On May 10, Pronghorn Corp. issues 2,200 shares of $4 par value common stock for cash at $14 per share. what is the journal entry issuance of the stock?
Q: Nebraska Inc. issues 2,350 shares of common stock for $75,200. The stock has a stated value of $13…
A: Common stock refers to a security that speaks to ownership in an organization. Holders of common…
Q: Sneed Corporation issues 13,300 shares of $46 par preferred stock for cash at $61 per share. The…
A: Whenever the preferred stock shares are issued at premium i.e above their par value, the par value…
Q: E11-3 During its first year of operations, Foyle Corporation had the following transactions…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: On May 10, Bramble Corp. issues 1,200 shares of $7 par value common stock for cash at $12 per share.…
A: Journal: Recording of a business transactions in a chronological order.
Q: Bramble Corporation is authorized to issue both preferred and common stock. The par value of the…
A: Date Account Titles and Explanatiion Debit $ Credit $ Feb. 1 Cash (19500*57) 1111500…
Q: Flounder Corp. is authorized to issue both preferred and common stock. The par value of the…
A: If the Preferred shares are issued for more than the par value, then the excess cash received goes…
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: On July 1, Marin Inc. purchases 510 shares of its $5 par value common stock for the treasury at a…
A: Solution:- Preparation of journal entry as follows under:-
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: Rodriguez Corporation issues 7,000 shares of its common stock for $31,800 cash on February 20.…
A: Lets understand the basics. Stated value or par value is a value which is assign to corporation's…
Q: What is the journal entry for the entry? Flounder Corp. is authorized to issue both preferred and…
A: Journal entries are prepared to record the financial and non-financial transactions of the business…
Q: Shamrock, Inc. issues 9,100 shares of $106 par value preferred stock for cash at $114 per share.…
A: Total amount received = No. of shares issued x Issue price per share = 9,100 shares x $114 per…
Q: Tulip Corporation uses the cost method to account for treasury stock transactions on December 31.…
A: Journal entry is a record of financial transaction in the books of accounts prepared using the three…
Q: Nebraska Inc. issues 4,150 shares of common stock for $132,800. The stock has a stated value of $18…
A: The organization can raise funds for the operation by issuing common stock, preferred stock for the…
Q: 11-04: Ivanhoe Company had these transactions during the current period. June 12 Issued 86,500…
A: given that, 1) issued 86500 shares and par value per share = $1 2) issued 3100 shares of $103 par…
Q: Ivanhoe Company had these transactions during the current period. June 12 Issued 86,500 shares…
A: Par Value: Par value is a value of single share. This value is shown on the stock certificate at the…
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: Journalize the issuance of the stock
A: Stocks (Common Stock and Preferred Stock): There are two types of the share capital of a company.…
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: Nebraska Inc. issues 3,050 shares of common stock for $97,600. The stock has a stated value of $11…
A: The journal entry for stock issuance is represented as: Cash…
Q: Indigo Corporation is authorized to issue both preferred and common stock. The par value of the…
A: Journal entries Date…
Q: )On January 1, Sunland Corporation had 270000 common shares issued. On April 10, the company…
A: Stock dividend is a method of capitalizing the retained earning. Under this, no profit is…
Q: 3 On June 1, Forest Inc. issues 4,000 shares of no-par common stock at a cash price of $7 per…
A: Journal Entry: It is the duty of the accountant to record business economic and non-economic…
Q: On April 1, 8,000 shares of $7 par common stock were issued at $25, and on April 7, 2,000 shares of…
A: If the shares (common or preferred) are issued for more than a par value of a share, the excess…
Q: Can you Post to the stockholders’ equity accounts using T Accounts? Flounder Corp. is authorized…
A: Paid in excess of par per share (Feb 1)=Issue price-Par value=$53-$50=$3
Q: On May 1, 10,000 shares of $10 par common stock were issued at $30, and on May 7, 5,000 shares of…
A: The Numerical has covered the concept of Stock Transaction. Here, Common Stock:- Common Stocks are…
Q: Larkspur, Inc. issues 7,600 shares of $108 par value preferred stock for cash at $116 per share.…
A: If the shares are issued for more than a par value of stock, then the excess amount goes to Paid-in…
Q: Nebraska Inc. issues 2,300 shares of common stock for $73,600. The stock has a stated value of $12…
A: Given that issued common stock = 2300 shares stated value = $12 per share
Q: On June 1, Marin Inc. issues 1,200 shares of no-par common stock at a cash price of $5 per share.…
