What are the journal entries with the following entries: The firm ABC has issued $300,000 in 10,000 common stock valued at $9 a share in exchange for $300,000 in currency. The company ABC issued $600,000 shares of $200 common stock for $600,000 cash

Q: On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 210,000 shares of…

A: Given: Cash issued for share = $ 210,000 Par value = $ 30 Common stock = $ 34 Cost of preferred…

Q: Novak Corporation earned $371,000 during a period when it had an average of 100,000 shares of common…

A: Formula: Earnings per share = ( Net income - Total preferred dividends ) / Total outstanding shares

Q: Sunshine Corp. was organized on Jan. 1 with authorization of 20,000 shares of $5 preferred stock,…

A: The shares issued at the higher amount as compared to par value are the shares issued at premium.…

Q: The Sneed Corporation issues 10,900 shares of $49 par preferred stock for cash at $63 per share. The…

A: Share capital: It refers to the cap[ital raised by the company by issuing common stock or preferred…

Q: The Sneed Corporation issues 10,000 shares of $50 par preferred stock for cash at $75 per share.…

A: Paid in capital in excess of par = (Issue price per share - Face value per share) x No. of shares =…

Q: Tamarisk, Inc. had the following transactions during the current period. Mar. 2 Issued 4,900…

A: Journal entries are used to record various transactions which was performed by the business during…

Q: During its first year of operations, Johnson Corporation had the following transactions pertaining…

A: Working notes:  Jan 10 = 80,800 shares * $6 per share. = $484800  Jan 10 = 80,800 shares * $4 per…

Q: (A) BBS corporation had the following transactions during the current period. March 2 - Issued 5,000…

A: Solutions: Transaction General Journal Debit Credit 02-Mar Organization expense 53000…

Q: (a) Prepare the journal entry for the issuance assuming the par value of the common stock was $5 and…

A:

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

A: The stockholder's equity is a major section in the balance sheet which reports the company's…

Q: On January 1, 2024, the general ledger of Grand Finale Fireworks includes the following account…

A: Note: Hi! Thank you for the question, As per the honor code, we are allowed to answer three…

Q: Sunshine Corp. was organized on Jan. 1 with authorization of 20,000 shares of $5 preferred stock,…

A: Common Stock - Common Stock is the stock issued to the public for raising capital. This recorded in…

Q: On March 30, 20XX, the company issued ordinary share capital worth of P 500,000, payment received…

A: Note: Since we are entitled to answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit…

Q: On April 1st, Shareholders invested OMR 60,000 cash in exchange for ordinary :shares. The Journal…

A: Shareholders are the persons who invest money in the shares of the company and in turn gets…

Q: Maxwell had the following transactions pertaining to its ordinary shares during the first year of…

A: Here in this case, we are required to make journal entry for issue if share. Company issue shares to…

Q: A company reacquired 100 shares of $1 par value common stock for $2,000. What is the journal entry…

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

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: 2. Prontas Inc.has bought back 2,000 of its stock from its shareholders at par value of $5.How will…

A: Buying own stock increases the Treasury Stock and reduces the cash.   Cash is reduced because the…

Q: Assume that on February 12, First Union Co. purchases for cash 6,000 shares of Gilbert Co. stock at…

A: Total deividend received = No. of shares x Dividend per share = 6,000 shares x $0.42 per share =…

Q: During its first year of operations, Culver Corporation had these transactions pertaining to its…

A:

Q: What is the total amount recorded in the Common Stock account at the end of 20X2?   Select one:…

A: Total Shareholders' Equity  = Common Stock + Retained Earnings

Q: Quickbux Co. issued and sold 1,000 shares of common stock, with a par value of $5, for $12 per…

A: Shareholders' equity includes common stock, preferred stock, paid-in capital in excess of par, and…

Q: Evon, a limited liability company, issued 1,000,000 ordinary shares of 25 cents each at a price of…

