St. Marie Company is authorized to issue 1,000,000 shares of $5 par value preferred stock, and 5,000,000 shares of $1 stated value common stock. During the year, the company has the following transactions: Jan. 31 Issued 136,000 common shares at $12 share. Jun. 10 Issued 164,000 preferred shares in exchange for land with a clearly determined value of $870,000. Aug. 3 Issued 9,000 shares of common stock for $8 per share. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank.

Q: Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 400,000 shares of…

A: b) Stockholders' Equity   Preferred stock (5000*$30) $ 150,000 Common stock…

Q: St. Marie Company is authorized to issue 1,000,000 shares of $5 par value preferred stock, and…

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

Q: Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 460,000 shares of $9 par…

A: Introduction: The shareholders' equity section of the balance sheet shows the stockholders' wealth.…

Q: Autumn Corporation was organized in August. It is authorized to issue 100,000 shares of $100 par…

A: Journal entries: Date Account title and explanation Debit Credit Aug. 22 Cash [2,000 x $105 ]…

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

A:

Q: Smart Corp. was organized on Jan. 1 with authorization of 10,000 shares of $5 preferred stock, $100…

A: The entry for preferred stock issued   Date Particular Debit ($) Credit ($) Dec 31 Cash 20,000…

Q: St. Marie Company is authorized to issue 1,000,000 shares of $5 par value preferred stock, and…

A: Introduction: Journals: Recording of a business transactions in a chronological order. Eacha nd…

Q: Tandy Company was issued a charter by the state of Indiana on January 15 of this year. The charter…

A: Stockholders' equity represents the total value available to the shareholders after the settlement…

Q: Spring Company is authorized to issue 500,000 shares of $2 par value common stock. In its fırst…

A: Journal Entries Date Particulars LF Debit ($) Credit ($) March 1 Cash / Bank (40,000 x 9.75)…

Q: Journal entries? Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common…

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

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: St. Marie Company is authorized to issue 1,000,000 shares of $5 par value preferred stock, and…

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

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: 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: Winger Corporation was organized in March. It is authorized to issue 500,000 shares of $100 par…

A: There are three golden rules in accounting for recording the transaction : Debit what comes in ,…

Q: During its first year of operations, the McCollum Corporation entered into the following…

A: Journal entry for issue of shares:

Q: un Corporation received a charter that authorized the issuance of 105,000 shares of $5 par common…

A: Journal entries states the entries which are recorded for the day to day transactions of the company…

Q: opper Corporation was organized in May. It is authorized to issue 50,000,000 shares of $100 par…

A: Journal Entries: Journal entries are the building blocks of accounting, which is the act of…

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

A: When the shares are issued at a higher price than the face value, Are Issued at Premium.

Q: Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 420,000 shares of…

A: When shares ( common or preferred ) are issued at more than par value, it results in additional paid…

Q: Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first…

A: • Whenever Common Stock shares are allotted in cash at an amount above its par value, the additional…

Q: When Wisconsin Corporation was formed on January 1, the corporate charter provided for 100,000…

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

Q: When Wisconsin Corporation was formed on January 1, the corporate charter provided for 94,200 shares…

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

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: Global Marine obtained a charter from the state in January that authorized 1,000,000 shares of…

A: 1.

Q: Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first…

A: Whenever a company issues common stock, then common stock is credited and cash is debited. If common…

Q: On January 1, 20X1, Wooden Company issued 16,000 shares of $2 par value common stock for $120,000.…

A: Lets understand the basics. Treasury shares are shares which are purchased back by the company after…

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: Feeney Corporation is authorized to issue 200,000 shares of $1 par value common stock and 50,000…

A: Stockholder's Equity - Stockholder's Equity is the section of the balance sheet that includes common…

Q: Incentive Corporation was authorized to issue 12,000 shares of common stock, each with a $2 par…

A: Solution: stockholders’ equity section of incentive corporation is as under:

Q: Spring Company is authorized to issue 500,000 shares of $2 par value common stock. In its first…

A: Journal entry is the primary step to record transactions in the books of accounts. The total of…

Q: When Wisconsin Corporation was formed on January 1, the corporate charter provided for 100,000…

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

Q: The company was organized on January 1, Year 1. The firm was authorized to issue 500,000 shares of…

A: The dividend is paid to the shareholders from the retained earnings of the business. The treasury…

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: Autumn Corporation was organized in August. It is authorized to issue 100,000 shares of $ 100 par…

A: The journal keeps the record for day to day transactions of the business. The shares issued at…

Q: United Resources Company obtained a charter from the state in January of this year. The charter…

A: Stockholders' equity refers to the total amount of capital contributed  by shareholders to a…

Q: Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first…

A: Shares can be referred to as the small denominations of the share capital of a company. The shares…

Q: Moon Corporation received a charter that authorized the issuance of 119,000 shares of $7 par common…

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

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: OM, Inc. was organized on January 1, 20X7. The firm was authorized to issue 1,000,000 shares of $2…

A: The firm authorized to issue 1,000,000 shares, with par value of $2

Q: on may 15, the simple corporation issued 6,000 common shares of $8 par value stock for land valued…

A: Hi student Since no requirement is mentioned, it is assumed that it is to be identified that whether…

Q: Man Tote Corporation was authorized by its charter to issue 160,000 shares preferred stock and…

A: Dividend Calculation    Preferred Stock (6,000 shares *$100*10%)   $           60,000  Common…

Q: [The following information applies to the questions displayed below.] Worldwide Company obtained a…

A: Stockholders' equity is a part of balance sheet written down under the liabilities. It shows the…

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

A: Any excess cash other than the par value received from the issue of shares goes to Paid-in Capital…

Q: When Wisconsin Corporation was formed on January 1, the corporate charter provided for 115,800…

A: Introduction:- The following basic information as follows under:- Wisconsin Corporation was formed…

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: Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first…

A: Authorized share capital means the share capital which is the company is legally authorized to…

Q: Copper Corporation was organized in May. It is authorized to issue 50,000,000 shares of $200 par…

A: A firm may issue common stock and preferred stock for raising finance. The excess amount paid over…

Q: Worldwide Company obtained a charter from the state in January that authorized 200,000 shares…

A:

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.