Answered: Issued 1,000 shares of $10 par common…

Business

Accounting

Issued 1,000 shares of $10 par common stock at $56 Journalize

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: None

A: Prepare the journal entry for the issuance of the common stock using Excel as follows:Formula…

Q: 19. A company acquires 1,000 shares of its own $1 par common stock for $15 per share. This purchase…

A: The correct answer is: (D) Debit to treasury stock for $15,000 The treasury stock account is a…

Q: Jan. Issued 1,000 shares of Common Stock, $2 par for $12 per share. Record the journal entry.

A: Whenever any event occurs in the business and it can be measured and expressed in terms of money, it…

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: Common stock-$20 par value, 100,000 shares authorized, 45,000 shares issued and outstanding Paid-in…

A: Preparation of the journal entries to record each of these transactions. DateGeneral…

Q: A company issued 120 shares of $100 par value common stock for $14,200 cash. The total amount of…

A: The paid in capital in excess of par value is recorded as share premium in the balance sheet.

Q: b. Issued 4,000 shares of $80 par preferred 5% stock at $100, receiving cash. Description Debit…

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

Q: Obj. 2 On January 22, Zentric Corporation issued for cash 160,000 shares of no- par common stock at…

A: The journal entries are prepared to record the transactions on regular basis. The cash received in…

Q: A company with 113,047 authorized shares of $7 par common stock issued 33,603 shares at $12.…

A: Dividend shows the distribution of profit among the shareholders' of the company. It represents as a…

Q: Using the following accounts and balances, prepare the stockholders' equity section of the balance…

A: The amount of assets remaining after all liabilities have been paid is referred to as stockholders'…

Q: Badger Corporation issued 9,000 shares of its $5 par value common stock in payment for attomey…

A: Total par value of Common Stock = No. of Common Stock issued x par value per share = 9000 x $5 =…

Q: Record the issuance of 2,400 shares of $20 par value common stock for $43,000 of inventory, $155,000…

Q: Journalizing issuance of stock—stated value Nelson Corporation issued 5,000 shares of $3 stated…

A: The stock in which shareholders are entitled to received dividend whose amount may vary from time to…

Q: Concord, Inc. issued 9800 shares of stock at a stated value of $7/share. The total issue of stock…

A: Given, Stated value = $7 per share Issue price = $12 per share Number of shares issued = 9,800…

Q: a. Issued 1,000 shares of $10 par common stock at $59 for cash.

A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…

Q: Question Content Area A corporation purchases 7,546 shares of its own $2 par common stock for $16…

A: In account and finance, the term" cost" frequently refers to the quantum of money or resources…

Q: Journalizing issuance of stock—no-par Wolcott Corporation issued 5,000 shares of no-par common stock…

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

Q: when a company issues 31,000 shares of $3 per value common stock for $30 per share, the journal…

A: Journal means the book of original entry where the first time entry is passed. When share has been…

Q: Capital stock, $1 par value, 500,000 shares authorized, 382,000 issued and outstanding ....…

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

Q: XYZ Company issued 3,000 shares of $75 preferred stock for $300,000.

A: When preferred stock is issued for a price then such value in excess of par should be recorded in…

Q: preferred stock were issued at $106. entries for April 1 and 7. Refer to the Chart of Accounts for…

A: When the a company issues stock, the issue price may be higher than the par value of the stock. The…

Q: e equity sections for Layfette Group at the beginning of the year (January1) and end of they year (…

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

Q: Use the following to answer questions 13 - 17 KMC Corp.'s management is considering either a 100%…

A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for…

Q: Company purchased 5,000 of its own shares at $50 per share.

A: The total amount of shares to be purchased =$50*5000 =250000.

Q: OUse the following to answer questions 18 - 22 Attention Men's Wear, Inc. Balance Sheet…

A: Treasury stocks are contra equity items which are in the nature of share repurchase and are…

Q: April Issued 5,000 share of Common Stock, $2 par for $17 per share. Record the journal entry.

