Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Just need help with the statement of stockholders' equitu Morrow Enterprises Inc. manufactures bathroom futures. Morrow Enterprises' stockholders' equity accounts, with balances on January 1,

Just need help with the statement of stockholders' equitu image text in transcribed
image text in transcribed
Morrow Enterprises Inc. manufactures bathroom futures. Morrow Enterprises' stockholders' equity accounts, with balances on January 1, 2076, are as follows: Common Stock. $20 stated value (500,000 shares authorized, 375,000 shares issued) $ 7,500,000 Paid-in Capital in Excess of Stated Value-Common Stock 825,000 Retained Earnings 33,600,000 Treasury Stock (25,000 shares, ut com) 450,000 The following selected transactions occurred during the year: Jan 22 Apr 10 0 5 Pald cash dividends of $0.08 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding focal year for $20,000 Issued 75,000 shares of common stock for $24 per share. Sold all of the treasury stock for $20 per share. Declared a 4% Stock dividend on common stock, to be capitalized the market price of the stock, which is $25 per share Issued shares of stock for the Stock dividend declared on July 5 Purchased 30,000 shares of treasury stock for $19 per share. Declared a $0.10-per-share dividend on common stock Closed the two dividends accounts to Retained Earnings. Aug 15 Nov 23 Dec 28 31 Score: 75/174 Morrow Enterprises Inc Statement of Stockholders' Equity For the Year Ended December 31, 2046 Paid In Capital in Common Stock Excess of Stated Value $7,500,000.00 $825,000.00 1,860,000.00 590,000.00 Paid-In Capital from Sale of Treasury Stock $0.00 Retained Earnings Treasury Stock anuary 1 54450,000.00 541,475,000.00 $35,600,000.00 631,200.00 mon stock 200,000.00 450,000.00 3,531,200.00 0.00 0.00 inds 0.00 (570,000.00 0.00 0.00 0.00 0.00 0.00 arrings 000 0.00 December 31 50.00 $0.00 $0.00 5000 $0.00 $0.00

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamentals Of Cost Accounting

Authors: T.R.Sikka

7th Edition

8130918706, 978-8130918709

More Books

Students also viewed these Accounting questions