On February 13, Elman Corporation issued for cash 75,000 shares of no-par common stock (with a stated value of $125) at $140. On September 9, Elman issued 15,000 shares of 1%, $60 preferred stock at par for cash. On November 23, Elman issued for cash 8,000 shares of 1%, $60 par preferred stock at $70. Journalize the entries to record the February 13, September 9, and November 23 transactions.

Q: On June 1, Riverbed Inc. issues 3,250 shares of no-par common stock at a cash price of $10 per…

A: Date Accounts Title and explanation Debit Credit June 1 Cash (3250*10) $32,500           Common…

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: Rodriguez Corporation issues 19,000 shares of its common stock for $152,000 cash on February 20.…

A: Common stock: It refers to the security that provides the holder with the ownership rights in a…

Q: Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 380,000 shares of $11 par…

A:

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: On January 1, Tesla had 40,000 shares of $10 par value common stock issued and outstanding. All…

A: A treasury stock means a reacquired stock which is repurchased by the organization or company,…

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: Rodriguez Corporation issues 15,000 shares of its common stock for $209,500 cash on February 20.…

A: If shares were issued at a premium then the difference between issue price and par value is…

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: On December 1 of the current year, the following accounts and their balances appear in the ledger of…

A: Journal: Recording of a business transactions in a chronological order.

Q: At the end of its first year of operations, Mulligan Corporation has outstanding shares of 110,000…

A: The company issues preferred and common securities to raise capital. A fixed dividend is paid on…

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 1, Sheffield Corp. had 56,600 shares of no-par common stock issued and outstanding. The…

A: Dividend is payable on No. of outstanding shares.

Q: On June 1, Noonan Inc. issues 3,550 shares of no-par common stock at a cash price of $9 per share.…

A: All the transactions of an entity are properly accounted by making corresponding journal entries in…

Q: On January 1, Sweeney Corporation had 40,000 shares of $10 par value common stock issued and…

A: We have the following information: On January 1, Sweeney Corporation had 40,000 shares of $10 par…

Q: Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 430,000 shares of $9 par…

A: Total face value of Common stock issued = No. of shares issued x Par value per share = (21000+46000)…

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 May 10, Blue Spruce Corporation issues 3,050 shares of $10 par value common stock for cash at $20…

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

Q: Ayayal Corporation was organized on January 1, 2022. It is authorized to issue 10,000 shares of 8%,…

A: Stockholders equity is one of the important component of balance sheet of the company. It includes…

Q: On January 1, Pharoah Company had 64,500 shares of no-par common stock issued and outstanding. The…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: On January 22, Zentric Corporation issued for cash 180,000 shares of no-par common stock at $4. On…

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

Q: Wonder Sales is authorized to issue 100,000 shares of 2%, $100 par preferred stock and 1,000,000…

A: Paid in capital excess of par- preferred stock on January 2 nd = 5000 shares ×$10 = $50000

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: On January 1, Vermont Corporation had 43,000 shares of $9 par value common stock issued and…

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

Q: Inside Incorporated was issued a charter on January 15 authorizing the following capital stock:…

A: Stockholders' equity refers  to the resources staying in a business once all liabilities have been…

Q: On January 6, Dee-Light Corporation issued for cash 22,750 shares of $2 par value common stock at…

A: Common stock and preference stock are two types of stock issued by a company. When company receives…

Q: On May 23, Stoltz Realty Inc. issued for cash 80,000 shares of no-par common stock (with a stated…

A: It is assumed that the requirement for this question is the preparation of the journal entries.

Q: Bramble Corporation was organized on January 1, 2022. It is authorized to issue 10,500 shares of 8%,…

A: The process of recording business transactions in the books of accounts for the first time is…

Q: On September 10th, Orange Theory issued 25,000 shares of Common Stock for Cash, with a Par Value of…

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

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 February 13, Solo Inc. reacquires 50,000 shares of its $1 par value common stock at the current…

A: Financial statements are the recording of business transactions in the various statements which are…

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: On February 13, Epperson Company issued for cash 75,000 shares of no-par common stock (with a stated…

A: WORKING NOTE FOR AMOUNTS : $ FEB 13  CASH - 75,000 X 140 = 10,500,000 COMMON STOCK - 75,000 X 125 =…

Q: Wildhorse Corporation was organized on January 1, 2020. It is authorized to issue  9,300 shares of…

A: Journal Entries: No. Date Account Titles Debit($) Credit($)           1 Jan. 10 Cash $563,920…

Q: On February 13, Epperson Company issued for cash 75,000 shares of no-par common stock (with a stated…

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

Q: Pronghorn Corp. was organized on January 1, 2022. It is authorized to issue 19,800 shares of 7%, $50…

A: Any amount which is paid in excess of the face value of the stock needs to be credited to paid in…

Q: Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 310,000 shares of $8 par…

A: Stockholders' equity indicates the overall investment balance of the stockholders. It includes…

Q: Sheridan Company was organized on January 1, 2022. It is authorized to issue 12,500 shares of 8%,…

A: Stated Value: When it issues no-par stock with a stated value, a company carries the shares in the…

Q: On January 1, Vermont Corporation had 46,400 shares of $9 par value common stock issued and…

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

Q: Journalize the entries to record the May transactions. Refer to the Chart of Accounts for exact…

A: Given:

Q: On January 1, Molini Corporation had 95,000 shares of no-par common stock issued and outstanding.…

A: Definition: Dividends: This is the amount of cash distributed to stockholders by a company out its…

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: On October 10, the stockholders’ equity section of Sherman Systems appears as follows. Common…

A: Shareholder's Equity - This statement includes Common Stock, Paid in Capital in Excess of Par,…

Q: On January 1, Vermont Corporation had 40,000 shares of $10 par value common stock issued and…

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

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: 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: Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 380,000 shares of $11 par…

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

Q: Journalize the transactions of February14, March 5, and June 2.

A:

Q: Wonder Sales is authorized to issue 100,000 shares of 2%, $100 par preferred stock and 1,000,000…

A: When stock is issued at a price higher than the par value, they are said to be issued at premium.…

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.