Question
orrow Enterprises Inc. manufactures bathroom fixtures. Morrow Enterprises' stockholders' equityaccounts, with balances on January 1, 20Y6, are as follows: CommonStock,$20statedvalue(500,000sharesauthorized,375,000sharesissued)$ 7,500,000Paid-In Capital in Excess of
orrow Enterprises Inc. manufactures bathroom fixtures. Morrow Enterprises' stockholders' equityaccounts, with balances on January 1, 20Y6, are as follows:
CommonStock,$20statedvalue(500,000sharesauthorized,375,000sharesissued)$ 7,500,000Paid-In Capital in Excess of Stated ValueCommon Stock825,000Retained Earnings33,600,000Treasury Stock (25,000 shares, at cost)450,000The following selected transactions occurred during the year:
Jan.22Paid cash dividendsof $0.08 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $28,000.Apr.10Issued 75,000 shares of common stock for $24 per share.Jun.6Sold all of the treasury stockfor $26 per share.Jul.5Declared a 4% stock dividendon common stock, to be capitalized at the market price of the stock, which is $25 per share.Aug.15Issued shares of stock for the stock dividend declared on July 5.Nov.23Purchased 30,000 shares of treasury stock for $19 per share.Dec.28Declared a $0.10-per-share dividend on common stock.31Closed the credit balance of the income summary account, $1,125,000.31Closed the two dividends accounts to Retained Earnings.
only need help on the Stockholders Equity
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