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Question 1

And post to the eight selected accounts. Assume that the closing entry for revenues and expenses has been made 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 $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.

Date	Account	Debit	Credit
Jan. 15	CashCash DividendsCash Dividends PayableCommon StockStock Dividends Distributable	fill in the blank 36	fill in the blank 37
	CashCash DividendsCash Dividends PayableCommon StockStock Dividends	fill in the blank 39	fill in the blank 40

Mar. 15. Sold all of the treasury stock for $6.75 per share.

Date	Account	Debit	Credit
Mar. 15	CashCommon StockPaid-In Capital in Excess of Stated Value-Common StockRetained EarningsTreasury Stock	fill in the blank 42	fill in the blank 43
	CashCommon StockPaid-In Capital in Excess of Stated Value-Common StockRetained EarningsTreasury Stock	fill in the blank 45	fill in the blank 46
	Common StockPaid-In Capital from Sale of Treasury StockPreferred StockRetained EarningsStock Dividends Distributable	fill in the blank 48	fill in the blank 49

Apr. 13. Issued 200,000 shares of common stock for $8 per share.

Date	Account	Debit	Credit
Apr. 13	CashCommon StockPaid-In Capital from Sale of Treasury StockPaid-In Capital in Excess of Stated Value-Common StockTreasury Stock	fill in the blank 51	fill in the blank 52
	CashCash DividendsCommon StockStock DividendsTreasury Stock	fill in the blank 54	fill in the blank 55
	CashCash Dividends PayablePaid-In Capital from Sale of Treasury StockPaid-In Capital in Excess of Stated Value-Common StockPreferred Stock	fill in the blank 57	fill in the blank 58

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.

Date	Account	Debit	Credit
June 14	CashCommon StockPaid-In Capital in Excess of Stated Value-Common StockStock DividendsStock Dividends Distributable	fill in the blank 60	fill in the blank 61
	CashCommon StockPaid-in Capital from Sale of Treasury StockStock Dividends DistributableTreasury Stock	fill in the blank 63	fill in the blank 64
	CashCash DividendsPaid-In Capital in Excess of Stated Value-Common StockStock DividendsTreasury Stock	fill in the blank 66	fill in the blank 67

July 16. Issued stock for stock dividend declared on June 14.

Date	Account	Debit	Credit
July 16	CashCash Dividends PayableCommon StockStock DividendsStock Dividends Distributable	fill in the blank 69	fill in the blank 70
	CashCash Dividends PayableCommon StockStock DividendsStock Dividends Distributable	fill in the blank 72	fill in the blank 73

Oct. 30. Purchased 50,000 shares of treasury stock for $6 per share.

Date	Account	Debit	Credit
Oct. 30	CashCommon StockPaid-In Capital from Sale of Treasury StockStock DividendsTreasury Stock	fill in the blank 75	fill in the blank 76
	CashCommon StockPaid-In Capital from Sale of Treasury StockStock Dividends DistributableTreasury Stock	fill in the blank 78	fill in the blank 79

Dec. 30. Declared an $0.08-per-share dividend on common stock.

Date	Account	Debit	Credit
Dec. 30	CashCash DividendsCash Dividends PayableCommon StockTreasury Stock	fill in the blank 81	fill in the blank 82
	CashCash Dividends PayableCommon StockStock DividendsStock Dividends Distributable	fill in the blank 84	fill in the blank 85

Dec. 31. Closed the two dividends accounts to Retained Earnings.

Date	Account	Debit	Credit
Dec. 31	CashCash DividendsRetained EarningsStock DividendsStock Dividends Distributable	fill in the blank 87	fill in the blank 88
	CashCommon StockRetained EarningsStock DividendsStock Dividends Distributable	fill in the blank 90	fill in the blank 91
	CashCash DividendsIncome SummaryRetained EarningsTreasury Stock	fill in the blank 93	fill in the blank 94

3. Prepare a statement of stockholders equity for the year ended December 31, 20Y1. Assume that net income was $775,000 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.

Nav-Go Enterprises Inc. Statement of Stockholders Equity For the Year Ended December 31, 20Y1

Line Item Description	Common Stock	Paid-In Capital in Excess of Stated Value	Paid-In Capital from Sale of Treasury Stock	Retained Earnings	Treasury Stock	Total
Balances, January 1Balances, December 31Cash DividendsIssued Common StockStock DividendsSale of Treasury StockNet IncomeNet LossPurchase of Treasury Stock	$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
Balances, January 1Balances, December 31Cash DividendsIssued Common StockStock DividendsSale of Treasury StockNet IncomeNet LossPurchase of Treasury Stock	fill in the blank 103	fill in the blank 104				fill in the blank 105
Balances, January 1Balances, December 31Cash DividendsIssued Common StockStock DividendsSale of Treasury StockNet IncomeNet LossPurchase of Treasury Stock				fill in the blank 107		fill in the blank 108
Balances, January 1Balances, December 31Cash DividendsIssued Common StockStock DividendsSale of Treasury StockNet IncomeNet LossPurchase of Treasury Stock				fill in the blank 110		fill in the blank 111
Balances, January 1Balances, December 31Cash DividendsIssued Common StockStock DividendsSale of Treasury StockNet IncomeNet LossPurchase of Treasury Stock	fill in the blank 113	fill in the blank 114		fill in the blank 115		fill in the blank 116
Balances, January 1Balances, December 31Cash DividendsIssued Common StockStock DividendsSale of Treasury StockNet IncomeNet LossPurchase of Treasury Stock			fill in the blank 118		fill in the blank 119	fill in the blank 120
Balances, January 1Balances, December 31Cash DividendsIssued Common StockStock DividendsSale of Treasury StockNet IncomeNet LossPurchase of Treasury Stock					fill in the blank 122	fill in the blank 123
Balances, January 1Balances, December 31Cash DividendsIssued Common StockStock DividendsSale of Treasury StockNet IncomeNet LossPurchase of Treasury Stock	$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

Line Item Description	Amount	Amount
Stockholders' Equity
Paid-In Capital:
CashCommon Stock, $5 Stated Value (900,000 Shares Authorized, 844,600 Shares Issued)Retained EarningsTreasury Stock (50,000 Shares at Cost)	$fill in the blank 132
CashExcess of Issue Price Over Stated ValueRetained EarningsTreasury Stock (50,000 Shares at Cost)	fill in the blank 134
CashFrom Sale of Treasury StockRetained EarningsTreasury Stock (50,000 Shares at Cost)	fill in the blank 136
Total Paid-In Capital		$fill in the blank 137
Common Stock, $5 Stated Value (900,000 Shares Authorized, 844,600 Shares Issued)From Sale of Treasury StockRetained EarningsTreasury Stock (25,000 Shares at Cost)		fill in the blank 139
Total		$fill in the blank 140
Treasury Stock (50,000 Shares at Cost)Excess of Issue Price Over Stated Value-Common StockCashRetained Earnings		fill in the blank 142
Total Stockholders' Equity		$fill in the blank 143

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