The January 1 balances have been entered in T accounts for the stockholders' equity accounts. Record the transactions in the T accounts and provide the December 31 balance where appropriate. If required, round to one decimal place. 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 (650,000 shares authorized, 440,000 shares issued) $4,400,000 Paid-In Capital in Excess of Stated Value-Common Stock 850,000 Retained Earnings 9,990,000 Treasury Stock (44,000 shares, at cost) 660,000 The following selected transactions occurred during the year: Jan. 15. Paid cash dividends of $0.14 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $55,440. Mar. 15. Sold all of the treasury stock for $18 per share. Apr. 13. Issued 85,000 shares of common stock for $1,360,000. June 14. Declared a 5% stock dividend on common stock, to be capitalized at the market price of the stock, which is $18 per share. July 16. Issued shares of stock for the stock dividend declared on June 14. Oct. 30. Purchased 28,000 shares of treasury stock for $20 per share. Dec. 30. Declared a $0.17-per-share dividend on common stock. 31. Closed the two dividends accounts to Retained Earnings.
The January 1 balances have been entered in T accounts for the stockholders' equity accounts. Record the transactions in the T accounts and provide the December 31 balance where appropriate. If required, round to one decimal place. 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 (650,000 shares authorized, 440,000 shares issued) $4,400,000 Paid-In Capital in Excess of Stated Value-Common Stock 850,000 Retained Earnings 9,990,000 Treasury Stock (44,000 shares, at cost) 660,000 The following selected transactions occurred during the year: Jan. 15. Paid cash dividends of $0.14 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $55,440. Mar. 15. Sold all of the treasury stock for $18 per share. Apr. 13. Issued 85,000 shares of common stock for $1,360,000. June 14. Declared a 5% stock dividend on common stock, to be capitalized at the market price of the stock, which is $18 per share. July 16. Issued shares of stock for the stock dividend declared on June 14. Oct. 30. Purchased 28,000 shares of treasury stock for $20 per share. Dec. 30. Declared a $0.17-per-share dividend on common stock. 31. Closed the two dividends accounts to Retained Earnings.
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter16: Financial Statements And Closing Entries For A Corporation
Section16.2: Preparing A Statement Of Stockholders’ Equity
Problem 1WT
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The January 1 balances have been entered in T accounts for the
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 (650,000 shares authorized, 440,000 shares issued) | $4,400,000 |
Paid-In Capital in Excess of Stated Value-Common Stock | 850,000 |
9,990,000 | |
660,000 |
The following selected transactions occurred during the year:
Jan. 15. | Paid cash dividends of $0.14 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $55,440. |
Mar. 15. | Sold all of the treasury stock for $18 per share. |
Apr. 13. | Issued 85,000 shares of common stock for $1,360,000. |
June 14. | Declared a 5% stock dividend on common stock, to be capitalized at the market price of the stock, which is $18 per share. |
July 16. | Issued shares of stock for the stock dividend declared on June 14. |
Oct. 30. | Purchased 28,000 shares of treasury stock for $20 per share. |
Dec. 30. | Declared a $0.17-per-share dividend on common stock. |
31. | Closed the two dividends accounts to Retained Earnings. |
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