**Instructions**On October 31, Legacy Rocks Inc., a marble contractor, issued for cash 72,900 shares of $10 par common stock at $14, and on November 19, it issued for cash 20,640 shares of preferred stock $50 par at $52.**Required:**A. Journalize the entries for October 31 and November 19. Refer to the Chart of Accounts for exact wording of account titles.B. What is the total amount invested (total paid-in capital) by all stockholders as of November 19?---**Journal**| DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT ||------------|--------------|------------|--------|--------|| | | | | || | | | | || | | | | || | | | | || | | | | || | | | | |---**Explanation:**The provided image contains instructions and a journal template for recording stock issuance transactions. The instructions detail two key transactions:1. On October 31, Legacy Rocks Inc. issued 72,900 shares of $10 par common stock at $14 per share for cash.2. On November 19, the company issued 20,640 shares of $50 par preferred stock at $52 per share for cash.The requirements are:1. To journalize these entries, following the exact wording of account titles from the Chart of Accounts.2. To calculate the total amount invested by stockholders as of November 19.The journal section is structured with columns for the date, description of the transaction, posting reference (Post. Ref.), debit amounts, and credit amounts. The table is currently empty, awaiting the entries to be filled in based on the transactions described.

Name: **Instructions**On October 31, Legacy Rocks Inc., a marble contractor
Uploaded: 2024-03-05T11:47:04.000Z
Channel: Bartleby
Description: **Instructions**On October 31, Legacy Rocks Inc., a marble contractor, issued for cash 72,900 shares of $10 par common stock at $14, and on November 19, it issued for cash 20,640 shares of preferred stock $50 par at $52.**Required:**A. Journalize th

Issue of shares is one of the important source of finance being used in business. It consists of…

Business

Accounting

On October 31, Legacy Rocks Inc., a marble contractor, issued for cash 72,900 shares of $10 par common stock at $14, and on November 19, it issued for cash 20,640 shares of preferred stock, $50 par at $52. Required: A. Journalize the entries for October 31 and November 19. Refer to the Chart of Accounts for exact wording of account titles. B. What is the total amount invested (total paid-in capital) by all stockholders as of November 19? Journal JOURNAL DESCRIPTION POST. REF. DEBIT CREDIT DATE

On October 31, Legacy Rocks Inc., a marble contractor, issued for cash 72,900 shares of $10 par common stock at $14, and on November 19, it issued for cash 20,640 shares of preferred stock, $50 par at $52. Required: A. Journalize the entries for October 31 and November 19. Refer to the Chart of Accounts for exact wording of account titles. B. What is the total amount invested (total paid-in capital) by all stockholders as of November 19? Journal JOURNAL DESCRIPTION POST. REF. DEBIT CREDIT DATE