A: We have the following information: Issued 1,000,000 ordinary shares of 25 cents each Issue $1.10…

Q: During its first year of operations, Bonita Corporation had the following transactions pertaining to…

A: Share issued Known as issued shares, these are the subset of authorized shares that have been sold…

Q: Titanic Itd presents the following transactions for the 3-month period ending 31 March 2021: 28. 3…

A: Accounting is considered as the process that is followed by an organisation to estimate the…

Q: The mosaic corporation issued 10000 shares of $50 par, 9% preferred stock, and received $530000 from…

A: When company for issues share it will receive cash

Q: Hao Corporation had the following transactions during the current period. Mar. 2   Issued 37,000…

A: The company can raise funds by various methods. Some of them are, by way of issuing common stock,…

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: What is the Journal Entry for both transactions: ABC received $300,000 in cash for issuing 10,000…

A: Please find the answers to the above questions below:

Q: On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 1,000,000 shares of no-par…

A: a.

Q: Gotham Inc. issued 10,000 shares of its $2 par value common stock for $25 per share. The journal…

A: Cash (10,000 x $25) 250,000     Common Stock (10,000 x $2)   20,000   Additional Paid-in Capital…

Q: Blossom Company had these transactions during the current period. June 12   Issued 82,000 shares…

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

Q: Splish Brothers Inc. had the following transactions during the current period. Mar. 2   Issued…

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

Q: The company issued 10,000 shares of $1 par common stock for cash of $40 per share. Which ONE of the…

A: Shares repurchased by the company are called treasury stock. Treasury stock is deducted from the…

Q: Summit Apparel has the following accounts at December 31: Common Stock, $1 par value, 1,400,000…

A: SHAREHOLDER' EQUITY IS AN ACCOUNT ON COMPANY'S BALANCE SHEET THAT CONSIST OF TOTAL SHARE CAPITAL…

Q: On January 3, Melrose Corporation purchased 1,800 shares of the company's $1 par value common stock…

A: Value of treasury stock purchaes = 1800 * $11 = $19,800 Cash amount received from sale of 1450…

Q: During its first year of operations, Flounder Corporation had the following transactions pertaining…

A: Journal entries are used to record the transactions of business in a chronological order.

Q: Prepare the journal entries for the following transactions for Morgan Co. July    1 Morgan Co.…

A: Given that  morgan co. purchased 32000 shares of Gordon corp.stock Total earnings = $80000 cash…

Q: OM, Inc. was organized on January 1, 20X4. The firm was authorized to issue 100,000 shares of $2 par…

A: Issued 30,000 shares @ $ 7 = $ 210,000 Issued 30,000 shares @ $ 8 = $ 240,000

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: During 20X1 the following transactions occurred: Sold 1,000 shares of common stock for $25 each on…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: During its first year of operations, Buffalo Corporation had the following transactions pertaining…

A: Common stock and Preferred stock are two type of shares issued by the companny. Any amount received…

Q: Kingbird, Inc. had the following transactions during the current period. Mar. 2   Issued 4,400…

A: Journal entries means an entry that are recorded in journal of the company for business…

Q: The correct Journal entry needed to record the issue of 200,000 $1 shares at a premium of 30p, and…

A: We have the following information: Number of shares: 200,000 shares Issued at $1 per share at a…

Q: Taylor Corporation issues 20,000 shares of $50 par value preferred stock for cash at $90 per share.…

A: Issue price of preferred stock=Number of Shares×Issue price=20,000×$90=$1,800,000

Q: The Sneed Corporation issues 10,000 shares of $50 par preferred stock for cash at $75 per share. The…

A: Cash received = 10,000 x $75 = $750,000 Preferred stock = 10,000 x $50 = $500,000 Excess = 10,000 x…

Q: total legal capital

A: Legal capital means the par value or stated value portion of the share capital.

Q: Metlock, Inc. had the following transactions during the current period. Mar. 2   Issued 4,200…

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

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.