A: The company can raise funds by various methods. One of them is by issuing common stock. The common…

Q: Treasury Stock Coastal Corporation issued 25,000 shares of $9 par value common stock at $21 per…

A: Journal entries are passed below.Explanation:

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: XYZ Company issued at par 300 shares of $2 par common stock in exchange for land with a market value…

A: Common stock can be issued in exchange for non-cash assets such as land, buildings, or equipment and…

Concept explainers

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.

Question

Issued 1,000 shares of $10 par common stock at $56 Journalize

Expert Solution

Step 1

Journal entries are required to record the entries of business in chronological order. When the stocks are issued at above par value, these are called to be issued at a premium.

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

please help with journal entries 1-Jan Issued 15,000 shares of $20 par common stock of $30, receiving cash 1-Jan Issued 4,000 shares of $80 par preferred 5% stock at $100. receiving cash 1-Jan Issued $500,000 of 10-year, 5% bonds at 104, with interest payable semiannually 1-Apr Declared a quarterly dividend of $.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. 10-Apr Paid the cash dividends declared 1-May Purchased 8,000 shares of treasury common stock at $33 per share. 1-Jul 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. 10-Jul Paid the cash dividends to the preferred stockholders 1-Aug Sold, at $38 per share, 2,600 shares of treasury common stock purchased 10-Oct Recorded the payment of…
Stockholders equity section presents the following balances for January 1st: Common Stock, $8 par value (800,000) Shares authorized 500,000 shares issued......................................................................$5,600,000 Paid in Capital in Excess of Par-Common Stock.............................. $650,000 Retained earnings............................................................................. $8,120,000 Treasury stock at cost-Common (50,000 shares at cost)..................$650,000 Make the entry for this date: May 5 - The company declared 3% of common stock dividends. The market rate price is at $15 per share.
Q. question 1
Question 2 Acme Co. issued 500 shares of $100 par Preferred Stock for $101 per share. Record this transaction. Edit View Insert Format Tools Table 12pt v Paragraph v В I U O words Question 3 Acme Co. bought 50 shares of its stock for $7 per share to be held as Treasury Stock.
Treasury Stock Coastal Corporation issued 25,000 shares of $14 par value common stock at S26 per share and 6,000 shares of $59 par value, eight percent preferred stock at $85 per share. Later, the company purchased 3,000 shares of its own common stock at $29 per share. a. Prepare the journal entries to record the share issuances and the purchase of the common shares. b. Assume that Coastal sold 2,000 shares of the treasury stock at $33 per share. Prepare the general journal entry to record the sale of this treasury stock. c. Assume that Coastal sold the remaining 1,000 shares of treasury stock at $23 per share. Prepare the journal entry to record the sale of this treasury stock.
Feb 19th, issued 9,000 preferred shares for cash at $45 per share. The par value of preferred stock is $5. Prepare Journal Entry.
In august 1, 10,000 shares of $10 per common stock were issued at $30. On August 7, 5,000 shares of $50 per preferred stock was issued at $111. Journalize May 1 and May 7
Oct. 2 Issued 24,000 shares of common stock for a building with a market value of $130,000. Oct. 6 Issued 550 shares of preferred stock for $160 per share. Oct. 9 Issued 18,000 shares of common stock for cash of $90,000. Declared a $21,000 cash dividend for stockholders of record on Oct. 20. Use a separate Dividends Payable account for preferred and common stock Oct. 10 Oct. 25 Paid the cash dividend. Assume B- Mobile's net income for the month was $92,000.
Accounting for Common, Preferred, and Treasury Stock A-Team Corporation issued 1.000 shares of $5 par value stock for land. The stock is actively traded at $9 per share. The land was advertised for sale at $10,500. The land should be recorded at $9,000. O $5,000. $4,000. O $10.500.
Foley Co. issued 800 shares of $1 par of Common Stock for $10,000. Record this transaction
Question Content Area Alma Corp. issues 870 shares of $6 par common stock at $19 per share. When the transaction is journalized, credits are made to a. Common Stock, $16,530. b. Common Stock, $5,220 and Paid-In Capital in Excess of Par—Common Stock, $11,310. c. Common Stock, $11,310 and Paid-In Capital in Excess of Stated Value, $5,220. d. Common Stock, $5,220 and Retained Earnings, $11,310.
sh.3