Entries for Select Corporate Transactions shares/ Common Stock

anmentSessionl.ocator assignment-takeinprogress false takeAssignmentMandohimnvoker assignments&takeAs apter 12: Due Sunday eBook Calculator Print Item Entries for Selected Corporate Transactions Morrow Enterprises Inc. manufactures bathroom fxtures. Morrow Enterprises' stockholders' equity accounts, with balances on January 1, 20Y6, are as follows Common Stock, $10 stated value (900,000 shares authorized, 600,000 shares issued) $6,000,000 Paid-In Capital in Excess of Stated Value-Common Stock 1,150,000 Retained Earnings 13,620,000 Treasury Stock (60,000 shares, at cost) 840,000 The following selected transactions occurred during the year Jan. 22. Paid cash dividends of s0.15 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $81,000. Apr. 10. 1ssued 115,000 shares of common stock for $2,070,000. June 6. Sold all of the treasury stock for $17 per share July 5. Declared a 5% Stock dividend on common stock, to be capitalized at the market price of the steck, which is $20 per share Aug. 15. 1ssued shares of stock for the stock dividend declared on July 5 Nov. 23. Purchased 38,000 shares of treasury stock for $19 per share Dec. 28. Declared a s0.18-per share dividend on common stock 31. Closed the credt balance of the income summary account, $14,165,000 31. Closed the two dividends accounts to Retained Earnings Required 1. The January 1 balances have been entered in T accounts for the stockholders equity accounts Record the atove transactions in the T accounts and previde the December 31 balance where appropriate. I required, round to one decmal place Check My Work6re Check My Wok emaning Al work saved Emal structor Submit Assignment for Grading Save and Esi Assignment Scere 8.0% 11 AM 11/1920 eBook Calculator Print It Common Stock Jan. 1 Bal. 6,000,000 p. 10 81,000 Aug. 15 81,000 Dec. 31 Bal. 762,000 Paid-In Capital in Excess of Stated Value-Common Stock Jan. 1 Bal. 1,150,000 Apr. 10 920,000 July 5 286,000 Dec. 31 Bal. 2,356,000 Retained Earnings Dec. 31 207,000,0 Jan. 1 Bal. 13,620,000 Dec. 31 1,150,000,0 Dec. 31 Bal. 920,000,000 Treasury Stock 840,000 June 6 Jan. 1 Bal. 840,000 Check My Work 5 more Check My Work uses remaining. Assignment Score: 0.0 % All Chapter 12: Due Sunday eBook Calculator Print Ite Nov. 23 722,000 Dec. 31 Bal. 722,000 Paid-In Capital from Sale of Treasury Stock June 6 180,000 Stock Dividends Distributable Aug. 15 286,000 July 5 286,000 Stock Dividends July 5 572,000 Dec. 31 572,000 Cash Dividends Dec. 28 291,526.2 Dec. 31 291,526.2 2. Journalize the entries to record the transactions. For a compound transaction, if an amount box does Jan. 22. Paid cash dividends of $0.15 per share on the common stock. The dividend had been properly A cenw nahit Check My Work 5 more Check My Work uses remaining Assignment Score: 0.0 % All e Chapter 12: Due Sunday eBook Calculator Print Item Date Account Debit Credit Cash Dividends Payable Jan. 22 81,000,0 Cash 81,000,0 Apr. 10. Issued 115,000 shares of common stock for $2,070,000. Date Aount Debit Credit Apr. 10 Cash 2,070,000 Common Stock 1,150,000 Paid In Capital in Excess of Stated Value-Common Stock 920,000 June 6. Sold all of the treasury stock for $17 per share. Date Account Debit Credit June 6 Cash 1,080,00 Treasury Stock 900,000. Paid-In Capital from Sale of Treasury Stock 180,000, July 5. Declared a 5% stock dividend on common stock, to be capitalized at the market price of the stock, which is $20 per share Date Account Debit Credit Check My Work more Check My Work uses remaining Assignment Score: 0.0% All work saved 3 14 15 esc 6 17 & 3 Q E T U eBook Calculator Print Item July 5. Declared a 5 % stock dividend on common stock, to be capitalized at the market price of the stock, which is $20 per Date Account Debit Credit July 5 Stock Dividends 7,150,00 Stock Dividends Distributable 357,500. Paid-In Capital in Excess of Stated Value-Common Stock 6,792,50 Aug. 15. Issued shares of stock for the dividend declared on July 5, Date Account Debit Credit Stock Dividends Distributable Aug. 15 357,500. Common Stock 357,500. Nov. 23. Purchased 38,000 shares of treasury stock for $19 per share. Date Account Debit Credit Nov. 23 Treasury Stock 760,000. Cash 760,000. Dec. 28. Declared a $0.18-per-share dividend on common stock Check My Work 6 more Check My Work uses remaining Assignment Score: 0.0% All work sayved. 