Chapter 13 Homework

Q(10)

Bb Lessons / Assignments - 20215 X "CengageNOWv2 | Online teach X Cengage Learning x Course Hero Course Hero X + C A v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Paused Update : Chapter 13 Homework eBook Print Item O ? 1. EX. 13.03 Entries for selected corporate transactions Instructions Chart of Accounts 2. EX. 13.04 Labels and Amount Descriptions T Accounts Journal v 3. EX. 13.09 Instructions X 4. EX. 13.10 Morrow Enterprises Inc. manufactures bathroom fixtures. The stockholders' equity accounts of Morrow Enterprises Inc., with balances on January 1, 20Y5, are as follows: 5. EX. 13.11 Common Stock, $20 stated value (500,000 shares authorized, 375,000 shares issued) $7,500,000 Paid-In Capital in Excess of Stated Value-Common Stock 825,000 6. EX. 13.12 Retained Earnings 33,600,000 7. EX. 13.16 Treasury Stock (25,000 shares, at a cost of $18 per share) 450,000 8. EX. 13.20.BLANKSHEET The following selected transactions occurred during the year: 9. PR. 13.01A Jan. 22 Paid cash dividends of $0.08 per share on the common stock. The dividend had been properly 10. PR. 13.04A.BLANKSHEET recorded when declared on December 1 of the preceding fiscal year for $28,000. Apr. 10 Issued 75,000 shares of common stock for $24 per share. Jun. 6 Sold all of the treasury stock for $26 per share. Jul. 5 Declared a 4% stock dividend on common stock, to be capitalized at the market price of the stock, which is $25 per share Aug. 15 Issued the certificates for the dividend declared on July 5. Nov. 23 Purchased 30,000 shares of treasury stock for $19 per share. Dec. 28 Declared a $0.10-per-share dividend on common stock 31 Closed the two dividends accounts to Retained Earnings. Progress: 10/10 items Previous Assignment Score: 0.0% All work saved. Email Instructor Save and Exit Submit Assignment for GradingLessons[Assignments2021' X Chapter 13 Homework 1. EX.13.03 '1: CengageNOWleOnline teac X '2! Cengage Learning X I u Course Here x I u Course Hero X l + (- 9 C i v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocater=&inprogress=false $3! eBock Prim Item lnstntctions 8 Jul. 5 Declared a 4% stock dividend on common stock, to be capitalized at the market price of the stock, 2. EX.13.04 3. EX.13.09 4. EX.13.10 5. EX.13.11 6. EX.13.12 7. EX.13.16 8. EX.13.20.BLANKSHEET 9. PR.13.01A 10. PR.13.04A.BLANKSHEET Progress: 1 0/1 0 items Assignment Score: 0.0% which is $25 per share. Aug. 15 Issued the certificates tor the dividend declared on July 5. Nov. 23 Purchased 30.000 shares of treasury stock for $19 per share. Dec. 28 Declared a $0.10-per-share dividend on common stock. 31 Closed the two dividends accounts to Retained Earnings. Required: a. Enter the January 1 balances in Taccaunts for the stockholders'equity accounts listed. Aka prepare Taccounts for the following: Paid-In Capital from Sale of Treasury Stock; Stock Dividends Distributable; Stock Dividends; Cash Dividends. b. Journalize the entries to record the transactions and post to the eight selected accounts. Na post ref is required in the ioumal. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. 0N0 W journals will automatically indent a credit entry when a credit amount is entered 0. Prepare a retained earnings statement for the year ended Decemberal, 20Y5. Assume that Morrow Enterprises had net income for the year ended December 31, ZOYS. of$1. 125,000. Be sure to complete the statement heading. Ftefer to the chart of accounts and the lists of Labels andArnount Descriptions for the exact wording of text entries. A decrease to retained earnings should be entered as a negative amount. cl. Prepare the Stockholders' Equity section of the Decembersi, 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. All work saved. Email Instructor Save and Exit Submit Assignment for tire g A t u (9 Bb Lessons / Assignments - 20215 X "CengageNOWv2 | Online teach X Cengage Learning x Course Hero Course Hero X + C A v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Paused Update : Chapter 13 Homework eBook Print Item O Entries for selected corporate transactions ? 