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 (400,000 shares authorized, 280,000 shares issued) $2,800,000 Paid-In Capital in Excess of Stated Value-Common Stock 550,000 Retained Earnings 6,360,000 Treasury Stock (28,000 shares, at cost) 392,000 The following selected transactions occurred during the year: Jan. 15. Paid cash dividends of $0.14 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $35,280. Mar. 15. Sold all of the treasury stock for $17 per share. Apr. 13. Issued 55,000 shares of common stock for $880,000. June 14. Declared a 5% 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 18,000 shares of treasury stock for $19 per share. Dec. 30. Declared a $0.17-per-share dividend on common stock. 31. Closed the two dividends accounts to Retained Earnings The January 1 balances have been entered in T accounts for the stockholders' equity accounts. Record the above transactions in the T accounts and provide the December 31 balance where appropriate. If required, round to one decimal place. Common Stock Jan. 1 Bal. 2,800,000 Apr. 13 July 16 Dec. 31 Bal. Paid-In Capital in Excess of Stated Value-Common Stock Jan. 1 Bal. 550,000 Apr. 13 June 14 Dec. 31 Bal. Retained Earnings Dec. 31 fill in the blank 12 Jan. 1 Bal. 6,360,000 Dec. 31 fill in the blank 14 Dec. 31 Bal. fill in the blank 15 Treasury Stock Jan. 1 Bal. 392,000 Mar. 15 fill in the blank 17 Oct. 30 fill in the blank 19 Dec. 31 Bal. fill in the blank 20 Paid-In Capital from Sale of Treasury Stock fill in the blank 22 Stock Dividends Distributable July 16 fill in the blank 24 June 14 fill in the blank 26 Stock Dividends June 14 fill in the blank 28 Dec. 31 fill in the blank 30 Cash Dividends Dec. 30 fill in the blank 32 Dec. 31 fill in the blank 34 2. Journalize the entries to record the transactions. For a compound transaction, if an amount box does not require an entry, leave it blank. Jan. 15. Paid cash dividends of $0.14 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $35,280. Date Account Debit Credit Jan. 15 Cash Dividends Payable Cash Mar. 15. Sold all of the treasury stock for $17 per share. Date Account Debit Credit Mar. 15 Cash Treasury Stock Paid-In Capital from Sale of Treasury Stock Apr. 13. Issued 55,000 shares of common stock for $880,000 Date Account Debit Credit Apr. 13 Cash Common Stock Paid-In Capital in Excess of Stated Value-Common Stock June 14. Declared a 5% on common stock, to be capitalized at the market price of the stock, which is $18 per share. Date Account Debit Credit June 14 Stock Dividends Stock Dividends Distributable Paid-In Capital in Excess of Stated Value-Common Stock July 16. Issued stock for stock dividend declared on June 14. Date Account Debit Credit July 16 Stock Dividends Distributable Common Stock Oct. 30. Purchased 18,000 shares of treasury stock for $19 per share. Date Account Debit Credit Oct. 30 Treasury Stock Cash Dec. 30. Declared a $0.17-per-share dividend on common stock. Date Account Debit Credit Dec. 30 Cash Dividends Cash Dividends Payable Dec. 31. Closed the two dividends accounts to Retained Earnings. Date Account Debit Credit Dec. 31 Retained Earnings Stock Dividends Cash Dividends 3. Prepare a statement of stockholders’ equity for the year ended December 31, 20Y1. Assume that net income was $6,614,000 for the year ended December 31, 20Y1. For those boxes in which you must enter subtracted or negative numbers use a minus sign. If an amount box does not require an entry, leave it blank or enter “0”. Nav-Go Enterprises Inc. Statement of Stockholders’ Equity For the Year Ended December 31, 20Y1 Common Stock Paid-In Capital in Excess of Stated Value Paid-In Capital from Sale of Treasury Stock Retained Earnings Treasury Stock Total Balances, January 1 $fill in the blank 96 $fill in the blank 97 $fill in the blank 98 $fill in the blank 99 $fill in the blank 100 $fill in the blank 101 Issued Common Stock fill in the blank 103 fill in the blank 104 fill in the blank 105 Net Income fill in the blank 107 fill in the blank 108 Cash Dividends fill in the blank 110 fill in the blank 111 Stock Dividends fill in the blank 113 fill in the blank 114 fill in the blank 115 fill in the blank 116 Sale of Treasury Stock fill in the blank 118 fill in the blank 119 fill in the blank 120 Purchase of Treasury Stock fill in the blank 122 fill in the blank 123 Balances, December 31 $fill in the blank 125 $fill in the blank 126 $fill in the blank 127 $fill in the blank 128 $fill in the blank 129 $fill in the blank 130

