Q: Anslo Fabricating, Inc. is authorized to issue 10,000,000 shares of $5 stated value common stock.…

A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…

Q: St. Marie Company is authorized to issue 1,000,000 shares of $5 par value preferred stock, and…

A: Journal entries: Date Account journal Debit $ Credit $ Jan 31 Cash 1,632,000     Common stock…

Q: The entry to record the above transaction would include a a. debit to Cash for $85,000 b. credit to…

A: Common stock: These are the ordinary shares that a corporation issues to the investors in order to…

Q: What is the total amount recorded in the Common Stock account at the end of 20X2?   Select one:…

A: Total Shareholders' Equity  = Common Stock + Retained Earnings

Q: Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first…

A: • Whenever Common Stock shares are allotted in cash at an amount above its par value, the additional…

Q: When Wisconsin Corporation was formed on January 1, the corporate charter provided for 100,000…

A: Common stock is a share of ownership issued to the shareholders. It is the most commonly used means…

Q: When Wisconsin Corporation was formed on January 1, the corporate charter provided for 100,000…

A: Common stock: These are the ordinary shares that a corporation issues to the investors in order to…

Q: Global Marine obtained a charter from the state in January that authorized 1,000,000 shares of…

A: 1.

Q: Dwight Corporation in its first year of operations had the following stock transactions.…

A: Journal Entry :— It is an act of recording transaction when it is occured in books of accounts for…

Q: Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first…

A: Whenever a company issues common stock, then common stock is credited and cash is debited. If common…

Q: Boron Company is authorized to issue 50,000 shares of $50 par value, 8%, cumulative, fully…

A: Journal entries are the entries to be recorded in the accounting books of the business for all the…

Q: On January 1, 20X1, Wooden Company issued 16,000 shares of $2 par value common stock for $120,000.…

A: Lets understand the basics. Treasury shares are shares which are purchased back by the company after…

Q: Global Marine obtained a charter from the state in January that authorized 1,000,000 shares of…

A: 1. The stock has been issued at $60. Given par value is $5. SO, excess paid in capital =$60-$5=…

Q: Global Marine obtained a charter from the state in January that authorized 1,000,000 shares of…

A:

Q: On January 1, Lorain Corporation had 2,000 shares of $5 par common stock authorized and outstanding.…

A: Treasury stock: Treaseury stock are the shares which are bought back by the company from the open…

Q: Incentive Corporation was authorized to issue 12,000 shares of common stock, each with a $2 par…

A: Solution: stockholders’ equity section of incentive corporation is as under:

Q: When Wisconsin Corporation was formed on January 1, the corporate charter provided for 100,000…

A: Common stock: These are the ordinary shares that a corporation issues to the investors in order to…

Q: Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first…

A: The organization can raise fund for the operation song integrity by issuing common stock, preferred…

Q: Sunshine Corp. was organized on Jan. 1 with authorization of 20,000 shares of $5 preferred stock,…

A: Journal is the book where transactions are originally recorded. Further, a journal entry is used to…

Q: Autumn Corporation was organized in August. It is authorized to issue 100,000 shares of $ 100 par…

A: The journal keeps the record for day to day transactions of the business. The shares issued at…

Q: United Resources Company obtained a charter from the state in January of this year. The charter…

A: Stockholders' equity refers to the total amount of capital contributed  by shareholders to a…

Q: Monsoon Company carried out the following transactions related to its common and preferred shares.…

A: Preference shares, also known as preferred stock, are securities that pay dividends to owners before…

Q: The Vogel and Wallis Corporation is authorized to issue 15,000 shares of 10%, $50 par value…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first…

A: Shares can be referred to as the small denominations of the share capital of a company. The shares…

Q: Bramble Corporation is authorized to issue both preferred and common stock. The par value of the…

A: Solution: Preferred stock Date Explanation Ref. Debit Credit Balance 1-Feb     $1,050,000.00…

Q: OM, Inc. was organized on January 1, 20X4. The firm was authorized to issue 100,000 shares of $2 par…

A: Issued 30,000 shares @ $ 7 = $ 210,000 Issued 30,000 shares @ $ 8 = $ 240,000

Q: OM, Inc. was organized on January 1, 20X7. The firm was authorized to issue 1,000,000 shares of $2…

A: The firm authorized to issue 1,000,000 shares, with par value of $2

Q: Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first…

A: Authorized share capital means the share capital which is the company is legally authorized to…

Q: [The following information applies to the questions displayed below.] Worldwide Company obtained a…

A: Stockholders' equity is a part of balance sheet written down under the liabilities. It shows the…

Q: When Bunyan Corporation was formed on January 1, the corporate charter provided for 90,000 shares of…

A: Journal entry: Journal entry is a set of economic events that can be measured in monetary terms.…

Q: Sunshine Corp. was organized on Jan. 1 with authorization of 20,000 shares of $5 preferred stock,…

A: When an event occurs in the business and it can be measured and expressed in terms of money, it…

Q: The Vogel and Wallis Corporation is authorized to issue 15,000 shares of 10%, $50 par value…

A: 1. AMOUNT OF PREFERRED STOCK : = $5,000 X $55  = $275,000   2. AMOUNT OF COMMON STOCK : = $16,000 X…

Q: Marcy Company had 30,000 shares of common stock at the beginning of the year. On July 1, it issued…

A: Formulas: Weighted average number of shares = Actual shares out standing * Fraction of year…

Q: The charter of Dogwood Corporation authorizes the issuance of 1,000 shares of preferred stock and…

A: Any amount received in excess of par value of a share is known as paid-in capital in Excess of Par.…

Q: ortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first…

A: When shares of the company are issued at a value more than par value, then it means shares are…

Q: Worldwide Company obtained a charter from the state in January that authorized 200,000 shares…

A:

Stockholder's Equity

The stockholders’ equity (often referred to as the book value of the company) is the number of assets available to the stockholder after its entire liabilities is paid off. The stockholders’ equity is also sometimes referred to as owner's equity. The stockholders’ equity or book value generally includes common stock, treasury stock retained earnings. It is an indicator of a company's financial strength and is an important item on the company's balance sheet.