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 (700,000 shares authorized, 480,000 shares issued) $4,800,000 Paid-In Capital in Excess of Stated Value-Common Stock 900,000 Retained Earnings 10,900,000 Treasury Stock (48,000 shares, at cost) 672,000 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 $56,160. Mar. 15. Sold all of the treasury stock for $17 per share. Apr. 13. Issued 90,000 shares of common stock for $1,620,000. June 14. Declared a 4% stock dividend on 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. Oct. 30. Purchased 30,000 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. 3. Prepare a statement of stockholders’ equity for the year ended December 31, 20Y1. Assume that net income was $11,336,000 for the year ended December 31, 20Y1. 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 “0”. Nav-Go Enterprises Inc. Statement of Stockholders’ Equity For the Year Ended December 31, 20Y1 Common Stock Paid-In Capital in Excess of Stated Value Paid-In Capital from Sale of Treasury Stock Retained Earnings Treasury Stock Total $fill in the blank 96 $fill in the blank 97 $fill in the blank 98 $fill in the blank 99 $fill in the blank 100 $fill in the blank 101 fill in the blank 103 fill in the blank 104 fill in the blank 105 fill in the blank 107 fill in the blank 108 fill in the blank 110 fill in the blank 111 fill in the blank 113 fill in the blank 114 fill in the blank 115 fill in the blank 116 fill in the blank 118 fill in the blank 119 fill in the blank 120 fill in the blank 122 fill in the blank 123 $fill in the blank 125 $fill in the blank 126 $fill in the blank 127 $fill in the blank 128 $fill in the blank 129 $fill in the blank 130 4. Prepare the “Stockholders’ Equity” section of the December 31, 20Y1, balance sheet. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Nav-Go Enterprises Inc. Balance Sheet December 31, 20Y1 Stockholders' Equity Paid-In Capital: fill in the blank 132 fill in the blank 134 fill in the blank 136 Total Paid-In Capital fill in the blank 137 fill in the blank 139 Total fill in the blank 140 fill in the blank 142 Total Stockholders' Equity fill in the blank 143

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 (700,000 shares authorized, 480,000 shares issued) $4,800,000 Paid-In Capital in Excess of Stated Value-Common Stock 900,000 Retained Earnings 10,900,000 Treasury Stock (48,000 shares, at cost) 672,000 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 $56,160. Mar. 15. Sold all of the treasury stock for $17 per share. Apr. 13. Issued 90,000 shares of common stock for $1,620,000. June 14. Declared a 4% stock dividend on 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. Oct. 30. Purchased 30,000 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. 3. Prepare a statement of stockholders’ equity for the year ended December 31, 20Y1. Assume that net income was $11,336,000 for the year ended December 31, 20Y1. 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 “0”. Nav-Go Enterprises Inc. Statement of Stockholders’ Equity For the Year Ended December 31, 20Y1 Common Stock Paid-In Capital in Excess of Stated Value Paid-In Capital from Sale of Treasury Stock Retained Earnings Treasury Stock Total $fill in the blank 96 $fill in the blank 97 $fill in the blank 98 $fill in the blank 99 $fill in the blank 100 $fill in the blank 101 fill in the blank 103 fill in the blank 104 fill in the blank 105 fill in the blank 107 fill in the blank 108 fill in the blank 110 fill in the blank 111 fill in the blank 113 fill in the blank 114 fill in the blank 115 fill in the blank 116 fill in the blank 118 fill in the blank 119 fill in the blank 120 fill in the blank 122 fill in the blank 123 $fill in the blank 125 $fill in the blank 126 $fill in the blank 127 $fill in the blank 128 $fill in the blank 129 $fill in the blank 130 4. Prepare the “Stockholders’ Equity” section of the December 31, 20Y1, balance sheet. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Nav-Go Enterprises Inc. Balance Sheet December 31, 20Y1 Stockholders' Equity Paid-In Capital: fill in the blank 132 fill in the blank 134 fill in the blank 136 Total Paid-In Capital fill in the blank 137 fill in the blank 139 Total fill in the blank 140 fill in the blank 142 Total Stockholders' Equity fill in the blank 143

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter12: Corporations: Organization, Stock Transactions, And Dividends

Section: Chapter Questions

Problem 4PB: Entries for selected corporate transactions Nav-Go Enterprises Inc. produces aeronautical navigation...

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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 1, 20Y1, are as follows:

Common Stock, $10 stated value (700,000 shares authorized, 480,000 shares issued)	$4,800,000
Paid-In Capital in Excess of Stated Value-Common Stock	900,000
Retained Earnings	10,900,000
Treasury Stock (48,000 shares, at cost)	672,000

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 $56,160.
Mar. 15.	Sold all of the treasury stock for $17 per share.
Apr. 13.	Issued 90,000 shares of common stock for $1,620,000.
June 14.	Declared a 4% stock dividend on 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.
Oct. 30.	Purchased 30,000 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.

3. Prepare a statement of stockholders’ equity for the year ended December 31, 20Y1. Assume that net income was $11,336,000 for the year ended December 31, 20Y1. 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 “0”.


Common Stock	Paid-In Capital in Excess of Stated Value	Paid-In Capital from Sale of Treasury Stock	Retained Earnings	Treasury Stock	Total
$fill in the blank 96	$fill in the blank 97	$fill in the blank 98	$fill in the blank 99	$fill in the blank 100	$fill in the blank 101
fill in the blank 103	fill in the blank 104				fill in the blank 105
			fill in the blank 107		fill in the blank 108
			fill in the blank 110		fill in the blank 111
fill in the blank 113	fill in the blank 114		fill in the blank 115		fill in the blank 116
		fill in the blank 118		fill in the blank 119	fill in the blank 120
				fill in the blank 122	fill in the blank 123
$fill in the blank 125	$fill in the blank 126	$fill in the blank 127	$fill in the blank 128	$fill in the blank 129	$fill in the blank 130

4. Prepare the “Stockholders’ Equity” section of the December 31, 20Y1, balance sheet. For those boxes in which you must enter subtracted or negative numbers use a minus sign.

Nav-Go Enterprises Inc. Balance Sheet December 31, 20Y1
Stockholders' Equity
Paid-In Capital:
	fill in the blank 132
	fill in the blank 134
	fill in the blank 136
Total Paid-In Capital		fill in the blank 137
		fill in the blank 139
Total		fill in the blank 140
		fill in the blank 142
Total Stockholders' Equity		fill in the blank 143

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