Retained Earnings Treasury Stock (20,000 shares, at cost) AssignmentMain.do?invoker-assignments&take... A 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 (300,000 shares authorized, 200,000 shares issued) Paid-In Capital in Excess of Stated Value-Common Stock Oct. 30. Purchased 13,000 shares of treasury stock for $19 per share. Dec. 30. Declared a $0.16-per-share dividend on common stock. 31. Closed the two dividends accounts to Retained Earnings. $2,000,000 400,000 4,540,000 280,000 The following selected transactions occurred during the year: Jan. 15. Paid cash dividends of $0.13 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $23,400. Mar. 15. Sold all of the treasury stock for $17 per share. Apr. 13. Issued 40,000 shares of common stock for $720,000. June 14. Declared a 4% stock dividendon common stock, to be capitalized at the market price of the stock, which is $20 per share. July 16. Issued shares of stock for the stock dividend declared on June 14. ☆ Check My Work 33 00 66 Required: 1. 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.
Retained Earnings Treasury Stock (20,000 shares, at cost) AssignmentMain.do?invoker-assignments&take... A 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 (300,000 shares authorized, 200,000 shares issued) Paid-In Capital in Excess of Stated Value-Common Stock Oct. 30. Purchased 13,000 shares of treasury stock for $19 per share. Dec. 30. Declared a $0.16-per-share dividend on common stock. 31. Closed the two dividends accounts to Retained Earnings. $2,000,000 400,000 4,540,000 280,000 The following selected transactions occurred during the year: Jan. 15. Paid cash dividends of $0.13 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $23,400. Mar. 15. Sold all of the treasury stock for $17 per share. Apr. 13. Issued 40,000 shares of common stock for $720,000. June 14. Declared a 4% stock dividendon common stock, to be capitalized at the market price of the stock, which is $20 per share. July 16. Issued shares of stock for the stock dividend declared on June 14. ☆ Check My Work 33 00 66 Required: 1. 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text:Retained Earnings
Treasury Stock (20,000 shares, at cost)
AssignmentMain.do?invoker-assignments&take... A
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 (300,000 shares authorized, 200,000 shares issued)
Paid-In Capital in Excess of Stated Value-Common Stock
Oct. 30. Purchased 13,000 shares of treasury stock for $19 per share.
Dec. 30. Declared a $0.16-per-share dividend on common stock.
31. Closed the two dividends accounts to Retained Earnings.
$2,000,000
400,000
4,540,000
280,000
The following selected transactions occurred during the year:
Jan. 15. Paid cash dividends of $0.13 per share on the common stock. The dividend had been properly recorded when declared on December 1
of the preceding fiscal year for $23,400.
Mar. 15. Sold all of the treasury stock for $17 per share.
Apr. 13. Issued 40,000 shares of common stock for $720,000.
June 14. Declared a 4% stock dividendon common stock, to be capitalized at the market price of the stock, which is $20 per share.
July 16. Issued shares of stock for the stock dividend declared on June 14.
☆
Check My Work
33 00 66
Required:
1. 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.
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