12 13 17 3 5 Chapter 12: Due Sunday eBook Calculator Print Item Date Credit Account Debit Cash Dividends Dec. 28 712,750.0 Cash Dividends Payable 712,750.0 Dec. 31. Closed the credit balance of the income summary account, $14,165,000 Date Account Debit Credit Dec. 31 Income Summary 14,165,000. Retained Earnings 14,165,000 Dec. 31. Closed the two dividends accounts to Retained Earnings Date Account Credit Debit Retained Earnings Dec. 31 1,070,250 Stock Dividends 357,500.0 Cash Dividends 712,750.0 3. Prepare a retained earnings statement for the year ended December 31, 20Y6 Morrow Enterprises Inc. Retained Earnings Statement For the Year Ended December 31, 20Y6 Check My Work 5 more Check My Work uses remaining Assignment Score: 0.0% All work sayed 12 13 f4 15 7 2 Calculator ook apter 12: Due Sunday Morrow Enterprises Inc. Retained Earnings Statement For the Year Ended December 31, 20Y6 Retained Earnings, January 1, 20Y6 13,620,000 14,165,000 Net Income 357,500.0 Cash Dividends 712,750.0 Stock Dividends Change in retained earnings 1,070,250.00 Retained Earnings, December 31, 20Y6 26,714,750.0 4. Prepare the Stockholderrs' Equity section of the December 31, 20Y6, balance sheet. Morrow Enterprises Inc. Balance Sheet December 31, 20Y6 Stockholders' Equity Paid-In-Capital: Common Stock, $10 stated value (900,000 shares authorized, 750,750 shares issue Excess of issue price over stated value From Sale of Treasury Stock Check My Work 5 more Check My Work uses remaining Assignment Score: 0.0 % 1,070,250.00 Change in retained earnings Retained Earnings, December 31, 20Y6 26,714,750.0 4. Prepare the Stockholders' Equity section of the December 31, 20Y6, balance sheet Morrow Enterprises Inc. Balance Sheet December 31, 20Y6 Stockholders' Equity Paid-In-Capital: Common Stock, $10 stated value (900,000 shares authorized, 750,750 shares issued) 7,507,500 Excess of issue price over stated value 1,150,000 From Sale of Treasury Stock 8,682,500 Total Paid-In Capital 16,190,00 Retained Earnings 26,714,750.0 Total 42,904,750.0 Treasury Stock (38,000 shares, at cost) 760,000.0 Total Stockholders' Equity 42,144,750.0 Check My Work 5 more Check My Work uses remaning Assignment Score: 0.0% All work saved Up 2 E3 14 15 f 17 & 7 8 6 W E T R Y U S D F Chapter 12: Due Sunday Book Cakulator Print Itam Entries for Selected Corporate Transactions Morrow Enterprises Inc. manufactures bathroom fixtures. Morrow Enterprises stockholders equity accounts, with balances on January 1,, 20Y6, are as follows Common Stock, $10 stated value (900,000 shares authorined, 600,000 shares issued) $6,000,000 Paid-In Capital in Excess of Stated Value Common Stock 1,150,000- Retained Eamings 13,620,000 Treasury Stock (60,000 shares, at cost) 840,000 The following selected transactions ocourred during the year: Jan. 22. Paid cash dividends of $0.15 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $81,000. Apr. 10. Issued 115,000 shares of common stock for $2,070,000. une 6. Sold all of the treasury steck for $17 per share. July 5. Declared a 5% Stock dividend on common stock, to be capitalized at the market price of the stock, which is $20 per share. Aug. 15. Issued shares of stock for the stock dividend declared on July 5 Nov. 23. Purchased 38,000 shares of treasury stock for $19 per share. Dec. 28. Declared a $0.18-per-share dividend on common stock 31. Closed the credit balance of the income summary account, $14,165,000 31. Closed the two dividernds accounts to Retained Earnings Required: 1. The January 1 balances have been entered in T accounts for the stockholders' equity accounts. Recerd the above transactions in the T accounts and provide the December 31 balance where appropriate. If