A: The organization can raise fund for the operation song integrity by issuing common stock, preferred…
Q: Nelson Corporation issued 9,000 shares of $3 stated value common stock for $11 per share on July…
A: The organization can raise funds for the operation song integrity by issuing common stock, preferred…
Q: Ivanhoe Company had these transactions during the current period. June 12 Issued 82,500 shares…
A: Amount credited to common stock = $82,500*$1 Amount credited to common stock = $82,500 Paid in…
Q: Sage Corporation issued 392 shares of $10 par value common stock and 128 shares of $50 par value…
A: Under proportionate method, the lump sum amount has to be allocated between common stock and…
Q: Novak Corp. is authorized to issue both preferred and common stock. The par value of the preferred…
A: Preferred stock is another source of funds for an organization other than common stock. Preference…
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: The par value of the preferred is $50. During the first year of operations, the company had the…
A: Journal Entry Date Account Title Debit Credit Feb 1 Cash (46,500 ×$53) $2,464,500…
Q: Sheffield Corp. issues 8,500 shares of $100 par value preferred stock for cash at $106 per share.…
A: Additional paid in capital = (Issue price per share - face value per share)*No. of shares issued =…
Q: Nebraska Inc. issues 3,000 shares of common stock for $45,000. The stock has a par value of $10 per…
A: Common stock refers to the security that represents ownership of the stockholders in the company.…
Q: Nebraska Inc. issues 3,000 shares of common stock for $45,000. The stock has a stated value of $10…
A: When shares has no face value but are having a stated value then common stock account should be…
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: Rodriguez Corporation issues 8,000 shares of its common stock for $161,400 cash on February 20.…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: On Jan 1, Niumbus ent. issues 4,550 shares of no-par common stock at a cash price of P9 per share.…
A: Journal entries is an process of recording accounting transactions in the books of an enterprise and…
Q: Pina Colada Inc. issues 4,650 shares of $100 par value preferred stock for cash at $145 per share.…
A: Paid in capital in excess of stated value = (Issue value per share - Stated value per share) x No.…
11-02: On May 10, Pronghorn Corp. issues 2,200 shares of $4 par value common stock for cash at $14 per share.
what is the
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- 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: Journalize the transactions and calculate how many shares of stock are outstanding at August 3.Spring Company is authorized to issue 500,000 shares of $2 par value common stock. In its first year, the company has the following transactions: Journalize the transactions and calculate how many shares of stock are outstanding at August 3.A company issued 40 shares of $1 par value common stock for $5,000. The journal entry to record the transaction would include which of the following? A. debit of $4,000 to common stock B. credit of $20,000 to common stock C. credit of $40 to common stock D. debit of $20,000 to common stock
- Stockholders equity accounts and other related accounts of Gonzales Company as of January 1, 20--, the beginning of its fiscal year, are shown below. (a)Received 20,000 for the balance due on subscriptions for preferred stock with a par value of 40,000 and issued the stock. (b)Purchased 10,000 shares of common treasury stock for 18 per share. (c)Received subscriptions for 10,000 shares of common stock at 19 per share, collecting down payments of 45,000. (d)Issued 15,000 shares of common stock in exchange for land with a fair market value of 290,000. (e)Sold 5,000 shares of common treasury stock for Si00,000. (f)Issued 10,000 shares of preferred stock at 11.50 per share, receiving cash. (g)Sold 3,000 shares of common treasury stock for 17 per share. REQUIRED 1. Prepare general journal entries for the transactions, identifying each transaction by letter. 2. Post the journal entries to appropriate T accounts. The cash account has a beginning balance of 300,000. 3. Prepare the stockholders equity section of the balance sheet as of December 31, 20--. Net income for the year was 825,000 and dividends of 400,000 were paid.Nutritious Pet Food Companys board of directors declares a cash dividend of $1.00 per common share on November 12. On this date, the company has issued 12,000 shares but 2,000 shares are held as treasury shares. The company pays the dividend on December 14. What is the journal entry to record the payment of the dividend?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) Received payment of 30,000 on the stock subscription in transaction (a). (c) Received the balance in full for the stock subscription in transaction (a) and issued the stock. (d) Purchased 1,000 shares of its own 2 par common stock for 7.50 a share. (e) Sold 500 shares of the stock on transaction (d) for 8.50 a share.
