Metlock, Inc. had the following transactions during the current period. Mar. 2   Issued 4,800 shares of $5 par value common stock to attorneys in payment of a bill for $28,800 for services performed in helping the company to incorporate. June 12   Issued 62,500 shares of $5 par value common stock for cash of $390,625. July 11   Issued 1,000 shares of $100 par value preferred stock for cash at $112 per share. Nov. 28   Purchased 2,500 shares of treasury stock for $100,000. Journalize the transactions.

Q: On October 31, Pidgeon Stones Inc., a marble contractor, issued for cash 70,300 shares of $10 par…

A: The firm can raise the amount through different modes some of them are, by issuing common stock, by…

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: 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: (A) BBS corporation had the following transactions during the current period. March 2 - Issued 5,000…

A: Solutions: Transaction General Journal Debit Credit 02-Mar Organization expense 53000…

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: 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: Bridgeport Corporation was organized on January 1, 2022. It is authorized to issue 15,000 shares of…

A: The shareholders' equity section records the shares issued to shareholders and other retained…

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: 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: The company entered into the following transactions during the year. Jan.   15   Issued 5,000…

A: Journal entry: It is also called as book of original entry. It is used to record a financial…

Q: Leone Co. had the following transactions during the current period. – Mar. 2 Issued 5,000 shares of…

A:

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: On February 10, Peerless Rocks Inc., a marble contractor, issued for cash 40,000 shares of $10 par…

A: Any excess cash paid for the shares goes to Paid-in Capital in excess of par Account.  Total Paid-in…

Q: Spring Company is authorized to issue 500,000 shares of $1 par value common stock. In its first…

A: Treasury stock refers to a method used by the organization to repurchase the issued stock. It is…

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: 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: 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: 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: Spring Company is authorized to issue 500,000 shares of $2 par value common stock. In its first…

A: Journal entry is the primary step to record transactions in the books of accounts. The total of…

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: 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: When Wisconsin Corporation was formed on January 1, the corporate charter provided for 86,000 shares…

A:

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

A: Preferred stock is another source of funds for an organization other than common stock. Preference…

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

A: Common stock and Preferred stock are two type of shares issued by the companny. Any amount received…

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: Metlock, Inc. had the following transactions during the current period. Mar. 2   Issued 4,200…

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

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.