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 (400,000 shares authorized, 280,000 shares issued) $2,800,000 Paid-In Capital in Excess of Stated Value-Common Stock 550,000 Retained Earnings 6,360,000 Treasury Stock (28,000 shares, at cost) 392,000 The following selected transactions occurred during the year: Jan. 15. Paid cash dividends of $0.14 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $35,280. Mar. 15. Sold all of the treasury stock for $17 per share. Apr. 13. Issued 55,000 shares of common stock for $880,000. June 14. Declared a 5% 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 18,000 shares of treasury stock for $19 per share. Dec. 30. Declared a $0.17-per-share dividend on common stock. 31. Closed the two dividends accounts to Retained Earnings The January 1 balances have been entered in T accounts for the stockholders' equity accounts. Record the above transactions in the T accounts and provide the December 31 balance where appropriate. If required, round to one decimal place. Common Stock Jan. 1 Bal. 2,800,000 Apr. 13 July 16 Dec. 31 Bal. Paid-In Capital in Excess of Stated Value-Common Stock Jan. 1 Bal. 550,000 Apr. 13 June 14 Dec. 31 Bal. Retained Earnings Dec. 31 fill in the blank 12 Jan. 1 Bal. 6,360,000 Dec. 31 fill in the blank 14 Dec. 31 Bal. fill in the blank 15 Treasury Stock Jan. 1 Bal. 392,000 Mar. 15 fill in the blank 17 Oct. 30 fill in the blank 19 Dec. 31 Bal. fill in the blank 20 Paid-In Capital from Sale of Treasury Stock fill in the blank 22 Stock Dividends Distributable July 16 fill in the blank 24 June 14 fill in the blank 26 Stock Dividends June 14 fill in the blank 28 Dec. 31 fill in the blank 30 Cash Dividends Dec. 30 fill in the blank 32 Dec. 31 fill in the blank 34 2. Journalize the entries to record the transactions. For a compound transaction, if an amount box does not require an entry, leave it blank. Jan. 15. Paid cash dividends of $0.14 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $35,280. Date Account Debit Credit Jan. 15 Cash Dividends Payable Cash Mar. 15. Sold all of the treasury stock for $17 per share. Date Account Debit Credit Mar. 15 Cash Treasury Stock Paid-In Capital from Sale of Treasury Stock Apr. 13. Issued 55,000 shares of common stock for $880,000 Date Account Debit Credit Apr. 13 Cash Common Stock Paid-In Capital in Excess of Stated Value-Common Stock June 14. Declared a 5% on common stock, to be capitalized at the market price of the stock, which is $18 per share. Date Account Debit Credit June 14 Stock Dividends Stock Dividends Distributable Paid-In Capital in Excess of Stated Value-Common Stock July 16. Issued stock for stock dividend declared on June 14. Date Account Debit Credit July 16 Stock Dividends Distributable Common Stock Oct. 30. Purchased 18,000 shares of treasury stock for $19 per share. Date Account Debit Credit Oct. 30 Treasury Stock Cash Dec. 30. Declared a $0.17-per-share dividend on common stock. Date Account Debit Credit Dec. 30 Cash Dividends Cash Dividends Payable Dec. 31. Closed the two dividends accounts to Retained Earnings. Date Account Debit Credit Dec. 31 Retained Earnings Stock Dividends Cash Dividends 3. Prepare a statement of stockholders’ equity for the year ended December 31, 20Y1. Assume that net income was $6,614,000 for the year ended December 31, 20Y1. For those boxes in which you must enter subtracted or negative numbers use a minus sign. If an amount box does not require an entry, leave it blank or enter “0”. Nav-Go Enterprises Inc. Statement of Stockholders’ Equity For the Year Ended December 31, 20Y1 Common Stock Paid-In Capital in Excess of Stated Value Paid-In Capital from Sale of Treasury Stock Retained Earnings Treasury Stock Total Balances, January 1 $fill in the blank 96 $fill in the blank 97 $fill in the blank 98 $fill in the blank 99 $fill in the blank 100 $fill in the blank 101 Issued Common Stock fill in the blank 103 fill in the blank 104 fill in the blank 105 Net Income fill in the blank 107 fill in the blank 108 Cash Dividends fill in the blank 110 fill in the blank 111 Stock Dividends fill in the blank 113 fill in the blank 114 fill in the blank 115 fill in the blank 116 Sale of Treasury Stock fill in the blank 118 fill in the blank 119 fill in the blank 120 Purchase of Treasury Stock fill in the blank 122 fill in the blank 123 Balances, December 31 $fill in the blank 125 $fill in the blank 126 $fill in the blank 127 $fill in the blank 128 $fill in the blank 129 $fill in the blank 130

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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 (400,000 shares authorized, 280,000 shares issued)	$2,800,000
Paid-In Capital in Excess of Stated Value-Common Stock	550,000
Retained Earnings	6,360,000
Treasury Stock (28,000 shares, at cost)	392,000

The following selected transactions occurred during the year:

Jan. 15.	Paid cash dividends of $0.14 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $35,280.
Mar. 15.	Sold all of the treasury stock for $17 per share.
Apr. 13.	Issued 55,000 shares of common stock for $880,000.
June 14.	Declared a 5% 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 18,000 shares of treasury stock for $19 per share.
Dec. 30.	Declared a $0.17-per-share dividend on common stock.
31.	Closed the two dividends accounts to Retained Earnings

The January 1 balances have been entered in T accounts for the stockholders' equity accounts. Record the above transactions in the T accounts and provide the December 31 balance where appropriate. If required, round to one decimal place.

