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Morrow Enterprises Inc. manufactures bathroom fixtures. Morrow Enterprises' stockholders' equity accounts, with balances on January 1, 20Y6, are as follows: Common stock, $20 stated value (500,000 shares authorized, 367,000 shares issued) Paid-In Capital in Excess of Stated Value -Common Stock Retained Earnings Treasury Stock (22,800 shares, at cost) The following selected transactions occurred during the year: Jan. 22 Paid cash dividends of $0.09 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $30,978. Apr. 10 Issued 71,000 shares of common stock for $23 per share. Jun. 6 Sold all of the treasury stock for $27 per share. Jul. 5 Declared a 3% Stock dividend on common stock, to be capitalized at the market price of the stock, which is \$26 per share. Aug. 15 Issued shares of stock for the stock dividend declared on July 5. Nov. 23 Purchased 28,000 shares of treasury stock for $18 per share. Dec. 28 Declared a $0.09-per-share dividend on common stock. 31 Closed the two dividends accounts to Retained Earnings. Required: 1 Joumalize the entries to record the transactions, and post to the general ledger. 2 Post the Summary Journal that has been prepared to capture the transactions from the normal course of business in 20Y6. 3 Complete the worksheet. Information for the adjusting entries are as follows: a Payroll for the month of December in the amount of $275,000 will be paid on January 6 . b The beginning balance of the prepaid insurance account was related to the annual liability policy that was purchased on September 1, 20Y5. Morrow Enterprises renewed the policy on September 1, 20Y6 for \$126,000. c Physical count of the office supplies shows an inventory of $125,000. d The equipment has a 4 year life, is being depreciated using the double deelining balance method and was purchased on January 3,20Y5. e The note receivable was received from a customer that needed time to pay their balance. The 5% note has a 5 month term and was received on October 1,20Y6. f The note payable was signed on December 31,20y5 and has an interest rate of 1%. Interest for 20y6 will be paid in early January. 4 Journalize the adjusting entries and post them to the general ledger. 5 Prepare a multi-step income statement for the year ended December 31, 20Y6. 6 Prepare the statement of stockholders equity for the year ended December 31,20Y6. 7 Prepare the balance sheet dated December 31, 20Y6. 8 Journalize and post the closing entries. 9 Prepare a post-closing trial balance. Morrow Enterprises Inc. manufactures bathroom fixtures. Morrow Enterprises' stockholders' equity accounts, with balances on January 1, 20Y6, are as follows: Common stock, $20 stated value (500,000 shares authorized, 367,000 shares issued) Paid-In Capital in Excess of Stated Value -Common Stock Retained Earnings Treasury Stock (22,800 shares, at cost) The following selected transactions occurred during the year: Jan. 22 Paid cash dividends of $0.09 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $30,978. Apr. 10 Issued 71,000 shares of common stock for $23 per share. Jun. 6 Sold all of the treasury stock for $27 per share. Jul. 5 Declared a 3% Stock dividend on common stock, to be capitalized at the market price of the stock, which is \$26 per share. Aug. 15 Issued shares of stock for the stock dividend declared on July 5. Nov. 23 Purchased 28,000 shares of treasury stock for $18 per share. Dec. 28 Declared a $0.09-per-share dividend on common stock. 31 Closed the two dividends accounts to Retained Earnings. Required: 1 Joumalize the entries to record the transactions, and post to the general ledger. 2 Post the Summary Journal that has been prepared to capture the transactions from the normal course of business in 20Y6. 3 Complete the worksheet. Information for the adjusting entries are as follows: a Payroll for the month of December in the amount of $275,000 will be paid on January 6 . b The beginning balance of the prepaid insurance account was related to the annual liability policy that was purchased on September 1, 20Y5. Morrow Enterprises renewed the policy on September 1, 20Y6 for \$126,000. c Physical count of the office supplies shows an inventory of $125,000. d The equipment has a 4 year life, is being depreciated using the double deelining balance method and was purchased on January 3,20Y5. e The note receivable was received from a customer that needed time to pay their balance. The 5% note has a 5 month term and was received on October 1,20Y6. f The note payable was signed on December 31,20y5 and has an interest rate of 1%. Interest for 20y6 will be paid in early January. 4 Journalize the adjusting entries and post them to the general ledger. 5 Prepare a multi-step income statement for the year ended December 31, 20Y6. 6 Prepare the statement of stockholders equity for the year ended December 31,20Y6. 7 Prepare the balance sheet dated December 31, 20Y6. 8 Journalize and post the closing entries. 9 Prepare a post-closing trial balance
