Naxion Corporation began operations on January 2, 2018, and had the following transactions during the year:
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C D E F G H I J TL M A B 1 Chapter 1: 2 Using Excel P13-53 Using Excel for stockholders' equity transactions and preparing financial statements 5 Naxion Corporation began operations on January 2, 2018, and had the following transactions during the year: 7 Jan. 2 Issued 250,000 shares of $1 par value common stock at $45 per share. Total shares authorized: 1,000,000. 8 Feb. 5 Issued 10,000 shares of $50 par, 5% cumulative preferred stock at $65 per share. Total shares authorized: 25,000. 9 Mar. 15 Issued 150,000 shares of $1 par value common stock at $35 per share. 10 Apr. 2 Declared a $2.50 per share cash dividend on its preferred stock to be paid on April 25. Date of record is April 10 11 Apr. 3 Declared a $0.10 per share cash dividend on its common stock to be paid on April 26. Date of record is April 10 $. 12 Apr. 25 Payment of cash dividend on preferred stock. 13 Apr. 26 Payment of cash dividend on common stock. 14 Jun. 1 Declared a 2% stock dividend on all common stock outstanding. Current market price of the stock was $48 per share. Date of record is June 15 15 Jun. 30 Distributed common stock dividend to shareholders. 16 Oct. 10 Purchased 2,500 shares of treasury stock-common at $52 per share. 17 11 Nov. 15 Sold 2,000 shares of treasury stock-common at $54 per share. 10 18 19 Requirements: 20 1. Journalize Naxion's transactions for 2018. . 21 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2018, including the heading. Assume Naxion had net income of $15,000,000 during 2018. 22 3. Determine Naxion's earnings per share for 2018, rounded to two decimal places. For the average number of common shares outstanding, average the number of shares outstanding on January 2 and December 31 23 4. 4 Assuming Naxion's market value per common share as of December 31, 2018 was $55, calculate Nation's price/earnings ratio for 2018, rounded to two decimal places. 24 25 Excel Skills: 26 1. Data validation for journal entry accounts. 27 2. Indent journal entry credit accounts using the increase Indent button. 28 3. ROUND function. 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 Instructions Journal entry Stockholders equity + B D E G H I J K L . M N 0 Q 1 Requirement 1 Journalize Naxion's transactions for 2018. 2 3 Date Account and Explanation Debit Credit 4 Jan 02 5 6 7 Issued common stock at a premium. 8 9 Feb 05 10 11 12 Issued preferred stock at a premium. 13 14 Mar 15 15 16 17 Issued common stock at a premium. 18 19 Apr 02 20 21 Declared a cash dividend on preferred stock. 22 23 Apr 03 24 25 Declared a cash dividend on common stock. 26 27 20 car Instructions > Journal entry Stockholders equity + A B D E H I J J K L MN 0 o P Q 28 Apr 25 29 30 Payment of cash dividend on preferred stock. 31 32 Apr 26 33 34 Payment of cash dividend on common stock. 35 36 Jun 01 37 38 39 Declared a 2% stock dividend on common stock. 40 41 Jun 30 42 43 Issued 2% common stock dividend. 44 45 Oct 10 46 47 Purchased treasury stock -common. 48 49 Nov 15 50 51 52 Sold 2,000 shares of treasury stock-common at $54 per share. 53 54 Instructions Journal entry Stockholders equity + A B C D E F G H H I J K L L M N 0 1 Requirement 2 2 Prepare the stockholder's equity section of the balance sheet as of December 31, 2018. Assume Nation had net income of $15,000,000 during 2018. 3 4 5 6 7 Stockholders' Equity Paid In Capital: Preferred Stock Common Stock 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Total Paid-In Capital Retained Earnings Treasury Stock-Common Total Stockholders' Equity Requirement 3 Determine Naxion's earnings per share for 2018, rounded to two decimal places. For the average number of common shares outstanding, average the number of shares outstanding on January 2 and December 31. Formula Answer 22 23 24 25 26 27 Requirement 4 Assuming Naxion's market value per common share as of December 31, 2018 was $55, calculate Naxion's price/earnings ratio for 2018, rounded to two decimal places. Formula Answer 28 29 30 31 32 33 34 35 36 37 38 39 40 41 Instructions Journal entry Stockholders equity +