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

A company has an authorized capital of 10,000 common shares of $10 par value and 7,500 common shares are outstanding. During the year, the company issued 1,000 common shares of $10 par value at $15 per share. A journal entry is recorded to debit the Cash account by S15,000. Show the credit side of the journal entry? a. Credit Common stock account for $15,000 b. Credit Common stock account for $10,000 and Paid-in capital in-excess of Stated c. Credit Common stock account for $10,000 and Retained earnings account for d. Credit Common stock account for $10,000 and Paid-in capital in-excess of Par value account for $5,000 $5,000 value account for $5,000
Kinkaid Company was incorporated at the beginning of this year and had a number of transactions. The following journal entries impacted its stockholders' equity during its first year of operations. Transaction a. General Journal Cash Common Stock, $25 Par Value Paid-In Capital in Excess of Par Value, Common Stock Organization Expenses Common Stock, $25 Par Value. Paid-In Capital in Excess of Par Value, Common Stock Cash Accounts Receivable Building Notes Payable. Common stock, $25 Par Value Paid-In Capital in Excess of Par Value, Common Stock Cash Common stock, $25 Par Value Paid-In Capital in Excess of Par Value, Common Stock Required: 2. How many shares of common stock are outstanding at year-end? 3. What is the total paid-in capital at year-end? 2. Number of outstanding shares 3. Total paid-in capital Debit 280,000 150,000 46,000 19,500 82,800 136,000 Credit 245,000 35,000 128,000 22,000 59,700 58,600 30,000 79,000 57,000
Below is some selected information from the financial statements of ManyFaces, Ltd: As of 12/31/2019 As of 12/31/2020 Total $4,500,320 $3,930,560 Assets Total ????? $2,063,990 Liabilities During the year ended 12/31/2020, the firm reported net income of $250,313, issued $17,000 of Common Stock at par value, and declared and paid $3,000 in Dividends. What is balance of Total Liabilities as of 12/31/2020? Group of answer choices $2,563,750 $2,619,500 $2,904,063 $2,369,437 $2,458,543
Wildhorse Inc. had these transactions pertaining to investments in common stock: Jan. 1 July 1 Purchased 1,240 shares of Gate Corporation common stock (5% of outstanding shares) for $62,000 cash. Received a cash dividend of $7 per share. Dec. 1 Sold 930 shares of Gate Corporation common stock for $48,360 cash. 31 Received a cash dividend of $7 per share. Journalize the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Do not round intermediate values. Round final answers to O decimal places, e.g. 5,275.) Date L Account Titles and Explanation eTextbook and Media Debit Credit
On May 1, Year 1, Love Corporation declared a $51,000 cash dividend to be paid on May 31 to shareholders of record on May 15. Required a. Record the events occurring on May 1, May 15, and May 31 in a horizontal statements model. b. Prepare journal entries for all events associated with the dividend. Complete this question by entering your answers in the tabs below. Required A Required B Record the events occurring on May 1, May 15, and May 31 in a horizontal statements model. (In the Statement of Cash Flows column, indicate whether the item is an op (OA), investing activity (IA), or financing activity (FA). Leave blank to indicate that an element was not affected by the event. Enter amounts to be deducted and cash out minus sign.) Date May 01 May 15 May 31 Assets II || || || Balance Sheet Liabilities + + + Common Stock LOVE CORPORATION Horizontal Statements Model + + + Retained Earnings Revenue Required A Income Statement I I Expenses II = Net Income Required B > Statement of Cash…
ore Info re info May 19 Jun. 3 Jun. 11 Issued 1,300 shares of $1 par value common stock for cash of $11.50 per share. Isssued 240 shares of $5, no-par preferred stock for $12,000 cash. Received equipment with a market value of $68,000 in exchange for 11,000 shares of the $1 par value common stock.
Please give me answer
PLEASE DONT CUT OFF THE ANSWER AND USE THE EXACT ACCOUNT TITLES On October 31, Pidgeon Stones Inc., a marble contractor, issued for cash 70,300 shares of $10 par common stock at $15, and on November 19, it issued for cash 18,450 shares of preferred stock, $45 par at $56. Required: a. Journalize the entries for October 31 and November 19. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. b. What is the total amount invested (total paid-in capital) by all stockholders as of November 19? CHART OF ACCOUNTS Pidgeon Stones Inc. General Ledger ASSETS 110 Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 151 Prepaid Insurance 181 Land 193…
On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 60,000 shares of $25 par common stock at $85, and on February 27, it issued for cash 120,000 shares of preferred stock, $5 par at $9. a. Journalize the entries for January 22 and February 27. 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 February 27?
Presented below is certain information pertaining to Edson Company. Assets, January 1 P240,000; Assets, December 31 230,000; Liabilities, January 1 150,000; Share capital, December 31 80,000; Retained earnings, December 31 31,000; Ordinary shares sold during the year 10,000; Dividends declared during the year 13,000; Compute the net income for the year. 24,000 11,000 37,000
Need some help with this financial accounting question.
The following selected data were taken from the financial statements of the Winter Group for the three most recent years of operations: Dec. 31, Year 3 Dec. 31, Year 2 Dec. 31, Year 1 Total assets $3,000,000 $2,700,000 $2,400,000 Notes payable (10% interest) 1,000,000 1,000,000 1,000,000 Common stock 400,000 400,000 400,000 Preferred $6 stock, $100 par 200,000 200,000 200,000 Retained earnings 1,126,000 896,000 600,000 The Year 3 net income was $242,000 and the Year 2 net income was $308,000. No dividends on common stock were declared during the 3 years. a. Determine the return on total assets, the return on stockholders' equity, and the return on common stockholders' equity for Years 2 and 3. If required, round your answers to one decimal place. i cant figure out the stockholders equity or common stockholders equity