Metlock, Inc. had the following transactions during the current period. Mar. 2   Issued 4,200 shares of $7 par value common stock to attorneys in payment of a bill for $33,800 for services performed in helping the company to incorporate. June 12   Issued 59,200 shares of $7 par value common stock for cash of $492,100. July   11   Issued 2,125 shares of $100 par value preferred stock for cash at $130 per share. Nov. 28   Purchased 1,930 shares of treasury stock for $79,000. Journalize the transactions

Q: On July 1, a board of directors declared a $3 per share cash dividend, payable on July 31 to all…

A: Date Accounts Debit Credit July 1 Dividends (1,000-200) * $3 2,400       Dividends Payable…

Q: The Sneed Corporation issues 10,900 shares of $49 par preferred stock for cash at $63 per share. The…

A: Share capital: It refers to the cap[ital raised by the company by issuing common stock or preferred…

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

A:

Q: On January 1, 20X1, Browning Corporation had 75,000 shares of $1 par value common stock issued and…

A: We have the following information: On January 1 20X1: Browning Corporation had 75,000 shares of $1…

Q: Sarasota Corporation was organized on January 1, 2022. It is authorized to issue 14,500 shares of…

A: The question is based on the concept of Financial Accounting.

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

A: A journal entry is prepared by the company to record the non-economic & economic transactions of…

Q: Oriole Company had the following transactions during the current period. Mar. 2   Issued 4,200…

A: Journal entry is an activity of record keeping of economic or non- economic transactions in thr…

Q: Tamarisk, Inc. had the following transactions during the current period. Mar. 2 Issued 4,900…

A: Journal entries are used to record various transactions which was performed by the business during…

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: Bramble Corporation is authorized to issue both preferred and common stock. The par value of the…

A: Date Account Titles and Explanatiion Debit $ Credit $ Feb. 1 Cash (19500*57) 1111500…

Q: Please help

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

Q: On October 31, Legacy Rocks Inc., a marble contractor, issued for cash 400,000 shares of $10 par…

A: The stockholder's equity is a major section in the balance sheet which reports the company's…

Q: Tamarisk, Inc. had the following transactions during the current period. Issued 4,900 shares of $5…

A: Treasury Stock:  Treasury Stock is the term that is used to describe shares of a company’s own stock…

Q: Work Place Products Inc., a wholesaler of office products, was organized on July 1 of the current…

A: Journal:- These are prepared by the companies with debit and credit sides in order to match the…

Q: Flint Co. had the following transactions during the current period. Mar. 2 Issued 4,100 shares of $6…

A: Increase in assets should be debited. Increase in expense should be debited. Increase in equity…

Q: James Incorporated is authorized to issue 5,000,000 shares of $1 par value common stock. In its…

A: When common stock is issued at price higher the par value , then we need to debit cash as cash is…

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

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

Q: Metlock, Inc. had the following transactions during the current period. Mar. 2   Issued 4,800…

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

Q: Maxwell had the following transactions pertaining to its ordinary shares during the first year of…

A: Here in this case, we are required to make journal entry for issue if share. Company issue shares to…

Q: During its first year of operations, Collin Raye Corporation had the following transactions…

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

Q: Anslo Fabricating, Inc. is authorized to issue 10,000,000 shares of $5 stated value common stock.…

A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…

Q: Ayayai Corporation was organized on January 1, 2022. It is authorized to issue 10,000 shares of 8%,…

A: Issue of shares is one of the important source of capital and finance being used by the business.…

Q: During its first year of operations, Culver Corporation had these transactions pertaining to its…

A:

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

A: Answer -    Working Note : a. Treasury stock (100 shares × $20) = $2,000   b. Cash (60 shares × $21…

Q: What is the total amount recorded in the Common Stock account at the end of 20X2?   Select one:…

A: Total Shareholders' Equity  = Common Stock + Retained Earnings

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

A: Share issued Known as issued shares, these are the subset of authorized shares that have been sold…

Q: Hao Corporation had the following transactions during the current period. Mar. 2   Issued 37,000…

A: The company can raise funds by various methods. Some of them are, by way of issuing common stock,…

Q: Ergonomics Supply Inc., a wholesaler of office products, was organized on July 1 of the current…

A: The following entries are journalized for Ergonomics Incorporation.

Q: Work Place Products Inc., a wholesaler of office products, was organized on July 1 of the current…

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

Q: When Wisconsin Corporation was formed on January 1, the corporate charter provided for 94,200 shares…

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

Q: Professional Products Inc., a wholesaler of office products, was organized on February 5 of the…

A: Increase in assets should be debited and decrease in assets should be credited. Increase in equity…

Q: LALALAND Corporation was organized on 1/1/2020. It was authorized to issue 2 million, $1 par, common…

A: Stockholder’s equity is a part of balance sheet which shows the total owner’s equity that is…

Q: Professional Products Inc., a wholesaler of office products, was organized on February 5 of the…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting 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: 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: Global Marine obtained a charter from the state in January that authorized 1,000,000 shares of…

A:

Q: Splish Brothers Inc. had the following transactions during the current period. Mar. 2   Issued…

A: The organization can raise fund for the operation song integrity by issuing common stock, preferred…

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. Further, a journal entry is used to…

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

A: Whenever business issues common stock, then par value of the stock is credited to capital account…

Q: Sheridan Company was organized on January 1, 2022. It is authorized to issue 12,500 shares of 8%,…

A: Stated Value: When it issues no-par stock with a stated value, a company carries the shares in the…

Q: Ivanhoe Company had these transactions during the current period. June 12   Issued 82,500 shares…

A: Amount credited to common stock = $82,500*$1 Amount credited to common stock = $82,500   Paid in…

Q: Concord Co. had the following transactions during the current period. Issued 4,200 shares of $5 par…

A: 1. Journal Entries - Journal Entries are the recording of transactions of the organization. It is…

Q: OM, Inc. was organized on January 1, 20X4. The firm was authorized to issue 100,000 shares of $2 par…

A: Issued 30,000 shares @ $ 7 = $ 210,000 Issued 30,000 shares @ $ 8 = $ 240,000

Q: LALALAND Corporation was organized on 1/1/2020. It was authorized to issue 2 million, $1 par, common…

A: When the treasury stocks are re-issued at a price more than its cost then Additional paid-in capital…

Q: When Bunyan Corporation was formed on January 1, the corporate charter provided for 90,000 shares of…

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

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

A: When an event occurs in the business and it can be measured and expressed in terms of money, it…

Q: On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 73,000 shares of…

A: Common stock and Preferred stock are two type of shares issued by the company. When shares are…

Q: Kingbird, Inc. had the following transactions during the current period. Mar. 2   Issued 4,400…

A: Journal entries means an entry that are recorded in journal of the company for business…

Q: How many shares of common stock were outstanding at the end of the period? How many shares of…

A: 1. When common stock is issued for cash, cash, and common stock increase. Cash XXXX…

Q: LALALAND Corporation was organized on 1/1/2020. It was authorized to issue 2 million, $1 par, common…

A: Additional Paid in Capital from Treasury stock represents the excess amount over its cost generated…

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.