Answered: Journalizing issuance of stock—no-par…

Journalizing issuance of stock—no-par Wolcott Corporation issued 5,000 shares of no-par common stock for $2 per share on January 13. Record the stock issuance.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Entries for Issuing No-Par Stock On May 15, Helena Carpet Inc., a carpet wholesaler, issued for cash 750,000 shares of no-par common stock (with a stated value of $1.50) at $4, and on June 30, it issued for cash 17,500 shares of preferred stock, $50 par at $60. a. Journalize the entries for May 15 and June 30, assuming that the common stock is to be credited with the stated value. If an amount box does not require an entry, leave it blank. May 15 June 30 b. What is the total amount invested (total paid-in capital) by all stockholders as of June 30?
Entries for Issuing Stock On January 22, Shamrock Corporation issued for cash 15,000 shares of no-par common stock at $30. On February 14, Shamrock issued at par value 1,000 shares of preferred 4% stock, $80 par for cash. On August 30, Shamrock issued for cash 13,000 shares of preferred 4% stock, $80 par at $90. Journalize the entries to record the January 22, February 14, and August 30 transactions. If an amount box does not require an entry, leave it blank. Jan. 22 Cash fill in the blank 2 fill in the blank 3 Common Stock fill in the blank 5 fill in the blank 6 Feb. 14 Cash fill in the blank 8 fill in the blank 9 Preferred Stock fill in the blank 11 fill in the blank 12 Aug. 30 Cash fill in the blank 14 fill in the blank 15 Preferred Stock fill in the blank 17 fill in the blank 18 Paid-In Capital in Excess of Par-Preferred Stock fill in the blank 20 fill in the blank 21
On June 1, Larkspur, Inc. issues 1,100 shares of no-par common stock at a cash price of $8 per share.Journalize the issuance of the shares.
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Issuing Common Stock Palan Products Inc. sold 46,750 shares of common stock to stockholders at the time of its incorporation. Palan received $48 per share for the stock. Required: Question Content Area 1. Assume that the stock has a $16 par value per share. Prepare the journal entry to record the sale and issue of the stock. If an amount box does not require an entry, leave it blank.
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Identifying and Analyzing Financial Statement Effects of Stock TransactionsMelo Company reports the following transactions relating to its stock accounts in the current year. Use the financial statement effects template to indicate the effects from each of these transactions.(a) Mar. 2 Issued 7,000 shares of $1 par value common stock at $30 cash per share.(b) Apr. 14 Issued 10,500 shares of $100 par value, 8% preferred stock at $250 cash per share.(c) June. 30 Purchased 2,100 shares of its own common stock at $22 cash per share.(d) Sep. 25 Sold 1,050 shares of its treasury stock at $26 cash per share.Note: For each account category, indicate the appropriate account name. Enter "N/A" for any account category that is not used for a given transaction.Note: Indicate a decrease in an account category by including a negative sign with the amount.
Entries for Stock Dividends Vienna Corporation has 29,000 shares of $80 par common stock outstanding. On August 2, Vienna Corporation declared a 4% stock dividend to be issued October 8 to stockholders of record on September 15. The market price of the stock was $115 per share on August 2. Journalize the entries required on August 2, September 15, and October 8. If an amount box does not require an entry, leave it blank. If no entry is required, select "No Entry Required" and leave the amount boxes blank. Aug. 2 fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 fill in the blank 8 fill in the blank 9 Sept. 15 fill in the blank 11 fill in the blank 12 fill in the blank 14 fill in the blank 15 Oct. 8 fill in the blank 17 fill in the blank 18 fill in the blank 20 fill in the blank 21
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Entries for Issuing No-Par Stock On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 225,000 shares of no-par common stock (with a stated value of $6) at $18, and on August 3, it issued for cash 25,000 shares of preferred stock, $80 par at $84. a. Journalize the entries for February 12 and August 3, assuming that the common stock is to be credited with the stated value. If an amount box does not require an entry, leave it blank. Feb. 12 Aug. 3 b. What is the total amount invested (total paid-in capital) by all stockholders as of August 37