need help ASAP, please I just need help with the Statement of stockholders' equity ...
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need help ASAP, please
I just need help with the Statement of stockholders' equity
Instructions Morrow Enterprises Inc. manufactures bathroom fixtures. Morrow Enterprises' stockholders' equity accounts, with balances on January 1, 2076, are as follows: Common stock, $20 stated value (500,000 shares authorized, 383,000 shares issued) Paid-In Capital in Excess of Stated Value-Common Stock Retained Earnings $7,660,000 957,500 35,012,000 462,600 Treasury Stock (25,700 shares, at cost) The following selected transactions occurred during the year: Jan. 22 Apr. Jun Jul. 10 6 Paid cash dividends of $0.06 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $21,438. Issued 77,000 shares of common stock for $23 per share. Sold all of the treasury stock for $27 per share. Declared a 3% Stock dividend on common stock, to be capitalized at the market price of the stock, 5 which is $26 per share. 15 23 28 31 Issued the certificates for the dividend declared on July 5. Purchased 33,000 shares of treasury stock for $20 per share. Declared a $0.08-per-share dividend on common stock. Closed the two dividends accounts to Retained Earnings. T Accounts Shaded cells have feedback. X 1. Enter the January 1 balances in T accounts for the stockholders' equity accounts listed. Post the journal entries from part 2 to the eight selected accounts. If required, round your answers to the nearest dollar. Common Stock Jan. 1 Bal. 7,660,000 Apr. 10 1,540,000 Aug. 15 V 276,000 Dec. 31 Bal. 9,476,000 Paid-In Capital in Excess of Stated Value-Common Stock Jan. 1 Bal. 957,500 Apr. 10 V 231,000 Jul. 5 V 82,800 Dec. 31 Bal. 1,271,300 Retained Earnings T Accounts Shaded cells have feedback. X Retained Earnings Dec. 31 394,064 V Jan. 1 Bal. V 35,012,000 V Dec. 31 1,196,500 Dec. 31 Bal. 35,814,436 Treasury Stock Jan. 1 Bal. 462,600 Jun. 6 462,600 Nov. 23 V 660,000 Dec. 31 Bal. 660,000 Paid-In Capital from Sale of Treasury Stock Jun. 6 231,300 Stock dividends Distributable Aug. 15 276,000 Jul. 5 276,000 Stock dividends T Accounts Shaded cells have feedback. X Stock dividends Distributable Aug. 15 276,000 V Jul. 5 276,000 Stock dividends Jul. 5 358,800 Dec. 31 V 358,800 Cash Dividends Dec. 28 Dec. 28 V C 3 5,264 35,264 Dec. 31 Dec. 31 V 35,264 35,264 V Points: | 46 / 46 Feedback Check My Work 1. Remember that the numbers from the T accounts will used to prepare the statement of stockholders' equity and the balance sheet. As you post the journal entries it is important to work carefully. Check your work to insure that you have posted the correct numbers to the appropriate side of the T account. Also, make sure that your account totals are correct. JOURNAL Score: 249/249 ACCOUNTING EQUATION DATE POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 21,438.00 21,438.000 t DESCRIPTION Jan.22' Cash Dividends Payable Cash Apr. 10 Cash Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Jun. 6 Cash 1,771,000.00 1,540,000.00 231,000.00 693,900.00 Treasury Stock 462,600.00 231,300.00 358,800.00 276,000.00 82,800.00 Paid-In Capital from Sale of Treasury Stock Jul. 5 Stock dividends Stock dividends Distributable Paid-In Capital in Excess of Stated Value-Common Stock Aug. 15 Stock dividends Distributable Common Stock Nov.23' Treasury Stock Cash Noc 10 Gsch Niedonde 276,000.00 276,000.00 660,000.00 660,000.00 1 zu 276,000.00 Common Stock Treasury Stock Nov.23 660,000.00 Cash 660,000.00 35,264.00 Dec. 28' Cash Dividends Cash Dividends Payable Dec.31 Retained Earnings 35,264.00 394,064.00 Stock dividends 358,800.00 35,264.00 Cash Dividends Points: 48 / 48 Feedback Check My Work 2. The purchase of treasury stock is typically recorded using the cost method. When the company resells shares of treasury stock pay attention to the price these shares are being sold for and the price originally paid to reacquire these shares. On the date of declaration of a cash dividend, the corporation is legally obligated to pay that dividend. When the company declares a cash or Stock dividend keep in mind the previous stock transactions that have occurred; would these transactions have any affect on the amount of the cash dividend? Statement of Stockholders' Equity Shaded cells have feedback. X Morrow Enterprises Inc. Score: 112/ Statement of Stockholders' Equity For the Year Ended December 31, 20Y6 Common Stock Paid-In Capital from Sale of Treasury Stock Retained Earnings Treasury Stock Paid-In Capital in Excess of Stated Value $957,500.00 231,000.00 Total balances, January 1 $0.00 $35,012,000.00 $350120 $(462,600.00) $43,166,900 $7,660,000.00 1,540,000.00 issued common stock net income 0.06 0.06 1,196,500.00 (35,264.00) cash dividends stock dividends 276,000.00 sale of treasury stock purchase of treasury stock balances, December 31 Points: 23.1713 Stockholders' Equity Shaded cells have feedback. X 4. Prepare the "Stockholders' Equity" section of the December 31, 20Y6 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. Morrow Enterprises Inc. Score: 79/79 Balance Sheet December 31, 2016 Stockholders' Equity Paid-in capital: Common stock, $20 stated value (500,000 shares authorized, 473,800 shares issued) Excess of issue price over stated value $9.476,000.00 1,271,300.00 231,300.00 From sale of treasury stock Total paid-in capital 7 Retained earnings Total $10,978,600.00 35,814,436.00 $46,793,036.00 (660,000.00) $46,133,036.00 9 Treasury stock (33,000 shares at cost) 10 Total stockholders' equity
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