Common Stock
		Jan. 1 Bal.	2,800,000
		Apr. 13
		July 16
		Dec. 31 Bal.

Paid-In Capital in Excess of Stated Value-Common Stock
		Jan. 1 Bal.	550,000
		Apr. 13
		June 14
		Dec. 31 Bal.

Retained Earnings
Dec. 31	fill in the blank 12	Jan. 1 Bal.	6,360,000
		Dec. 31	fill in the blank 14
		Dec. 31 Bal.	fill in the blank 15

Treasury Stock
Jan. 1 Bal.	392,000	Mar. 15	fill in the blank 17
Oct. 30	fill in the blank 19
Dec. 31 Bal.	fill in the blank 20

Paid-In Capital from Sale of Treasury Stock
			fill in the blank 22

Stock Dividends Distributable
July 16	fill in the blank 24	June 14	fill in the blank 26

Stock Dividends
June 14	fill in the blank 28	Dec. 31	fill in the blank 30

Cash Dividends
Dec. 30	fill in the blank 32	Dec. 31	fill in the blank 34

2. Journalize the entries to record the transactions. For a compound transaction, if an amount box does not require an entry, leave it blank.

Jan. 15. Paid cash dividends of $0.14 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $35,280.

Date	Account	Debit	Credit
Jan. 15	Cash Dividends Payable
	Cash

Mar. 15. Sold all of the treasury stock for $17 per share.

Date	Account	Debit	Credit
Mar. 15	Cash
	Treasury Stock
	Paid-In Capital from Sale of Treasury Stock

Apr. 13. Issued 55,000 shares of common stock for $880,000

Date	Account	Debit	Credit
Apr. 13	Cash
	Common Stock
	Paid-In Capital in Excess of Stated Value-Common Stock

June 14. Declared a 5% on common stock, to be capitalized at the market price of the stock, which is $18 per share.

Date	Account	Debit	Credit
June 14	Stock Dividends
	Stock Dividends Distributable
	Paid-In Capital in Excess of Stated Value-Common Stock

July 16. Issued stock for stock dividend declared on June 14.

Date	Account	Debit	Credit
July 16	Stock Dividends Distributable
	Common Stock

Oct. 30. Purchased 18,000 shares of treasury stock for $19 per share.

Date	Account	Debit	Credit
Oct. 30	Treasury Stock
	Cash

Dec. 30. Declared a $0.17-per-share dividend on common stock.

Date	Account	Debit	Credit
Dec. 30	Cash Dividends
	Cash Dividends Payable

Dec. 31. Closed the two dividends accounts to Retained Earnings.

Date	Account	Debit	Credit
Dec. 31	Retained Earnings
	Stock Dividends
	Cash Dividends

3. Prepare a statement of stockholders’ equity for the year ended December 31, 20Y1. Assume that net income was $6,614,000 for the year ended December 31, 20Y1. For those boxes in which you must enter subtracted or negative numbers use a minus sign. If an amount box does not require an entry, leave it blank or enter “0”.

Nav-Go Enterprises Inc. Statement of Stockholders’ Equity For the Year Ended December 31, 20Y1
	Common Stock	Paid-In Capital in Excess of Stated Value	Paid-In Capital from Sale of Treasury Stock	Retained Earnings	Treasury Stock	Total
Balances, January 1	$fill in the blank 96	$fill in the blank 97	$fill in the blank 98	$fill in the blank 99	$fill in the blank 100	$fill in the blank 101
Issued Common Stock	fill in the blank 103	fill in the blank 104				fill in the blank 105
Net Income				fill in the blank 107		fill in the blank 108
Cash Dividends				fill in the blank 110		fill in the blank 111
Stock Dividends	fill in the blank 113	fill in the blank 114		fill in the blank 115		fill in the blank 116
Sale of Treasury Stock			fill in the blank 118		fill in the blank 119	fill in the blank 120
Purchase of Treasury Stock					fill in the blank 122	fill in the blank 123
Balances, December 31	$fill in the blank 125	$fill in the blank 126	$fill in the blank 127	$fill in the blank 128	$fill in the blank 129	$fill in the blank 130

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