On October 31, Pidgeon Stones Inc., a marble contractor, issued for cash 320,000 shares of $5 par common stock at $12, and on November 19, it issued for cash 45,000 shares of preferred stock, $60 par at $72. a.  Journalize the entries for October 31 and November 19. If an amount box does not require an entry, leave it blank. b.  What is the total amount invested (total paid-in capital) by all stockholders as of November 19?

Q: Alpha Sounds Corp., an electric guitar retailer, was organized by Michele Kirby, Paul Glenn, and…

A:

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: 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…

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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, Jefferson County Rocks Inc., a marble contractor, issued for cash 210,000 shares of…

A: On January 22 : (a) Number of Common Stock shares issued = 210,000 shares (b) Par Value = $ 30 (c)…

Q: Summit Apparel has the following accounts at December 31: Common Stock. $1 par value, 1.700,000…

A: Let's Understand some basics Stockholder's Equity is shown on the liability side of the Balance…

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 110,000 shares of $8 par…

A: Total amount invested (total paid in capital) = Total common stock capital + Total preferred stock…

Q: At the beginning of Year 2, Jones Company had a balance in common stock of $300,000 and a balance of…

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

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

A: On October 31 : Number of Shares = 400,000 Par Value = $ 10 Issue Price = $ 18 Paid in Capital in…

Q: Entries for Isuing Par Stock On October 31, Pidgeon Stones Inc., a marble contractor, issued for…

A: Amount  received  for issue of shares in excess of par value will be credited  to paid in capital…

Q: Ergonomics Supply Inc., a wholesaler of office products, was organized on July 1 of the current…

A: Cash received  on issue of 75000 shares of Common stock = 75000 ×$15 =$1125000

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 October 31, Pidgeon Stones Inc., a marble contractor, issued for cash 100,000 shares of $8 par…

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

Q: Prepare the necessary journal entry for each of the following transactions for Nadim Corporation.…

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

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

A: a.

Q: Willow Creek Nursery, with an authorization of 73,000 shares of preferred stock and 180,000 shares…

A: Shares are issued by companies to get money invested in business from outsiders with the share of…

Q: Rowlands Corporation has 100,000 shares of $40 par value preferred stock authorized. During the…

A: Preferred stock: These are the shares which has a preference over common stock holders in the…

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: Desert Apparel has 6,000 shares of common stock outstanding. On April 1, the company declares a $2…

A: Given, Number of stocks outstanding = 6,000 Dividend declared = $2

Q: Astro Corporation was started with the issue of 5.300 shares of $11 par stock for cash on January 1,…

A: Net income = Sales - expense           = 69,000 - 46,230           = 22,770   Retained earnings =…

Q: A company has an authorized capital of 10,000 common shares of $10 par value and 7,500 common shares…

A: Journal entry: An act of recording the daily transaction of a firm in the journal is called journal…

Q: How I recorded the following transactions in general journal for BM, Inc. Include with a brief…

A: Transaction 1:Cash is a current asset, and it is increased. Therefore, debit cash account for…

Q: Astro Corporation was started with the issue of 4,500 shares of $10 par stock for cash on January 1,…

A: Common Stock : 4500 shares x $10 per stock = $45,000 Additional Paid in Capital : 4500 shares x $7…

Q: 3. Homework Chapter 10

A: Stockholders’ equity is the measure of assets staying in a business after the sum total of the…

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: At the beginning of the year (January 1), Buffalo Drilling has $11,000 of common stock outstanding…

A: Statement of stockholder’s equity: It can be defined as a financial document of the business that…

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: On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 50,000 shares of $8…

A: Shares issued at a cost above its stated or par value is called premium on shares. It is the…

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: A company declared a cash dividend of $.35 per common share to the shareholders of record on July…

A: The dividend is payable on the shares issued and outstanding.

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

A: Total amount received from issue of common stock = No. of common shares issued x Issue price per…

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: Entries for Issuing Par Stock On January 22, Jefferson County Rocks Inc., a marble contractor,…

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

Q: Willow Creek Nursery, with an authorization of 75,000 shares of preferred stock and 200,000 shares…

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

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: Alpha Sounds Corp., an electric guitar retailer, was organized by Michele Kirby, Paul Glenn, and…

A: Solution c:   Correct journal entry for situation c is as under:

Q: On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 73,000 shares of…

A: Common stock and Preferred stock are two type of shares issued by the company. When shares are…

Q: Please show all work and answers: 1. On January 1st, ZYX company purchased 1,000 shares of its…

A: Stockholder's Equity - Stockholder's Equity includes the amount contributed by shareholders issued…

Q: The January 1 balances have been entered in T accounts for the stockholders' equity accounts. Record…

A:

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: On December 31, Westworld Incorporated has the following equity accounts and balances.   Preferred…

A: Total stockholders’ equity= Total paid-in capital + Retained earnings - Treasury stock

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.