On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 320,000 shares of no-par common stock (with a stated value of $2) at $6, and on August 3, it issued for cash 30,000 shares of $65 par preferred stock at $68. a.  Journalize the entries for February 12 and August 3, assuming that the common stock is to be credited with the stated value. For a compound transaction, if an amount box does not require an entry, leave it blank. Feb. 12 Cash                      Aug. 3                         b.  What is the total amount invested (total paid-in capital) by all stockholders as of August 3?

Q: On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 210,000 shares of…

A: Given: Cash issued for share = $ 210,000 Par value = $ 30 Common stock = $ 34 Cost of preferred…

Q: Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake…

A: Shares which are bought back by the company from the open market but not retired from the company…

Q: On October 31, Pidgeon Stones Inc., a marble contractor, issued for cash 70,300 shares of $10 par…

A: The firm can raise the amount through different modes some of them are, by issuing common stock, by…

Q: On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 736,000 shares of no-par…

A: If the shares are issued at more than a par value of a share, the excess amount goes to Paid-in…

Q: On January 22, Limerick Corporation issued for cash 15,000 shares of no-par common stock at $15. On…

A: Common stock: These are the shares issued by a company to an outsider. These shares entitle a share…

Q: On October 31, Pidgeon Stones Inc., a marble contractor, issued for cash 320,000 shares of $5 par…

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

Q: On July 1, Hanson Corporation issued 10 shares of $100 par value preferred stock for cash of $1,000…

A: Preferred stock runs more like a bond than regular stock. Preferred stock dividend yields are…

Q: Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake…

A: The companies issue the securities to receive capital for the company. The securities can be common…

Q: On May 10, a company issued for cash 2,000 shares of no-par common stock (with a stated value of $2)…

A: Given that: Common stock shares issued = 2000 shares Preferred Stock shares = 3000 shares

Q: Lava Lake Inc. bottles and distributes spring water. On February 11 of the current year, Lava Lake…

A: Treasury stocks are the stocks which the organization has bought back from the shareholders  Under…

Q: On June 1, Sheffield Inc. issues 3,350 shares of no-par common stock at a cash price of $7 per…

A: Paid in capital in excess of stated value = (Par value per share - Stated value per share) x No. of…

Q: On October 31, Legacy Rocks Ic., a marble contractor, issued for cash 74,600 shares of $10 par…

A: a.

Q: During its first year of operations, Culver Corporation had these transactions pertaining to its…

A:

Q: On May 10, a company issued for cash 1,000 shares of no-par common stock (with a stated value of $5)…

A: Amount credited to common stock = 1,000*$5 Amount credited to common stock = $5,000   Amount…

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.  Journal entry: A journal entry is…

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. The selling of shares could be…

Q: On February 10, Peerless Rocks Inc., a marble contractor, issued for cash 40,000 shares of $10 par…

A: Any excess cash paid for the shares goes to Paid-in Capital in excess of par Account.  Total Paid-in…

Q: Ivanhoe Corporation issued 341 shares of $10 par value common stock and 145 shares of $50 par value…

A: Journal entry to record the issuance:: Cash account Dr::$19188...      To Common stock…

Q: On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 729,000 shares of no-par…

A: Shareholders equity balance includes common stock, preferred stock, additional paid-in capital. From…

Q: Prepare the issuer's journal entry for each of the following separate transactions. a. On March 1,…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Lava Lake Inc. bottles and distributes spring water. On February 11 of the current year, Lava Lake…

A: Treasury Stock: Treasury stocks, which are often referred to as treasury shares, are the part of a…

Q: Sheridan Corporation issued 335 shares of $10 par value common stock and 103 shares of $50 par value…

A: Given information is: Common stock shares = 335 shares  Preferred Stock shares = 103 shares

Q: Professional Products Inc., a wholesaler of office products, was organized on February 5 of the…

A: Increase in assets should be debited and decrease in assets should be credited. Increase in equity…

Q: Lava Lake Inc. bottles and distributes spring water. On February 11 of the current year, Lava Lake…

A: JOURNAL ENTRIES : DATE PARTICULARS DEBIT CREDIT         FEB 11 TREASURY STOCK  $321,900…

Q: Professional Products Inc., a wholesaler of office products, was organized on February 5 of the…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

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: On October 31, Legacy Rocks Inc., a marble contractor, issued for cash 100,000 shares of $5 par…

A: Workings: Issued 100000 shares @ 9 each = 100000 x 9 = 900000 Par value of each is 5 = 100000 x 5 =…

Q: Biscayne Bay Water Inc. bottles and distributes spring water. On May 14 of the current year,…

A:

Q: Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake…

A: In this numerical has covered the concept of Treasury Stock. Treasury Stock is also known as…

Q: Pronghorn Corp began operations on April 1 by issuing 52,200 shares of $4 par value common stock for…

A: Journal entries: A journal entry is recorded for every business transaction. It is the first step in…

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: On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 73,600 shares of…

A: a. Date Description Debit Credit jan. 22 Cash (73,600*55) $4,048,000           Common stock…

Q: On October 31, Legacy Rocks Inc., a marble contractor, issued for cash 72,900 shares of $10 par…

A: Issue of shares is one of the important source of finance being used in business. It consists of…

Q: sued for cash 320,000 shares of $5 par common stock at $12, and on November 19, it issued for cash…

A: Date                        General Journal Debit  Credit Oct 31 Cash (320000*12) 3840000…

Q: On October 31, Legacy Rocks Inc., a marble contractor, issued for cash 400,000 shares of $10 par…

A: a.

Q: On June 1, Larkspur, Inc. issues 1,100 shares of no-par common stock at a cash price of $8 per…

A: Total amount received = No. of shares issued x Issue price per share = 1,100 shares x  $8 per share…

Q: Rodriguez Corporation issues 17,000 shares of its common 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. A no-par…

Q: Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake…

A: Buyback shares - it refers to the repurchasing of shares of stock by the company that issued them.…

Q: On May 27, Idress Clothing Inc. reacquired 64,000 shares of its common stock at $12 per share. On…

A: The question s based on the concept of Financial Accounting.

Q: On October 31, Legacy Rocks Inc., a marble contractor, issued for cash 74,600 shares of $10 par…

A: A. Record journal entries for October 31 and November 19 as shown below:

Q: On May 15, Helena Carpet Inc., a carpet wholesaler, issued for cash 120,000 shares of no-par common…

A: Paid in capital is the capital which is received by the issuer in the exchange of issuing shares to…

Q: On May 23, Stoltz Realty Inc. issued for cash 111,000 shares of no-par common stock (with a stated…

A: Journal is a place where accounting transactions are listed in the book keeping system before ledger…

Q: Prepare the issuer's journal entry for each of the following separate transactions. a. On March 1,…

A: For running any business or company , we need to have long term sources of funds so that business…

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: On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 240,000 shares of no-par…

A: Cash received on issue of Common stock = 240,000*$12 per share = $2,880,000 Cash received on issue…

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: lefrerson contractor, sued for 73,000 shares of $45 par common stCk at $54, and on February 2 issued…

A: Journal is the accounting format in which monetary transactions are firstly recorded in the…

Q: Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake…

A: . Treasury stock implies the stock previously issued which is repurchased by a company. Treasury…