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Morrow Enterprises Inc. manufactures bathroom fixtures. Morrow Enterprises stockholders equity accounts, with balances on January 1 , 2 0 Y 6 , are as follows:
Morrow Enterprises Inc. manufactures bathroom fixtures. Morrow Enterprises stockholders equity accounts, with balances on January Y are as follows:
Common stock, $ stated value shares authorized, shares issued $
PaidIn Capital in Excess of Stated ValueCommon Stock
Retained Earnings
Treasury Stock shares, at cost
The following selected transactions occurred during the year:
Jan. Paid cash dividends of $ per share on the common stock. The dividend had been properly recorded when declared on December of the preceding fiscal year for $
Apr. Issued shares of common stock for $ per share.
Jun. Sold all of the treasury stock for $ per share.
Jul. Declared a Stock dividend on common stock, to be capitalized at the market price of the stock, which is $ per share.
Aug. Issued the certificates for the dividend declared on July
Nov. Purchased shares of treasury stock for $ per share.
Dec. Declared a $pershare dividend on common stock.
Closed the two dividends accounts to Retained Earnings.
Required:
Enter the January balances in T accounts for the stockholders equity accounts listed. If required, round your answers to the nearest dollar.
Journalize the entries to record the transactions, and post to the eight selected accounts. Assume that the closing entry for revenues and expenses has been made and post net income of $ to the retained earnings account. Refer to the Chart of Accounts for exact wording of account titles. When required, round your answers to the nearest dollar.
Prepare a statement of stockholders equity for the year ended December Y Assume that net income was $ for the year ended December Y For those boxes in which you must enter subtracted or negative numbers use a minus sign. If there is an amount is zero, enter
Prepare the Stockholders Equity section of the December Y balance sheet. For those boxes in which you must enter subtracted or negative numbers use a minus sign.
Refer to the list of Amount Descriptions provided for the exact wording of the answer choices for text entries.
Enter the January balances in T accounts for the stockholders equity accounts listed. Post the journal entries from part to the eight selected accounts. If required, round your answers to the nearest dollar.
Common Stock
Jan. Bal. Correct
Apr. Correct
Aug. Correct
Dec. Bal. Correct
PaidIn Capital in Excess of Stated ValueCommon Stock
Jan. Bal. Correct
Apr. Correct
Jul. Correct
Dec. Bal. Correct
Retained Earnings
Dec. Correct Jan. Bal. Correct
Dec. Correct
Dec. Bal. Correct
Treasury Stock
Jan. Bal. Correct Jun. Correct
Nov. Correct
Dec. Bal. Correct
PaidIn Capital from Sale of Treasury Stock
Jun. Correct
Stock dividends Distributable
Aug. Correct Jul. Correct
Stock dividends
Jul. Correct Dec. Correct
Cash Dividends
Dec. Correct Dec. Correct
Journalize the entries to record the transactions, and post to the eight selected accounts. Assume that the closing entry for revenues and expenses has been made and post net income of $ to the retained earnings account. Refer to the Chart of Accounts for exact wording of account titles. When required, round your answers to the nearest dollar.
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JOURNALACCOUNTING EQUATION
Score:
DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY
Prepare a statement of stockholders equity for the year ended December Y Assume that net income was $ for the year ended December Y For those boxes in which you must enter subtracted or negative numbers use a minus sign. If there is an amount is zero, enter Refer to the list of Amount Descriptions provided for the exact wording of the answer choices for text entries.
Question not attempted.
Score:
Morrow Enterprises Inc.
Statement of Stockholders Equity
For the Year Ended December Y
Common Stock
PaidIn Capital in Excess of Stated Value
PaidIn Capital from Sale of Treasury Stock
Retained Earnings
Treasury Stock
Total
Prepare the Stockholders Equity section of the December Y balance sheet. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Refer to the list of Amount Descriptions provided for the exact wording of the answer choices for text entries.
Question not attempted.
Score:
Morrow Enterprises Inc.
Balance Sheet
December Y
Stockholders' Equity
Paidin capital:
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