- Stockholders' Equity section of balance sheet The following accounts and their balances appear in the ledger of Goodale Properties Inc. on June 30 of the current year: Prepare the Stockholders Equity section of the balance sheet as of June 30. Eighty thousand shares of common stock are authorized, and 9,000 shares have been reacquired.Nutritious Pet Food Companys board of directors declares a cash dividend of $1.00 per common share on November 12. On this date, the company has issued 12,000 shares but 2,000 shares are held as treasury shares. What is the journal entry to record the declaration of this dividend?Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were as follows: a. Issued 15,000 shares of 20 par common stock at 30, receiving cash. b. Issued 4, 000 shares of 80 par preferred 5% stock at 100, receiving cash. c. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. d. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. 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. e. Paid the cash dividends declared in (d). f. Purchased 7,500 shares of Solstice Corp. at 40 per share, plus a 150 brokerage commission. The investment is classified as an available-for-sale investment. g. Purchased 8,000 shares of treasury common stock at 33 per share. h. Purchased 40,000 shares of Pinkberry Co. stock directly from the founders for 24 per share. Pinkberry has 125,000 shares issued and outstanding. Equinox Products Inc. treated the investment as an equity method investment. i. Declared a 1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. j. Paid the cash dividends to the preferred stockholders. k. Received 27,500 dividend from Pinkberry Co. investment in (h). l. Purchased 90,000 of Dream Inc. 10-year, 5% bonds, directly from the issuing company, at their face amount plus accrued interest of 37 5. The bonds are classified as a held-to-maturity long -term investment. m. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (g). n. Received a dividend of 0 .60 per share from the Solstice Corp. investment in (f). o. Sold 1,000 shares of Solstice Corp. at 45, including commission. p. Recorded the payment of semiannual interest on the bonds issue d in (c) and the amortization of the premium for six months. The amortization is determined using the straight-line method . q. Accrued interest for three months on the Dream Inc. bonds purchased in (I). r. Pinkberry Co. recorded total earnings of 240 ,000. Equinox Products recorded equity earnings for its share of Pinkberry Co. net income. s. The fair value for Solstice Corp. stock was 39. 02 per share on December 31, 2016. The investment is adjusted to fair value , using a valuation allowance account. Assume Valuation Allowance for Available-for-Sale Investments h ad a beginning balance of zero. Instructions 1. Journalize the selected transactions. 2. After all of the transaction s for the year ended December 31, 201 6, had been poste d [including the transactions recorded in part (1) and all adjusting entries), the data that follows were taken from the records of Equinox Products Inc. a. Prepare a multiple-step in come statement for the year ended December 31, 201 6, concluding with earnings per share . In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were 100,000. ( Round earnings per share to the nearest cent.) b. 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.
- Ammon Company is authorized to issue 500,000 shares of $5 par value preferred stock. In its first year, the company has the following transaction: Mar. 1, issued 40,000 shares of preferred stock at $20.50 per share. Journalize the transaction.Outstanding Stock Lars Corporation shows the following information in the stockholders equity section of its balance sheet: The par value of common stock is S5, and the total balance in the Common Stock account is $225,000. There are 13,000 shares of treasury stock. Required: What is the number of shares outstanding? Use the following information for Exercises 10-58 and 10-59: Stahl Company was incorporated as a new business on January 1, 2019. The company is authorized to issue 600,000 shares of $2 par value common stock and 80,000 shares of 6%, S20 par value, cumulative preferred stock. On January 1, 2019, the company issued 75,000 shares of common stock for $15 per share and 5,000 shares of preferred stock for $25 per share. Net income for the year ended December 31, 2019, was $500,000.Nutritious Pet Food Companys board of directors declares a cash dividend of $5,000 on June 30. At that time, there are 3,000 shares of $5 par value 5% preferred stock outstanding and 7,000 shares of $1 par value common stock outstanding (none held in treasury). What is the journal entry to record the declaration of the dividend?