Chapter 13 HW Assignments eBook CHILTIES TOI SCICLEU corporate CONSCIONS Instructions Chart of Accounts Labels and Amount Descriptions T Accounts Journal Retained Earnings Statement Stockholders' Equity J SE T Accounts Treasury Stock E Jan. 1 Bal. 478,800 Jun. 478,800 Nov. 23 450,000 Dec. 31 Bal. Paid-In Capital from Sale of Treasury Stock Jun. 6 Stock Dividends Distributable Aug. 15 Jul. Stock Dividends Jul. s Dec. 31 Cash Dividends Dec. 28 Dec. 31 Check My Work 1 more Check My Work uses remaining Previous Chapter 13 HW Assignments eBook ? Instructions Morrow Enterprises Inc, manufactures bathroom fixtures. The stockholders' equity accounts of Morrow Enterprises Inc, with balancss on January 1, 2045, are as follows: $7,040,000 wording of text entries 774,400 Common stock, $20 stated value (500,000 shares authorized, 352,000 shares issued) Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (25,200 shares, at a cost of $19 per share) 32, 153,000 478,800 The following selected transactions cocurred during the year Jan. 22 Paid cash dividends of $0.05 per share on the common stock. The dividend had been property recorded when declared on December 1 of the preceding fiscal year for $16,340. Apr 10 Jun. 6 Jul. 5 Issued 73,000 shares of common stock for $25 per share. Sold all of the treasury stock for $27 per share. Declared a 5% stock dividend on common stock, to be capitalized at the market price of the stock, which is $25 per share. Issued the certificates for the dividend declared on July 5. Aug 15 Nov 23 Purchased 25,000 shares of treasury stock for $18 per share. Declared a $0.00-per-share dividend on common stock. Dec 28 Check My Work 1 more Check My Work uses remaining. Previous Chapter 13 HW Assignments eBook Instructions Aug. Nov 15 23 issuea ne cernicates for the dividena declared on Juy 5. Purchased 25,000 shares of treasury stock for $18 per share. Declared a $0.08-per-share dividend an common stock. Dec. 28 31 Closed the two dividends accounts to Retained Earnings. Required: Enter the January 1 balances in accounts for the stockholders' equity accounts listed. Also prepare accounts for the following: Paid-in Capital from Sale of Treasury Stock: Stock Dividends Distributable; Stock Dividends: Cash Dividends. b. Jumalize the entries to record the transactions and post to the eight selected accounts. No postrof is required in the journal. Refer to the chart of accounts for the exact woraling of the accountities. CNOW jouais do not use Nines for journal explanations. Every Nine on a journal page is used for debitor credit entries. Now jumals will automatically indent a credit entry when a credit amount is entered. Round your final answer to the nearest dollar. c. Prepare a retained earnings statement for the year ended December 31, 2045. Assume that Monrow Enterprises had net income for the year ended December 31, 2015, of $1,223,000. Be sure to complete the statement reading. Refer to the chart of accounts and the Nets of Labels and Amount Descriptions for the exact wording of text entries. A decrease lo relained earnings should be entered as a negative amount d. Prepare the Stockholders' Equity section of the December 31, 2045, balance sheet. Refer to the chart of accounts and the lists of Labels and Amount Descriptions for the exact wording of text entries. For those boxes in which you must enter subtractive or negative numbers, use a minus sig. Check My Work 1 more Check My Work uses remaining. Previous Chapter 13 HW Assignments eBook LIITIES Tor De ECLEU CU PuraLC LIONS CLUTS Instructions Chart of Accounts Labels and Amount Descriptions T Accounts Journal Retained Earnings Statement Stockholders' Equity 3 Instruct T Accounts X Morrow a. Enter the January 1 balances in accounts for the stockholders' equity accounts listed. Also prepare T accounts for the following: Paid-in Capital from Sale of Treasury Stock: Stock Dividends Diambutable; Stock Dividends: Cash Dividends. No post ref is required in the joumsi. CC PE Common Stock Rc Jan. 1 Bal. 7040,000 Tr Apr. 10 1,480.000 The follo Aug. 15 425.000 JI Dec 31 Bal 8,925.000 Paid-In Capital in Excess of Stated Value-Common Stock AP Jan. 1 Bal. 774,400 JU Apr. 10 365.000 Jul. 5 106,250 AL Dec. 31 Bal 1,245,650 NO DX Ratainarl Earninne Check My Work 1 more Check My Work uses remaining. Previous Chapter 13 HW Assignments eBook LIITICS TUI SCICCLEU corporar-IONS ? Instructions Chart of Accounts Labels and Amount Descriptions T Accounts Journal Retained Earnings Statement Stockholders' Equity J SE T Accounts Retained Earnings d. Fd Dec. 31 Jan. 1 Bal 32,168,000 Dec. 31 1 223,000 Dec. 31 Bal Treasury Stock Jan. 1 Bal 478 BDO Jun. 478,80D Nov. 23 450,000 Dec. 31 Bal. Pald-In Capital from Sale of Treasury Stock Jun. 6 Stock Dividends Distributable Aug. 15 Jul. 5 Ctool Diridende Check My Work 1 more Check My Work uses remaining. Previous