On May 10, Monty Corp. issues 1,900 shares of $4 par value common stock for cash at $13 per share.Journalize the issuance of the stock. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit May 10 enter an account title enter a debit amount enter a credit amount   enter an account title enter a debit amount enter a credit amount   enter an account title

Q: Cullumber Company has 40,000 shares of $10 par value common stock outstanding. It declares a 10%…

A: Cucumber company's Common stock outstanding = 40000 shares Par value = $10 Total par value of shares…

Q: Kingbird, Inc. issues 9,700 shares of $102 par value preferred stock for cash at $110 per share.…

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

Q: Sunland Company had the following transactions pertaining to stock investments. Feb. 1 Purchased 800…

A: Journal means the book of prime entry where all entries are recorded in different pages. Ledger…

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

A: When the common stock is issued in excess of its par value, they are said to be issued at premium.…

Q: Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31,…

A: A journal entry is used to record the day-to-day transactions of an organization by debiting and…

Q: During its first year of operations, Larkspur, Inc. had the following transactions pertaining to its…

A: Journal entry is the process of recording the business transactions in the books of accounts for the…

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

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

Q: On May 1, Splish Brothers Corporation purchased 3.200 shares of its $10 par value common stock at a…

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

Q: On 2/1, Curly's Hair Supply purchased 11,000 shares of treasury stock at $4 per share. On 11/1,…

A: Treasury stock is stock repurchased by the issuer and intended for retirement or resale to the…

Q: Kingbird, Inc. issues 8,600 shares of $106 par value preferred stock for cash at $112 per share.…

A: Cash received will be = 8600*112 =$963,200 Preferred stock will be = 8600*106 = $911,600 Paid in…

Q: On May 20, the board of directors for Auction.com declared a cash dividend of 50 cents per share…

A: Date  Account titles and explanation  Debit in $  Credit in $  May, 20  Dividend's…

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 June 1, Marin Inc. issues 3,400 shares of no-par common stock at a cash price of $9 per share.…

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

Q: On March 15, American Eagle declares a quarterly cash dividend of $0.075 per share payable on April…

A: The dividend is declared from the retained earnings of the business.

Q: On June 1, Pronghorn Inc. issues 3,200 shares of no-par common stock at a cash price of $8 per…

A: Being to record issue of common stock

Q: Splish Brothers Inc. Issues 8,200 shares of $104 par value preferred stock for cash at $118 per…

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

Q: On May 10, Martinez Corp. issues 1,800 shares of $4 par value common stock for cash at $15 per…

A: The details regarding transaction is given. Required  Journal Entry.

Q: Oriole Corporation has 74,000 shares of common stock outstanding. It declares a $2 per share cash…

A: Dividends declared = Number of shares Outstanding ×Cash dividend per share  = 74000×$2 =$148,000

Q: Windsor, Inc. issues 9,600 shares of $102 par value preferred stock for cash at $115 per…

A: Preferred stock:The stock that provides a fixed amount of return (dividend) to its stockholder…

Q: On Sept. 1, Paddington, Inc., issued 1,000 shares of $10 stated value common stock for cash of $10…

A: Introduction: A journal records all of a company's financial activities as well as the accounts that…

Q: On May 20, the board of directors for Auction.com declared a cash dividend of 50 cents per share…

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

Q: Shamrock, Inc. issues 9,100 shares of $106 par value preferred stock for cash at $114 per share.…

A: Total cash received = No. of shares issued x Issue price per share = 9,100*$114 = $1,037,400

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: On June 1, Tamarisk, Inc. issues 2,900 shares of no-par common stock at a cash price of $5 per…

A: A journal entry is prepared by the company to record the non-economic & economic transactions of…

Q: Waterway Corporation has 41,500 shares of $10 par value common stock outstanding. It declares a 15%…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: On July 1, Larkspur, Inc. purchases 560 shares of its $5 par value common stock for the treasury at…

A: On July 1, Larkspur Inc.'s Purchased 560 shares of common stock for the treasury. Par value = $5 per…

Q: Divine Apparel has 3,800 shares of common stock outstanding. On October 1, the company declares a…

A: Total amount of dividend declared = No. of shares x dividend per share =3800*$0.25 = $950

Q: On February 1, 2020, Kingbird Corporation issued 3,900 shares of its $5 par value common stock for…

A: No. of shares issued = 3900 shares  per share value = $ 5 par value  Total value of common stock =…

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: Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31,…

A: Common Stock, Preference stock and Bonds all are sources of finance used by the company for raising…

Q: Divine Apparel has 2,700 shares of common stock outstanding. On October 1, the company declares a…

A: Dividends are the distribution of earnings by a company to its stakeholders. It is always paid based…

Q: Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31,…

A: Formulas: Cash = Number of shares * issue price --------------------- Common stock = Number of…

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

A: c. Paid in capital in excess of par - common stock = Inventory + Machinery - Note payable - Common…

Q: Please help

A: Cash = Number of shares * Issue price = 2100 * $14 = $29,400 Common stock value = Number of shares *…

Q: Delta Corporation issued 10,000 shares of no-par common stock for $1 per share on July 13. Record…

A: Answer:-  Common stock meaning:- A security that symbolizes ownership in a firm is known as common…

Q: 1. Homework Chapter 10

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

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: On June 1, Noonan Inc. issues 4,000 shares of no-par common stock at a cash price of $6 per…

A: Given: No. of shares issued = 4000 Stated value per share = $1 Issue price per share $6 Amount of…

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: Sunland Corporation issued 310 shares of $10 par value common stock for $4,650. Prepare Sunland’s…

A: Journal entry is a process of recording the business transactions in the books of accounts for the…

Q: On May 10, Ayayai Corp. issues 1,000 shares of $4 par value common stock for cash at $11 per share.…

A: Cash will be = 1000*11 = 11,000 Capital = 1000*4 =4000 Excess of capital = 11,000 - 4000=7000

Q: Bonita Corporation has 86,000 shares of common stock outstanding. It declares a S2 per share cash…

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

Q: On June 1, Metlock, Inc. issues 1,300 shares of no-par common stock at a cash price of $8 per share.…

A: Cash value will be = Number of shares * Cash price Cash value will be = 1,300 *8 Cash value will be…

Q: On May 10, Skysong, Inc. issues 2,200 shares of $5 par value common stock for cash at $15 per share.…

A: We need to debit cash since it is an asset and credit common stock to extent of par value($5) and…

Q: On August 1, Shamrock Finance Inc. buys 2,500 Datawave common shares for trading purposes for…

A: Purchase of shares for trading purposes is to be accounted as per Fair value through Profit or loss…

Q: Rodriguez Corporation issues 12,000 shares of its common stock for $236,000 cash on February 20.…

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

Q: Bonita Corporation has 86,000 shares of common stock outstanding. It declares a $2 per share cash…

A: Journal entries are basic accounting input entries to record business transactions. The preparation…

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: Pronghorn Inc. issues 4,700 shares of $110 par value preferred stock for cash at $135 per…

A: Account Titles and Explanation Debit Credit Cash (4700*135) $634,500              Preferred…

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.