On July 3, Hanoi Artifacts Corporation issued for cash 450,000 shares of no-par common stock at $2.50. On September 1, Hanoi Artifacts issued 10,000 shares of 2%, $25 preferred stock at par for cash. On October 30, Hanoi Artifacts issued for cash 7,500  shares of 2%, $25 par preferred stock at $30. Journalize the entries to record the July 3, September 1, and October 30 transactions.

Q: On October 10, the stockholders' equity section of Sherman Systems appears as follows. Common…

A: Working Notes: 1. Treasury stock A/c  = shares purchase * per share rate  = (5000 shares *$25) =…

Q: On October 10, the stockholders' equity section of Sherman Systems appears as follows. Common…

A: Treasury shares are those shares which are repurchased or reacquired by the business from its own…

Q: On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 1,000,000 shares of no-par…

A: Given, 1,000,000 common shares (stated value of $0.25) issued at $1.20 10,000 preferred shares (par…

Q: On October 10, the stockholders' equity section of Sherman Systems appears as follows. Common…

A: Journal entry is a process of recording and classifying business transactions initially into books…

Q: On October 10, the stockholders’ equity of Sherman Systems appears as follows.        Common…

A: The purchase of treasury stock involves a debit to the Treasury Stock account and a credit to the…

Q: On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 736,000 shares of no-par…

A: If the shares are issued at more than a par value of a share, the excess amount goes to Paid-in…

Q: On February 22, Brett Corporation acquired 180 shares of its $3 par value common stock for $26 each.…

A: The accounting entry on purchase of treasury share at 26 was Debit Treasury stock 4680 and credit…

Q: Stellar Corporation issued 354 shares of $10 par value common stock and 143 shares of $50 par value…

A: A journal entry records a business transaction in the accounting system for an organization. Journal…

Q: Stock 560,000 Common Stock, $35 par (1,000,000 shares authorized, 400,000 shares issued)…

A: Journalize the entries to record the May transactions. Date   Account  Title and Explanation…

Q: On October 10, the stockholders’ equity section of Sherman Systems appears as follows. Common…

A: Stockholders’ equity: The claims of owners on a company’s resources, after the liabilities are paid…

Q: On February 13, Elman Corporation issued for cash 75,000 shares of no-par common stock (with a…

A: The reporting of the transactions in the accounting books can primarily be done by recording Journal…

Q: Flounder Corp. is authorized to issue both preferred and common stock. The par value of the…

A: If the Preferred shares are issued for more than the par value, then the excess cash received goes…

Q: Please help

A: a) Journal Entries:   Date  Account Journal Debit $ Credit $ Jan 10 Cash 104,000     Common…

Q: On July 1, Hanson Corporation issued 10 shares of $100 par value preferred stock for cash of $1,000…

A: Preferred stock runs more like a bond than regular stock. Preferred stock dividend yields are…

Q: On January 22, Micah Corporation issued for cash 125,000 shares of no-par common stock at $6. On…

A: Solution The journal entries of January 22 , February 14 and August 30 transactions are shown below

Q: On December 1 of the current year, the following accounts and their balances appear in the ledger of…

A: Preferred stock is a type of stock on which a fixed amount of dividend is paid. These stockholders…

Q: On December 1 of the current year, the following accounts and their balances appear in the ledger of…

A: Journal: Recording of a business transactions in a chronological order.

Q: Sunshine Corp. was organized on Jan. 1 with authorization of 20,000 shares of $5 preferred stock,…

A: Journal is the book where transactions are originally recorded.  Journal entry: A journal entry is…

Q: On January 1, Sheffield Corp. had 56,600 shares of no-par common stock issued and outstanding. The…

A: Dividend is payable on No. of outstanding shares.

