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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
Entries for Selected Corporate Transactions
NavGo Enterprises Inc. produces aeronautical navigation equipment. NavGo Enterprises' stockholders equity accounts, with balances on January Y are as follows:
Common Stock, $ stated value shares authorized, shares issued $
PaidIn Capital in Excess of Stated ValueCommon Stock
Retained Earnings
Treasury Stock shares, at cost
The following selected transactions occurred during the year:
Jan. Paid cash dividends of $ per share on the common stock. The dividend had been properly recorded when declared on December of the preceding fiscal year for $
Mar. Sold all of the treasury stock for $ per share.
Apr. Issued shares of common stock for $
June Declared a stock dividend on common stock, to be capitalized at the market price of the stock, which is $ per share.
July Issued shares of stock for the stock dividend declared on June
Oct. Purchased shares of treasury stock for $ per share.
Dec. Declared a $pershare dividend on common stock.
Closed the two dividends accounts to Retained Earnings.
Required:
The January balances have been entered in T accounts for the stockholders' equity accounts. Record the above transactions in the T accounts and provide the December balance where appropriate. If required, round to one decimal place.
Common Stock
Jan. Bal.
fill in the blank
Incorrect
fill in the blank
Dec. Bal. fill in the blank
PaidIn Capital in Excess of Stated ValueCommon Stock
Jan. Bal.
fill in the blank
fill in the blank
Dec. Bal. fill in the blank
Retained Earnings
fill in the blank Jan. Bal.
fill in the blank
Dec. Bal. fill in the blank
Treasury Stock
Jan. Bal.
fill in the blank
fill in the blank
Dec. Bal. fill in the blank
PaidIn Capital from Sale of Treasury Stock
fill in the blank
Stock Dividends Distributable
fill in the blank
fill in the blank
Stock Dividends
fill in the blank
fill in the blank
Cash Dividends
fill in the blank
fill in the blank
Journalize the entries to record the transactions. For a compound transaction, if an amount box does not require an entry, leave it blank.
Jan. Paid cash dividends of $ per share on the common stock. The dividend had been properly recorded when declared on December of the preceding fiscal year for $
Date Account Debit Credit
Jan.
fill in the blank fill in the blank
fill in the blank fill in the blank
Mar. Sold all of the treasury stock for $ per share.
Date Account Debit Credit
Mar.
fill in the blank fill in the blank
fill in the blank fill in the blank
fill in the blank fill in the blank
Apr. Issued shares of common stock for $
Date Account Debit Credit
Apr.
fill in the blank fill in the blank
fill in the blank fill in the blank
fill in the blank fill in the blank
June Declared a on common stock, to be capitalized at the market price of the stock, which is $ per share.
Date Account Debit Credit
June
fill in the blank fill in the blank
fill in the blank fill in the blank
fill in the blank fill in the blank
July Issued stock for stock dividend declared on June
Date Account Debit Credit
July
fill in the blank fill in the blank
fill in the blank fill in the blank
Oct. Purchased shares of treasury stock for $ per share.
Date Account Debit Credit
Oct.
fill in the blank fill in the blank
fill in the blank fill in the blank
Dec. Declared a $pershare dividend on common stock.
Date Account Debit Credit
Dec.
fill in the blank fill in the blank
fill in the blank fill in the blank
Dec. Closed the two dividends accounts to Retained Earnings.
Date Account Debit Credit
Dec.
fill in the blank fill in the blank
fill in the blank fill in the blank
fill in the blank fill in the blank
Prepare a statement of stockholders equity for the year ended December Y Assume that net income was $ for the year ended December Y 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
NavGo Enterprises Inc.
Statement of Stockholders Equity
For the Year Ended December Y
Common Stock PaidIn
Capital in
Excess of
Stated Value PaidIn
Capital from Sale of
Treasury Stock Retained
Earnings Treasury
Stock Total
$fill in the blank $fill in the blank $fill in the blank $fill in the blank $fill in the blank $fill in the blank
fill in the blank fill in the bl
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