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Category > Accounting Posted 20 Aug 2017 My Price 13.00

Nav-Go Enterprises Inc

PR 11-4B Entries for selected corporate transactions                              ObJ.  2,  3,  4, 5

Nav-Go Enterprises Inc. produces aeronautical navigation equipment. The stockholders’ equity accounts of Nav-Go Enterprises Inc., with balances on January 1, 2016, are as follows:

Common  Stock,  $5  stated  value  (900,000 shares authorized,

620,000 shares issued) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                                       $3,100,000

Paid-In Capital in Excess of Stated Value—Common Stock . . . . . . . . . . . .                             1,240,000 Retained Earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                                                                                  4,875,000

Treasury Stock (48,000 shares, at cost) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                        288,000

 

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 declared on December 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 the certificates for the dividend declared on June 14. Oct. 30. Purchased 50,000 shares of treasury stock for $6 per share. Dec. 30.  Declared a $0.08-per-share dividend on common stock.

31.  Closed the credit balance of the income summary account,  $775,000.

31.  Closed the two dividends accounts to Retained Earnings.

Instructions

1.     Enter the January 1 balances in T accounts for the stockholders’ equity accounts listed. Also prepare T accounts for the following: Paid-In Capital from Sale of Treasury Stock; Stock Dividends Distributable; Stock Dividends; Cash Dividends.

2.     Journalize the entries to record the transactions, and post to the eight selected ac- counts.

3.     Prepare a retained earnings statement for the year ended December 31, 2016.

4.     Prepare the Stockholders’ Equity section of the December 31, 2016, balance sheet.

 

 

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Maurice Tutor
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Status NEW Posted 20 Aug 2017 07:08 PM My Price 13.00

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