Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please answer the questions that are marked wrong. Thanks. I will leave a like. Entries for selected corporate transactions Nav-Go Enterprises inc. produces aeronautical navigation

Please answer the questions that are marked wrong. Thanks. I will leave a like.
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Entries for selected corporate transactions Nav-Go Enterprises inc. produces aeronautical navigation equipment. Nav-Go Enterprises' stockholders' equity accounts, with baiances on january 1, 200 i, at a as follows: The following selected transactions occurred during the year: Jan. 15. Paid cash dividends of $0.06 per share on the common stock. The dividend had been properly recorded when dedared on Decernber 1 of the preceding fiscal year for $34,320. Mar. 15. Sold all of the treasury stock for $6.75 per share. Apr. 13. Issued 200,000 shares of common stock for $8 per share. June 14. Declared a 3% stock dividend on common stock, to be capitalized at the market price of the stock, which is $7.50 per share. July 16. Issued stock for stock dividend declared on June 14. Oct. 30. Purchased 50,000 shares of treasury stock for $6 per share. Dec, 30. Declared an $0.08-per-share dividend on common stock. 31. Closed the two dividends accounts to Retained Earnings. 1. The January 1 balances in T accounts for the stockholders' equity accounts have been listed below. T accounts for the following accouris have also been cr. Requiredt Paid-In Capital from Sale of Treasury Stock; Stock Dividends Distributable; Stock Dividends; Cash Dividends. 2. Joumalize the entries to record the transactions, and post to the eight selected accounte. Asume that the closing entry for revenues and axperses has been mede and post net income of $775,000 to the retained earnings account. If an amount box does not require an entry, leave it blank, Jan. 15. Paid cash dividends of 50.06 per share on the common stock. The dividend had been properfy recorded when declared on December 1 of the preceding facal year for 534,320 Mar. 15. Sold al of the treasury stock for $56,75 per share. Dec. 31. Closed the two dividends accounts to Retained Earnings. 3. Prepare a statement of stockholders' equity for the year ended December 31; 20y1. Assume that net income was s775,000 for the year ended December 31, 20) 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 is blank. Nav-Ge Enterprises Ine. Statement of Stockholders' Equity For the Year Ended December 31, 20y1 Nav.Go enterpriaes InC Balance sheet December 31, 20v1 Stockhoisers' Equity raid-In Captalt Ciath x Treasury stock (50,000 shares of cost )x Fotostiath - Cese My was. the period and reteined etarmingsi will be increased by any net ancome, and decreased by any net

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_2

Step: 3

blur-text-image_3

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

Practical Guide To Auditing SAP Systems

Authors: Martin Metz, Sebastian Mayer

1st Edition

3960126409, 978-3960126409

More Books

Students also viewed these Accounting questions

Question

=+ (c) The same, but suppose that 22 is uncountable.

Answered: 1 week ago