Answered: On May 10, Bramble Corp. issues 1,200…

On May 10, Bramble Corp. issues 1,200 shares of $7 par value common stock for cash at $12 per share. Journalize the issuance of the stock.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 8EA: Anslo Fabricating, Inc. is authorized to issue 10,000,000 shares of $5 stated value common stock....

See similar textbooks

Related questions

Q: On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 210,000 shares of…

A: Given: Cash issued for share = $ 210,000 Par value = $ 30 Common stock = $ 34 Cost of preferred…

Q: Account Titles and Explanation Debit Credit Choose a transaction date…

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

Q: On June 1, Riverbed Inc. issues 3,250 shares of no-par common stock at a cash price of $10 per…

A: Date Accounts Title and explanation Debit Credit June 1 Cash (3250*10) $32,500 Common…

Q: On January 1, 2021, Dreamy Company issued 30,000 shares of $2 par value common stock for $150,000.…

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

Q: Rodriguez Corporation issues 19,000 shares of its common stock for $152,000 cash on February 20.…

A: Common stock: It refers to the security that provides the holder with the ownership rights in a…

Q: On July 1, Pharoah Company purchases 590 shares of its $5 par value common stock for the treasury at…

A: Treasury Stock - It is reacquired stock which is brought back by the issuing company, reducing the…

Q: On May 10, Pronghorn Corp. issues 2,200 shares of $4 par value common stock for cash at $14 per…

A: Per share paid in excess=Issue price-Par value=$14-$4=$10

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: Centex, Inc. issued 47,000 shares of its $1 par value common stock for $30 per share. The journal…

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

Q: On May 3, Zirbal Corporation purchased 4,000 shares of its own stock for $36,000 cash. On November…

Q: On Sept. 1, Paddington, Inc., issued 1,000 shares of $10 stated value common stock for cash of $10…

A: Introduction: A journal records all of a company's financial activities as well as the accounts that…

Q: On July 1, Marin Inc. purchases 510 shares of its $5 par value common stock for the treasury at a…

A: Solution:- Preparation of journal entry as follows under:-

Q: On May 3, Zirbal Corporation purchased 5,000 shares of its own stock for $45,000 cash. On November…

Q: On May 10, a company issued for cash 1,000 shares of no-par common stock (with a stated value of $5)…

A: Amount credited to common stock = 1,000*$5 Amount credited to common stock = $5,000 Amount…

Q: Rodriguez Corporation issues 7,000 shares of its common stock for $31,800 cash on February 20.…

A: Lets understand the basics. Stated value or par value is a value which is assign to corporation's…

Q: On July 1, Skysong, Inc. purchases 430 shares of its $5 par value common stock for the treasury at a…

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

Q: On June 1, Noonan Inc. issues 3,550 shares of no-par common stock at a cash price of $9 per share.…

A: All the transactions of an entity are properly accounted by making corresponding journal entries in…

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

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

Q: On July 1, Metlock, Inc. purchases 570 shares of its $5 par value common stock for the treasury at a…

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

Q: On July 1, Blue Spruce Corp. purchases 550 shares of its $5 par value common stock for the treasury…

A: Cost of treasury stock = 550 shares*$9 Cost of treasury stock = $4,950 Cash received on sale of…

Q: Prepare the journal entry to record Jevonte Company’s issuance of 36,000 shares of its common stock…

A: Journal entry: It is a systematic record of a financial transaction of an organization recorded in…

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: Nebraska Inc. issues 3,050 shares of common stock for $97,600. The stock has a stated value of $11…

A: The journal entry for stock issuance is represented as: Cash…

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: On February 13, Solo Inc. reacquires 50,000 shares of its $1 par value common stock at the current…

A: Financial statements are the recording of business transactions in the various statements which are…

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: Larkspur, Inc. issues 7,600 shares of $108 par value preferred stock for cash at $116 per share.…

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

Q: On July 1, Pina Colada Corp. purchases 610 shares of its $5 par value common stock for the treasury…

Q: When a company issues 27,000 shares of $2 par value common stock for $20 per share, the journal…

A: A company can issue its share at par, premium or discount. When the share is issued at premium, then…

