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Instructions Morrow Enterprises Inc. manufactures bathroom fixtures. The stockholders' equity accounts of Morrow Enterprises Inc., with balances on January 1, 2015, are as follows: Common stock, $20 stated value (500,000 shares authorized, 369,000 shares issued) Paid-In Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (23,300 shares, at a cost of $18 per share) The following selected transactions occurred during the year: Jan. Apr. Jun. Jul Aug. Nov. $7,380,000 848,700 33,497,000 419,400 22 Paid 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 fiscal year for $27,656. 10 Issued 72,000 shares of common stock for $24 per share. 6 Sold all of the treasury stock for $26 per share. 5 Declared a 2% stock dividend on common stock, to be capitalized at the market price of the stock, which is $26 per share. 15 Issued the certificates for the dividend declared on July 5. 23 Purchased 30,000 shares of treasury stock for $20 per share.
Labels and Amount Descriptions Labels For the Year Ended December 31, 20Y5 December 31, 20Y5 Amount Descriptions Cash balance, July 31, 20Y5 Cash dividends Common stock, $20 stated value (500,000 shares authorized, 369,000 shares issued) Common stock, $20 stated value (500,000 shares authorized, 419,820 shares issued) Common stock, $20 stated value (500,000 shares authorized, 449,820 shares issued) Decrease in retained earnings Excess over stated value From sale of treasury stock Increase in retained earnings Net income Net loss Paid-in capital, common stock Retained earnings
Labels and Amount Descriptions Common stock, $20 stated value (500,000 shares authorized, 449,820 shares issued) Decrease in retained earnings Excess over stated value From sale of treasury stock Increase in retained earnings Net income Net loss Paid-in capital, common stock Retained earnings Retained earnings, December 31, 20Y5 Retained earnings, January 1, 20Y5 Stock dividends Total Total paid-in capital Total stockholders' equity Treasury stock
Chart of Accounts ASSETS CHART OF ACCOUNTS Morrow Enterprises Inc. General Ledger 110 Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 151 Prepaid Insurance 181 Land 193 Equipment 194 Accumulated Depreciation-Equipment REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Merchandise Sold 515 Credit Card Expense 520 Salaries Expense 531 Advertising Expense 532 Delivery Expense 533 Selling Expenses 534 Rent Expense
Chart of Accounts 193 Equipment 194 Accumulated Depreciation-Equipment LIABILITIES 210 Accounts Payable 221 Notes Payable 226 Interest Payable 231 Cash Dividends Payable 236 Stock Dividends Distributable 241 Salaries Payable 261 Mortgage Note Payable EQUITY 311 Common Stock 313 Paid-In Capital in Excess of Stated Value-Common Stock 315 Treasury Stock 321 Preferred Stock 532 Delivery Expense 533 Selling Expenses 534 Rent Expense 535 Insurance Expense 536 Office Supplies Expense 537 Organizational Expenses 562 Depreciation Expense-Equipment 590 Miscellaneous Expense 710 Interest Expense
Chart of Accounts 231 Cash Dividends Payable 236 Stock Dividends Distributable 241 Salaries Payable 261 Mortgage Note Payable EQUITY 311 Common Stock 313 Paid-In Capital in Excess of Stated Value-Common Stock 315 Treasury Stock 321 Preferred Stock 322 Paid-In Capital in Excess of Par-Preferred Stock 331 Paid-In Capital from Sale of Treasury Stock 340 Retained Earnings 351 Cash Dividends 352 Stock Dividends 590 Miscellaneous Expense 710 Interest Expense
TAccounts a. Enter the January 1 balances in T accounts for the stockholders' equity accounts listed. Also prepare T accounts for the following: Paid-In Capital from Sale of Treasury Stock; Stock Dividends Distributable; Stock Dividends; Cash Dividends. No post ref is required in the journal. Common Stock Paid-In Capital in Excess of Stated Value-Common Stock Retained Faminne
TAccounts Retained Earnings Treasury Stock Paid-in Capital from Sale of Treasury Stock Stock Dividends Distributable
TAccounts wwwwwwwwww Paid-in Capital from Sale of Treasury Stock Stock Dividends Distributable Stock Dividends Cash Dividends
Journal 1 10 11 12 13 DATE DESCRIPTION JOURNAL POST. REF. DEBIT CREDIT ACCOUNTING EQUATION ASSETS LIABILITIES EQUITY
Retained Earnings Statement c. Prepare a retained earmings statement for the year ended December 31, 20Y5. Assume that Morrow Enterprises had net income for the year ended December 31, 20Y5, of $1,090,000. Be sure to complete the statement heading. Refer to the chart of accounts and the lists of Labels and Amount Descriptions for the exact wording of text entries. A decrease to retained earnings should be entered as a negative amount. 2 s Dividends: Morrow Enterprises Retained Earnings Statement (Label)
Stockholders' Equity d. Prepare the Stockholders' Equity section of the December 31, 20Y5, balance sheet. Refer to the chart of accounts and the lists of Labels and Amount Descriptions for the exact wording of text entries. For those boxes in which you must enter subtractive or negative numbers, use a minus sign. 1 Paid-in capital: Stockholders' Equity
Stockholders' Equity d. Prepare the Stockholders' Equity section of the December 31, 20Y5, balance sheet. Refer to the chart of accounts and the lists of Labels and Amount Descriptions for the exact wording of text entries. For those boxes in which you must enter subtractive or negative numbers, use a minus sign. 1 Paid-in capital: Stockholders' Equity