required round to one decimal place anmentSessionl.ocator assignment-takeinprogress false takeAssignmentMandohimnvoker assignments&takeAs apter 12: Due Sunday eBook Calculator Print Item Entries for Selected Corporate Transactions Morrow Enterprises Inc. manufactures bathroom fxtures. Morrow Enterprises' stockholders' equity accounts, with balances on January 1, 20Y6, are as follows Common Stock, $10 stated value (900,000 shares authorized, 600,000 shares issued) $6,000,000 Paid-In Capital in Excess of Stated Value-Common Stock 1,150,000 Retained Earnings 13,620,000 Treasury Stock (60,000 shares, at cost) 840,000 The following selected transactions occurred during the year Jan. 22. Paid cash dividends of s0.15 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $81,000. Apr. 10. 1ssued 115,000 shares of common stock for $2,070,000. June 6. Sold all of the treasury stock for $17 per share July 5. Declared a 5% Stock dividend on common stock, to be capitalized at the market price of the steck, which is $20 per share Aug. 15. 1ssued shares of stock for the stock dividend declared on July 5 Nov. 23. Purchased 38,000 shares of treasury stock for $19 per share Dec. 28. Declared a s0.18-per share dividend on common stock 31. Closed the credt balance of the income summary account, $14,165,000 31. Closed the two dividends accounts to Retained Earnings Required 1. The January 1 balances have been entered in T accounts for the stockholders equity accounts Record the atove transactions in the T accounts and previde the December 31 balance where appropriate. I required, round to one decmal place Check My Work6re Check My Wok emaning Al work saved Emal structor Submit Assignment for Grading Save and Esi Assignment Scere 8.0% 11 AM 11/1920 eBook Calculator Print It Common Stock Jan. 1 Bal. 6,000,000 p. 10 81,000 Aug. 15 81,000 Dec. 31 Bal. 762,000 Paid-In Capital in Excess of Stated Value-Common Stock Jan. 1 Bal. 1,150,000 Apr. 10 920,000 July 5 286,000 Dec. 31 Bal. 2,356,000 Retained Earnings Dec. 31 207,000,0 Jan. 1 Bal. 13,620,000 Dec. 31 1,150,000,0 Dec. 31 Bal. 920,000,000 Treasury Stock 840,000 June 6 Jan. 1 Bal. 840,000 Check My Work 5 more Check My Work uses remaining. Assignment Score: 0.0 % All Chapter 12: Due Sunday eBook Calculator Print Ite Nov. 23 722,000 Dec. 31 Bal. 722,000 Paid-In Capital from Sale of Treasury Stock June 6 180,000 Stock Dividends Distributable Aug. 15 286,000 July 5 286,000 Stock Dividends July 5 572,000 Dec. 31 572,000 Cash Dividends Dec. 28 291,526.2 Dec. 31 291,526.2 2. Journalize the entries to record the transactions. For a compound transaction, if an amount box does Jan. 22. Paid cash dividends of $0.15 per share on the common stock. The dividend had been properly A cenw nahit Check My Work 5 more Check My Work uses remaining Assignment Score: 0.0 % All e Chapter 12: Due Sunday eBook Calculator Print Item Date Account Debit Credit Cash Dividends Payable Jan. 22 81,000,0 Cash 81,000,0 Apr. 10. Issued 115,000 shares of common stock for $2,070,000. Date Aount Debit Credit Apr. 10 Cash 2,070,000 Common Stock 1,150,000 Paid In Capital in Excess of Stated Value-Common Stock 920,000 June 6. Sold all of the treasury stock for $17 per share. Date Account Debit Credit June 6 Cash 1,080,00 Treasury Stock 900,000. Paid-In Capital from Sale of Treasury Stock 180,000, July 5. Declared a 5% stock dividend on common stock, to be capitalized at the market price of the stock, which is $20 per share Date Account Debit Credit Check My Work more Check My Work uses remaining Assignment Score: 0.0% All work saved 3 14 15 esc 6 17 & 3 Q E T U eBook Calculator Print Item July 5. Declared a 5 % stock dividend on common stock, to be capitalized at the market price of the stock, which is $20 per Date Account Debit Credit July 5 Stock Dividends 7,150,00 Stock Dividends Distributable 357,500. Paid-In Capital in Excess of Stated Value-Common Stock 6,792,50 Aug. 15. Issued shares of stock for the dividend declared on July 5, Date Account Debit Credit Stock Dividends Distributable Aug. 15 357,500. Common Stock 357,500. Nov. 23. Purchased 38,000 shares of treasury stock for $19 per share. Date Account Debit Credit Nov. 23 Treasury Stock 760,000. Cash 760,000. Dec. 28. Declared a $0.18-per-share dividend on common stock Check My Work 6 more Check My Work uses remaining Assignment Score: 0.0% All work sayved. 