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: Common stock, $8 par value, 111,000 shares authorized Preferred stock, 14 percent, par value $10 per…

A: A partial balance sheet provides the reader with a concise summary of important financial details…

Q: The Lompoc Corporation is authorized to issue 690,000 shares of $7 par-value common stock and…

A: January 1: Issuance of Common StockGiven:Issued 29,000 shares of common stock at $27 per share.$7…

Q: On September 12, 2,600 shares of Denver Company’s common stock are acquired at a price of $58 per…

A: In case Cost of Acquisition of shares of a company any cost Inurred such as brokerage need to be…

Q: Incentive Corporation was authorized to issue 12,000 shares of common stock, each with a $1…

A:

Q: Sun Corporation received a charter that authorized the issuance of 114,000 shares of $8 par common…

A: Stockholder's Equity includes the amount contributed by shareholders in the form of common stock,…

Q: Witt Corporation received its charter during January of this year. The charter authorized the…

A: Stockholders' equity represents the net assets that belong to the shareholders. It means the assets…

Q: Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 400,000 shares of $8 par…

A: The stockholders' equity records the total capital that belongs to the shareholders. The equity…

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

A:

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: 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: 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: Choctaw Company completed the following transactions in Year 1, the first year of operation: Issued…

A: A journal entry is a record of a commercial transaction in an organization's accounting system.…

Q: The following selected transactions pertain to Ehrlich Corporation: Jan.     3     Issued 90,000…

A: The journal entries are prepared to record the transactions on regular basis. The shares can be…

Q: North Wind Aviation received its charter during January authorizing the following capital stock:…

A: Total stockholders' equity comprises of the paid in capital and retained earnings of the…

Q: Required Prepare the stockholders' equity section of the balance sheet immediately after these…

A: Any amount upto the amount of Par value of share goes to share common stock account/ preferred stock…

Q: January 5:     Issued 300,000 of its common shares for $8 per share and 3,000 preferred shares at…

A: Any cash received in excess of par value of the share goes to Paid-in capital - excess of par.

Q: Prepare journal entries to record the following selected transactions. January 10 Issued 121,000…

A: Journal entries are the primary reporting of the business transactions in the books of accounts.…

Q: Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 470,000 shares of…

A: The stockholders’ equity forms a part of financial position (balance sheet) prepared by the company…

Q: Blue Spruce Corporation began operations on April 1 by issuing 60,500 shares of $5 par value common…

A: The journal entry is the format under which the business entity identifies, evaluates, and analyses…

Q: 5. Year 1. t was authorized to issue 330,000 shares of S10 par common stock and 65S.000 shar of 5…

A: The shareholders' equity section represents the total equity or capital related to the shareholders.…

Q: Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 430,000 shares of…

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

Q: During the year, Todd Corporation issued 200 shares of $20 par value common stock for $50 a share. A…

A: STATEMENT OF SHAREHOLDERS EQUITYStatement of Shareholders Equity is also Known as Changes in…

Q: Shelby Corporation was organized in January to operate an air-conditioning sales and service…

A: Stockholders' equity is the portion of a company's balance sheet that represents the amount of money…

Q: Coastal Corporation issued 25,000 shares of $5 par value common stock at $17 per share and 6,000…

A: Preferred stock are those shares who enjoys the priority over annual dividends payment and payment…

Q: Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 300,000 shares of $10 par…

A: Lets understand the basics. Shares are mainly of two types which are, (1) Common stock (2) Preferred…

Q: Shelby Corporation was organized in January to operate an air-conditioning sales and service…

A: Stockholders' equity section of the balance sheet contains information about the common shares,…

Q: [The following information applies to the questions displayed below. Sun Corporation received a…

A: Balance Sheet is a financial statement that includes Assets, Liabilities and Stockholder's…

Q: During its first year of operations, Zhang's Electronics Incorporated completed the following…

A: Shares are issued by the company to raise funds to the organization. Company can issue shares either…

Q: Ehrlich Co. is authorized to issue 1,000,000 of it's $5 par value common stock. 1. Prepare entries…

A: The journal entries are prepared to record the transactions on regular basis. The temporary account…

Q: During the year, the following selected transactions affecting stockholders' equity occurred for…

A: Introduction:- Journal entry is the first stage of accounting process. Journal entry used to record…

Q: a. Prepare all of the necessary journal entries to record the events described above.b. Prepare the…

A: Requirement a:   Pass all of the necessary journal entries to record the events.

Q: MH Corp. was organized on January 1, 20X7. The firm was authorized to issue 100,000 shares of $5 par…

A: Stockholder's Equity -  It is the amounts in a business after settled of all liabilities of the…

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

A: Stockholder's Equity includes the amount contributed by shareholders in the form of common stock,…

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

A: The stockholders' equity section of a balance sheet represents the amount of capital given to a…

Q: Required Prepare the stockholders' equity section of the balance sheet immediately after these…

A: Shareholder's Equity also known as stockholder's equity, represents the net value of a company…

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

A: 1. The stock has been issued at $60. Given par value is $5. SO, excess paid in capital =$60-$5=…

Q: On May 1, Foress Corporation incorporated and authorized 211,000 preferred shares and an unlimited…

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

Q: Required information [The following information applies to the questions displayed below.] Incentive…

A: A. When  5,400 shares are issued for cash at $24 each, then total cash consideration received  =$…

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: Tarrant Corporation was organized this year to operate a financial consulting business. The charter…

A: The stockholders' equity comprises the shares issued and retained earnings. The retained earnings…

Q: OM, Inc. was organized on January 1, 20X5. The firm was authorized to issue 1,000,000 shares of $3…

A: Total no. of common stock issued = 50,000 shares + 30,000 shares…

Q: Sun Corporation received a charter that authorized the issuance of 80,000 shares of $6 par common…

A: Answer -  Working Note :

Q: North Wind Aviation received its charter during January authorizing the following capital stock:…

A: North Wind Aviation   Stockholders' Equity Section of Balance Sheet  December'31 Preferred…

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

A: Balance Sheet :— It is one of the financial statement that shows list of final balances of assets,…

Q: Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 300,000 shares of…

A: The treasury stock includes the own shares of the company repurchased from the shareholders. The…

Q: Shelby Corporation was organized in January to operate an air-conditioning sales and service…

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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.