Entries for Selected Corporate Transactions Nav-Go Enterprises Inc. produces aeronautical navigation equipment. Nav-Go Enterprises' stockholders’ equity accounts, with balances on January 1, 20Y1, are as follows: Common Stock, $10 stated value (350,000 shares authorized, 240,000 shares issued) $2,400,000 Paid-In Capital in Excess of Stated Value-Common Stock 450,000 Retained Earnings 5,450,000 Treasury Stock (24,000 shares, at cost) 336,000 The following selected transactions occurred during the year: Jan. 15. Paid cash dividends of $0.15 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $32,400. Mar. 15. Sold all of the treasury stock for $17 per share. Apr. 13. Issued 45,000 shares of common stock for $720,000. June 14. Declared a 4% stock dividend on common stock, to be capitalized at the market price of the stock, which is $18 per share. July 16. Issued shares of stock for the stock dividend declared on June 14. Oct. 30. Purchased 15,000 shares of treasury stock for $19 per share. Dec. 30. Declared a $0.18-per-share dividend on common stock. 31. Closed the two dividends accounts to Retained Earnings.
Entries for Selected Corporate Transactions Nav-Go Enterprises Inc. produces aeronautical navigation equipment. Nav-Go Enterprises' stockholders’ equity accounts, with balances on January 1, 20Y1, are as follows: Common Stock, $10 stated value (350,000 shares authorized, 240,000 shares issued) $2,400,000 Paid-In Capital in Excess of Stated Value-Common Stock 450,000 Retained Earnings 5,450,000 Treasury Stock (24,000 shares, at cost) 336,000 The following selected transactions occurred during the year: Jan. 15. Paid cash dividends of $0.15 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $32,400. Mar. 15. Sold all of the treasury stock for $17 per share. Apr. 13. Issued 45,000 shares of common stock for $720,000. June 14. Declared a 4% stock dividend on common stock, to be capitalized at the market price of the stock, which is $18 per share. July 16. Issued shares of stock for the stock dividend declared on June 14. Oct. 30. Purchased 15,000 shares of treasury stock for $19 per share. Dec. 30. Declared a $0.18-per-share dividend on common stock. 31. Closed the two dividends accounts to Retained Earnings.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Entries for Selected Corporate Transactions
Nav-Go Enterprises Inc. produces aeronautical navigation equipment. Nav-Go Enterprises'
| Common Stock, $10 stated value (350,000 shares authorized, 240,000 shares issued) | $2,400,000 |
| Paid-In Capital in Excess of Stated Value-Common Stock | 450,000 |
| Retained Earnings | 5,450,000 |
| 336,000 |
The following selected transactions occurred during the year:
| Jan. 15. | Paid cash dividends of $0.15 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $32,400. |
| Mar. 15. | Sold all of the treasury stock for $17 per share. |
| Apr. 13. | Issued 45,000 shares of common stock for $720,000. |
| June 14. | Declared a 4% stock dividend on common stock, to be capitalized at the market price of the stock, which is $18 per share. |
| July 16. | Issued shares of stock for the stock dividend declared on June 14. |
| Oct. 30. | Purchased 15,000 shares of treasury stock for $19 per share. |
| Dec. 30. | Declared a $0.18-per-share dividend on common stock. |
| 31. | Closed the two dividends accounts to Retained Earnings. |
Required:
Transcribed Image Text:**Transcription for Educational Website:**
---
### Prepare a Statement of Stockholders' Equity
1. **Instructions:** Prepare a statement of stockholders' equity for the year ended December 31, 20Y1. Assume that net income was $5,668,000 for the year ended December 31, 20Y1. Use a minus sign to enter subtracted or negative numbers. If an amount box does not require an entry, leave it blank or enter "0".
2. **Nav-Go Enterprises Inc.**
- **Statement of Stockholders’ Equity**
- **For the Year Ended December 31, 20Y1**
| | Paid-In Capital in Excess of Stated Value | Paid-In Capital from Sale of Treasury Stock | Retained Earnings | Treasury Stock | Total |
|----------------------|--------------------------------------------|---------------------------------------------|-------------------|----------------|---------|
| **Common Stock** | $___________ | | | | |
| **Balance** | | | | | $_______|
| **Net Income** | | | $5,668,000 | | |
| **Total** | $___________ | $___________ | $_________ | $___________ | $_______|
---
### Prepare the Stockholders' Equity Section of the Balance Sheet
3. **Instructions:** For the Stockholders' Equity section of the December 31, 20Y1, balance sheet, use a minus sign to enter subtracted or negative numbers.
4. **Nav-Go Enterprises Inc.**
- **Balance Sheet**
- **December 31, 20Y1**
| | |
|----------------------|-----------------------------------------------|
| **Stockholders’ Equity** | |
| **Paid-In Capital:** | |
| | Common Stock: $___________ |
| | Paid-In Capital in Excess of Stated Value: $____ |
| | Paid-In Capital from Sale of Treasury Stock: $__ |
| **Total Paid-In Capital** | $___________ |
| | **Retained Earnings**: $_______ |
| | **Total**: $_______ |
| **Total Stockholders' Equity** | $___________ |
### Diagram
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!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education