Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Ainment 2-Homework Pinta she selected Corporate Transactions Nav.co Enterprises in produces auronautical navigation equipment. Nav.Ge Enterprises stockholders gut acounts with balances in Sonuary 1, 2011,

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Ainment 2-Homework Pinta she selected Corporate Transactions Nav.co Enterprises in produces auronautical navigation equipment. Nav.Ge Enterprises stockholders gut acounts with balances in Sonuary 1, 2011, are as follow common stock, 10 wated Valun (850,000 shares started, 560,000 shares) $5.600,000 Pardin Capital in Excess of stated Value-Common Stock 1,050,000 anet Earnings 12,710,000 Treasury Stick (56,000 shares, at cost) 340,000 The following selected transactions occurred during the year ton. 15. Pod onih evident of $0.12 per share on the common stock. The dividend nad been properly recorded when dectared on December 1 of the preceding fiscal year for 560,480. Mar. 15. Sold of the treasury stock for $1 per share Apr, 13. ISO 105.000 shares of common stock for $1.890.000 June 14. Declared a 4 stock vided on common stock, to de 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 Oct. 30. Purchased 35,000 shares of treasury stock for $20 per share. Dec 30. Declared a $0.15-per-share dividend on common stock 31. Closed the two dividends accounts to Hetained Earnings. Required: 1. The lawary a balances have been entered in accounts for the stockholders' equity accounts. Record the above transactions in the Taccounts and provide the December 31 balance where appropriate. In rovired, round to one decimal place. Common Stock Jan. 1 B 5,600,000 Oh My Work Previous Next Ainigament 2 Homework Porn Commen Stock lan at 5,000,000 Dec I Bar Paid In Capital in Excess of stated Value-Common Stock an. 1 bal. 1,050.000 Dec 31 B Retained Earnings Jan 1 Bal 12,710,000 Dec 31 Bal Treasury Stock 840,000 Jan. 1 Bal Dec 31 Bal Check My Work Paid-In Capital from Sale of Treasury Stock Stock Dividends Distributable Stock Dividends Cash Dividends 2. Joumalize 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 $0.12 per share on the common stock. The dividend had been property recorded when declared on December 1 of the preceding niscal year for $60,480, Account Debit Credit Jan. 15 Mar. 15. Sold all of the treasury stock for $18 per share. Date Account Debit Cedit Mar 15 Debit Credit Apr. 13. Issued 105.000 shares of common stock for $1,890,000 Dute Account Apt 13 June 14. Declared a 4% on common stock, to be capitalized at the market price of the stock, which is $20 per share. Date Account Debit Credit June 14 July 16. Issued stock for stock dividend declared on June 14. Date Account Debit Credit July 16 Oct. 30. Purchased 35,000 shares of treasury stock for $20 per share. Date Account Debit Credit Oct. 30 Dec. 30. Declared a $0.15-per-share dividend on common stock. Date Account Debit Credit Dec 30 Dec. 31. Gottesdienststone Earning be Debat Credit Prement of thout for the ended December 31, 2011 at 12.218,000 for the year ended December 3, 2011. For those bon in which you must enter were tambor donar teplotne utement Partner, Paid Captain Paid in Fees Capital from Sale of Stated Value Treasury Stock Comment Retained Earnings Treasury Stock Total Previous Next Arad 4. Prenare the stockholders tout section of the December 31, 2011, Dalance sheet. For those boxes in which you must enter subtracted or negative numbers useamus ign Balance Sheet Deci, Stockholders' Equity Paid In Capital Total Paid-In Capital Total Total Stockholders' Equity Check My Work Previous

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles Of Auditing And Other Assurance Services

Authors: Ray Whittington, Kurt Pany

22nd Edition

126059808X, 978-1260598087

More Books

Students also viewed these Accounting questions

Question

What information is typically conveyed in an RFP?

Answered: 1 week ago

Question

Explain the characteristics of an effective appraisal system.

Answered: 1 week ago

Question

Describe the various performance appraisal methods.

Answered: 1 week ago

Question

Define performance appraisal.

Answered: 1 week ago