12 13 17 3 5 Chapter 12: Due Sunday eBook Calculator Print Item Date Credit Account Debit Cash Dividends Dec. 28 712,750.0 Cash Dividends Payable 712,750.0 Dec. 31. Closed the credit balance of the income summary account, $14,165,000 Date Account Debit Credit Dec. 31 Income Summary 14,165,000. Retained Earnings 14,165,000 Dec. 31. Closed the two dividends accounts to Retained Earnings Date Account Credit Debit Retained Earnings Dec. 31 1,070,250 Stock Dividends 357,500.0 Cash Dividends 712,750.0 3. Prepare a retained earnings statement for the year ended December 31, 20Y6 Morrow Enterprises Inc. Retained Earnings Statement For the Year Ended December 31, 20Y6 Check My Work 5 more Check My Work uses remaining Assignment Score: 0.0% All work sayed 12 13 f4 15 7 2 Calculator ook apter 12: Due Sunday Morrow Enterprises Inc. Retained Earnings Statement For the Year Ended December 31, 20Y6 Retained Earnings, January 1, 20Y6 13,620,000 14,165,000 Net Income 357,500.0 Cash Dividends 712,750.0 Stock Dividends Change in retained earnings 1,070,250.00 Retained Earnings, December 31, 20Y6 26,714,750.0 4. Prepare the Stockholderrs' Equity section of the December 31, 20Y6, balance sheet. Morrow Enterprises Inc. Balance Sheet December 31, 20Y6 Stockholders' Equity Paid-In-Capital: Common Stock, $10 stated value (900,000 shares authorized, 750,750 shares issue Excess of issue price over stated value From Sale of Treasury Stock Check My Work 5 more Check My Work uses remaining Assignment Score: 0.0 % 1,070,250.00 Change in retained earnings Retained Earnings, December 31, 20Y6 26,714,750.0 4. Prepare the Stockholders' Equity section of the December 31, 20Y6, balance sheet Morrow Enterprises Inc. Balance Sheet December 31, 20Y6 Stockholders' Equity Paid-In-Capital: Common Stock, $10 stated value (900,000 shares authorized, 750,750 shares issued) 7,507,500 Excess of issue price over stated value 1,150,000 From Sale of Treasury Stock 8,682,500 Total Paid-In Capital 16,190,00 Retained Earnings 26,714,750.0 Total 42,904,750.0 Treasury Stock (38,000 shares, at cost) 760,000.0 Total Stockholders' Equity 42,144,750.0 Check My Work 5 more Check My Work uses remaning Assignment Score: 0.0% All work saved Up 2 E3 14 15 f 17 & 7 8 6 W E T R Y U S D F Chapter 12: Due Sunday Book Cakulator Print Itam Entries for Selected Corporate Transactions Morrow Enterprises Inc. manufactures bathroom fixtures. Morrow Enterprises stockholders equity accounts, with balances on January 1,, 20Y6, are as follows Common Stock, $10 stated value (900,000 shares authorined, 600,000 shares issued) $6,000,000 Paid-In Capital in Excess of Stated Value Common Stock 1,150,000- Retained Eamings 13,620,000 Treasury Stock (60,000 shares, at cost) 840,000 The following selected transactions ocourred during the year: Jan. 22. Paid cash dividends of $0.15 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $81,000. Apr. 10. Issued 115,000 shares of common stock for $2,070,000. une 6. Sold all of the treasury steck for $17 per share. July 5. Declared a 5% Stock dividend on common stock, to be capitalized at the market price of the stock, which is $20 per share. Aug. 15. Issued shares of stock for the stock dividend declared on July 5 Nov. 23. Purchased 38,000 shares of treasury stock for $19 per share. Dec. 28. Declared a $0.18-per-share dividend on common stock 31. Closed the credit balance of the income summary account, $14,165,000 31. Closed the two dividernds accounts to Retained Earnings Required: 1. The January 1 balances have been entered in T accounts for the stockholders' equity accounts. Recerd the above transactions in the T accounts and provide the December 31 balance where appropriate. If required round to one decimal place