Q: On January 1, Larkspur, Inc. had 93,000 shares of no-par common stock issued and outstanding. The…

A: Journal entry: This is the first step to record accounts. It is written in the same order in which…

Q: On December 1 of the current year, the following accounts and their balances appear in the ledger of…

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

Q: On January 1, Pharoah Company had 64,500 shares of no-par common stock issued and outstanding. The…

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

Q: On January 22, Zentric Corporation issued for cash 180,000 shares of no-par common stock at $4. On…

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

Q: Sheridan Corporation issued 335 shares of $10 par value common stock and 103 shares of $50 par value…

A: Given information is: Common stock shares = 335 shares  Preferred Stock shares = 103 shares

Q: On May 23, Stoltz Realty Inc. issued for cash 80,000 shares of no-par common stock (with a stated…

A: It is assumed that the requirement for this question is the preparation of the journal entries.

Q: On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 1,000,000 shares of no-par…

A: a.

Q: On May 23, Stoltz Realty Inc. issued for cash 80,000 shares of no-par common stock (with a stated…

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

Q: Beaker Corporation was organized on July 1, with an authorization of 50,000 shares of $4 no-par…

A: The question asks for accounting for stockholders' equity in the company's books.  The journal…

Q: In its first year of operations, Martinez Corporation had the following transactions pertaining to…

A: We have the following information: Preferred stock par value: $10 Feb. 1 Issued 8,000 shares for…

Q: On December 2, Coley Corp. acquired 1,500 shares of its $3 par value common stock for $20 each. On…

A: Solution: Cost of treasury stock resold = 1100*$20 = $22,000

Q: On February 13, Epperson Company issued for cash 75,000 shares of no-par common stock (with a stated…

A: WORKING NOTE FOR AMOUNTS : $ FEB 13  CASH - 75,000 X 140 = 10,500,000 COMMON STOCK - 75,000 X 125 =…

Q: On January 1, Pina Colada Corp. had 94,000 shares of no-par common stock issued and outstanding. The…

A: Common Shares issued and outstanding at the time declaring Dividend on April 1   94000 shares +…

Q: Blossom Company had these transactions during the current period. June 12   Issued 82,000 shares…

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

Q: Erogomomics Supply Inc., organized on July 1 of the current year with the authorization of 80,000…

A: A journal entry records a business transaction and is the first step of the accounting cycle. Every…

Q: On February 13, Epperson Company issued for cash 75,000 shares of no-par common stock (with a stated…

A: Definition: Journal entry: Journal entry is a set of economic events that can be measured in…

Q: Please help

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

Q: On December 1 of the current year, the following accounts and their balances appear in the ledger of…

A: Journal entry: This is the first step to record accounts. It is written in the same order in which…

Q: Journalize the entries to record the May transactions. Refer to the Chart of Accounts for exact…

A: Given:

Q: On January 1, Molini Corporation had 95,000 shares of no-par common stock issued and outstanding.…

A: Definition: Dividends: This is the amount of cash distributed to stockholders by a company out its…

Q: Sage Corporation issued 392 shares of $10 par value common stock and 128 shares of $50 par value…

A: Under proportionate method, the lump sum amount has to be allocated between common stock and…

Q: On February 13 Epperson company issued for cash 80,000 shares of no part common stock (with a stand…

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

Q: n December 1 current year, the following accounts and their balances appeared in the ledger of the…

A: Step 1 Journal is the part of book keeping.

Q: On June 1, Larkspur, Inc. issues 1,100 shares of no-par common stock at a cash price of $8 per…

A: Total amount received = No. of shares issued x Issue price per share = 1,100 shares x  $8 per share…

Q: The par value of the preferred is $50. During the first year of operations, the company had the…

A: Journal Entry  Date Account Title Debit Credit Feb 1 Cash (46,500 ×$53) $2,464,500…

Q: Rodriguez Corporation issues 17,000 shares of its common stock for $265,500 cash on February 20.…

A: A par stock is a stock that has a par value which determines the minimum capital amount. A no-par…

Q: On January 1, Vermont Corporation had 40,000 shares of $10 par value common stock issued and…

A: Treasury stock: Shares which are bought back by the company from the open market but not retired…

Q: On May 23, Stoltz Realty Inc. issued for cash 111,000 shares of no-par common stock (with a stated…

A: Journal is a place where accounting transactions are listed in the book keeping system before ledger…

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.