Issuing Par StockOn January 29, Quality Marble Inc., a marble contractor, issued 75,000 shares of $10 par Common stock for cash at $23 per share, and on May31, it issued 100,000 shares of $4 par Preferred stock for cash at $6 per share.a. Illustrate the effects on the accounts and financial statements of the January 29 transaction. If no account or activity is affected, select "Noeffect" from the dropdown list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negativeamounts.Statement of CashFlowsJan. 29.AssetsFinancingCashStatement of Cash Flows=Liabilities= No effect- ✓++Balance SheetCommon stockStockholders' Equity+ Paid-in capital in excess of paNo effectInScre23-11PScreen S23-11...27

Business activities are defined as those events that result from the workings of an entity in order…

Answered: Issuing Par Stock On January 29,…

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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Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y5, were as follows: 1. Journalize the selected transactions. If no entry is required, select "No entry required" from the dropdown. If an amount box does not require an entry, leave it blank. a. Issued 15,000 shares of $20 par common stock at $30, receiving cash. Description Debit Credit b. Issued 4,000 shares of $80 par preferred $1 stock at $100, receiving cash. Description Debit Credit c. Issued $500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. Description Debit Credit
On February 1, Barton Corporation issued 5,000 shares of its $20 par value preferred stock for $28 per share. Journalize the transaction. (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.) Date Account Titles and Explanation Feb. 1 Debit Credit
On June 1, Marin Inc. issues 3,400 shares of no-par common stock at a cash price of $9 per share. Journalize the issuance of the shares. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit June 1
On January 29, Quality Marble Inc., a marble contractor, issued 75,000 shares of $10 par Common stock for cash at $23 per share, and on May 31, it issued 100,000 shares of $4 par Preferred stock for cash at $6 per share. a. Illustrate the effects on the accounts and financial statements of the January 29 transaction. If no account or activity is affected, select "No effect" from the dropdown list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. Make a balance sheet. Illustrate the effects on the accounts and financial statements of the May 31 transaction. If no account or activity is affected, select "No effect" from the dropdown list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. Make a balance sheet. b. What is the total amount invested (total paid-in capital) by all stockholders as of May 31?$
On June 1, Sage Hill Inc. issues 2,500 shares of no-par common stock at a cash price of $7 per share. Prepare a tabular summary to record the issuance of the shares. Include margin explanations for the changes in revenues and expenses. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) June 1 Assets Cash Liabilities Paid-in-Capital Common Stock Revenue Stockholders' Equity Expense Retained Earnings Dividend
On June 1, Metlock, Inc. issues 1,300 shares of no-par common stock at a cash price of $8 per share. Journalize the issuance of the shares. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit June 1
On June 1, Tamarisk, Inc. issues 2,900 shares of no-par common stock at a cash price of $5 per share.Journalize the issuance of the shares. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit June 1 enter an account title enter a debit amount enter a credit amount enter an account title
On May 10, Pronghorn Corp. issues 2,200 shares of $4 par value common stock for cash at $14 per share. Journalize the issuance of the stock. (Credit account titles are automatically indented when 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.) Date Account Titles and Explanation May 10 Debit Credit
On May 10, Monty Corp. issues 1,900 shares of $4 par value common stock for cash at $13 per share.Journalize the issuance of the stock. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit May 10 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title
Entries for Selected Corporate Transactions Selected transactions completed by ATV Discount Corporation during the current fiscal year are as follows: Journalize the transactions. If no entry is required, select "No Entry Required" from the dropdown box and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. Jan. 5. Split the common stock 5 for 1 and reduced the par from $200 to $40 per share. After the split, there were 700,000 common shares outstanding. Date Account Debit Credit Jan. 5. fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 Mar. 10. Purchased 56,000 shares of the corporation's own common stock at $45, recording the stock at cost. Date Account Debit Credit Mar. 10. fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12 Apr. 30. Declared semiannual dividends of $2.90 on 50,000 shares of preferred stock and $0.20 on the common…
Entries for Selected Corporate Transactions Selected transactions completed by ATV Discount Corporation during the current fiscal year are as follows: Journalize the transactions. If no entry is required, select "No Entry Required" from the dropdown box and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. Jan. 5. Split the common stock 4 for 1 and reduced the par from $40 to $10 per share. After the split, there were 660,000 common shares outstanding. Date Account Debit Credit Jan. 5. No Entry Required No Entry Required Mar. 10. Purchased 53,000 shares of the corporation's own common stock at $14, recording the stock at cost. Date Account Debit Credit Mar. 10. Treasury Stock Cash Apr. 30. Declared semiannual dividends of $1.40 on 40,000 shares of preferred stock and $0.15 on the common stock to stockholders of record on May 15, payable on June 15. Date Account Debit Credit Apr. 30. Cash…
Entries for Selected Corporate Transactions Selected transactions completed by ATV Discount Corporation during the current fiscal year are as follows: Journalize the transactions. If no entry is required, select "No Entry Required" from the dropdown box and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. Jan. 5. Split the common stock 4 for 1 and reduced the par from $40 to $10 per share. After the split, there were 520,000 common shares outstanding. Date Account Debit Credit Jan. 5. Mar. 10. Purchased 42,000 shares of the corporation's own common stock at $16, recording the stock at cost. Date Account Debit Credit Mar. 10. Apr. 30. Declared semiannual dividends of $2.20 on 40,000 shares of preferred stock and $0.28 on the common stock to stockholders of record on May 15, payable on June 15. Date Account Debit Credit Apr. 30. June 15. Paid the cash dividends. Date Account Debit Credit June 15.

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