Q: Ravonette Corporation issued 300 shares of $10 par value common stock and 100 shares of $50 par…

Q: On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 73,600 shares of…

A: a. Date Description Debit Credit jan. 22 Cash (73,600*55) $4,048,000 Common stock…

Q: On June 1, Marin Inc. issues 1,200 shares of no-par common stock at a cash price of $5 per share.…

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

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: Nebraska Inc. issues 2,750 shares of common stock for $88,000. The stock has a stated value of $20…

A: When common stock is issued above par/stated value then the journal entry comprises of debit of cash…

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: Rodriguez Corporation issues 9,000 shares of its common stock for $177,100 cash on February 20.…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

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 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…

Q: Rodriguez Corporation issues 8,000 shares of its common stock for $161,400 cash on February 20.…

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

Q: Riley Inc.'s charter authorizes 1,000 shares of stock at a stated value of $10 per share. Riley…

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

Q: On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 70,300 shares of…

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

Q: On July 1, Goetz Corporation purchases 500 shares of its $5 par value common stock for the treasury…

A: Treasury stock = Shares purchased*Cash price Treasury stock = 500*8 Treasury stock = 4000…

Q: The following accounts and their balances appear in the ledger of Goodale Properties Inc. on June 30…

A: Common stock (shares)=$706,500$15=47,100 shares

Q: Pina Colada Inc. issues 4,650 shares of $100 par value preferred stock for cash at $145 per share.…

A: Paid in capital in excess of stated value = (Issue value per share - Stated value per share) x No.…

Concept explainers

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.

Question

On May 10, Bramble Corp. issues 1,200 shares of $7 par value common stock for cash at $12 per share.

Journalize the issuance of the stock.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Spring Company is authorized to issue 500,000 shares of $2 par value common stock. In its first year, the company has the following transactions: Journalize the transactions and calculate how many shares of stock are outstanding at August 3.
Stockholders' Equity section of balance sheet The following accounts and their balances appear in the ledger of Goodale Properties Inc. on June 30 of the current year: Prepare the Stockholders Equity section of the balance sheet as of June 30. Eighty thousand shares of common stock are authorized, and 9,000 shares have been reacquired.
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: Journalize the transactions.
Nutritious Pet Food Companys board of directors declares a cash dividend of $1.00 per common share on November 12. On this date, the company has issued 12,000 shares but 2,000 shares are held as treasury shares. The company pays the dividend on December 14. What is the journal entry to record the payment of the dividend?
Prepare general journal entries for the following transactions of GOTE Company: (a) Received subscriptions for 10,000 shares of 2 par common stock for 80,000. (b) Received payment of 30,000 on the stock subscription in transaction (a). (c) Received the balance in full for the stock subscription in transaction (a) and issued the stock. (d) Purchased 1,000 shares of its own 2 par common stock for 7.50 a share. (e) Sold 500 shares of the stock on transaction (d) for 8.50 a share.
Anslo Fabricating, Inc. is authorized to issue 10,000,000 shares of $5 stated value common stock. During the year, the company has the following transactions: Journalize the transactions.
On May 10, Blue Spruce Corporation issues 3,050 shares of $10 par value common stock for cash at $20 per share.Journalize the issuance of the stock what is the date ? what is the title and explantion ? Is it debit or credit ?
On June 1, Sheffield Inc. issues 3,350 shares of no-par common stock at a cash price of $7 per share.Journalize the issuance of the shares assuming the stock has a stated value of $2 per share. what is the date ? What is the title and explation? What is debit or credit ?
On May 10, Skysong, Inc. issues 2,200 shares of $15 par value common stock for cash at $20 per share. Journalize the issuance of the stock
Nebraska Inc. issues 2,750 shares of common stock for $88,000. The stock has a stated value of $20 per share. The journal entry to record the stock issuance would include a credit to Common Stock for
Nebraska Inc. issues 3,050 shares of common stock for $97,600. The stock has a stated value of $11 per share. The journal entry for the stock issuance would include a credit to Common Stock for
11-02: On May 10, Pronghorn Corp. issues 2,200 shares of $4 par value common stock for cash at $14 per share. what is the journal entry issuance of the stock?