1. EX. 13.03 Instructions Chart of Accounts Labels and Amount Descriptions T Accounts Journal E 2. EX. 13.04 3. EX. 13.09 Chart of Accounts X CHART OF ACCOUNTS 4. EX. 13.10 Morrow Enterprises Inc. 5. EX. 13.11 General Ledger 6. EX. 13.12 ASSETS REVENUE 110 Cash 410 Sales 7. EX. 13.16 120 Accounts Receivable 610 Interest Revenue 8. EX. 13.20.BLANKSHEET 131 Notes Receivable 132 Interest Receivable EXPENSES 9. PR. 13.01A 141 Merchandise Inventory 510 Cost of Merchandise Sold 10. PR. 13.04A.BLANKSHEET 145 Office Supplies 515 Credit Card Expense 151 Prepaid Insurance 520 Salaries Expense 181 Land 531 Advertising Expense 193 Equipment 532 Delivery Expense Accumulated Depreciation-Equipment 533 Selling Expenses 534 Rent Expense LIABILITIES 535 Insurance Expense 210 Accounts Payable 536 Office Supplies Expense 221 Notes Payable 537 Organizational Expenses 226 Interact Davable 562 Donraciation Evnance-Eauinment Previous Progress: 10/10 items Assignment Score: 0.0% All work saved. Email Instructor Save and Exit Submit Assignment for GradingBb Lessons / Assignments - 20215 X CengageNOWv2 | Online teach X Cengage Learning x Course Hero Course Hero X + C * v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Paused Update : Chapter 13 Homework eBook Print Item ? 1. EX. 13.03 Chart of Accounts X 2. EX. 13.04 LIABILITIES 535 Insurance Expense 210 Accounts Payable 536 Office Supplies 3. EX. 13.09 221 Notes Payable 537 Organizational Expenses 4. EX. 13.10 226 Interest Payable 562 Depreciation Expense-Equipment 231 Cash Dividends Payable 590 Miscellaneous Expense 5. EX. 13.11 236 Stock Dividends Distributable erest Expense 6. EX. 13.12 241 Salaries Payable 261 Mortgage Note Payable 7. EX. 13.16 EQUITY 8. EX. 13.20.BLANKSHEET 311 Common Stock 9. PR. 13.01A 313 Paid-In Capital in Excess of Stated Value-Common Stock 315 Treasury Stock 10. PR. 13.04A.BLANKSHEET 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 Previous Progress: 10/10 items Assignment Score: 0.0% All work saved. Email Instructor Save and Exit Submit Assignment for GradingBb Lessons / Assignments - 20215 X "CengageNOWv2 | Online teach X Cengage Learning x Course Hero Course Hero X + C A v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Paused Update : Chapter 13 Homework eBook Print Item O Entries for selected corporate transactions ? 1. EX. 13.03 2. EX. 13.04 Instructions Chart of Accounts Labels and Amount Descriptions T Accounts Journal 3. EX. 13.09 Labels and Amount Descriptions X 4. EX. 13.10 Labels 5. EX. 13.11 For the Year Ended December 31, 20Y5 December 31, 20Y5 6. EX. 13.12 Amount Descriptions 31, 20Y5 7. EX. 13.16 Cash dividends 8. EX. 13.20.BLANKSHEET Common stock, $20 stated value; 500,000 shares authorized, 375,000 shares issued Common stock, $20 stated value; 500,000 shares authorized, 438,000 shares issued 9. PR. 13.01A Common stock, $20 stated value; 500,000 shares authorized, 468,000 shares issued 10. PR. 13.04A.BLANKSHEET . 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 Progress: 10/10 items Previous Assignment Score: 0.0% All work saved. Email Instructor Save and Exit Submit Assignment for GradingBb Lessons / Assignments - 20215 X "CengageNOWv2 | Online teach X Cengage Learning x Course Hero Course Hero X + C A v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Paused Update : Chapter 13 Homework eBook Print Item ? 1. EX. 13.03 Labels and Amount Descriptions X vasil LIVIUCIUS 2. EX. 13.04 Common stock, $20 stated value; 500,000 shares authorized, 375,000 shares issued 3. EX. 13.09 Common stock, $20 stated value; 500,000 shares authorized, 438,000 shares issued Common stock, $20 stated value; 500,000 shares authorized, 468,000 shares issued 4. EX. 13.10 Decrease in retained earnings Excess over stated value 5. EX. 13.11 From sale of treasury stock 6. EX. 13.12 Increase in retained earnings Net income 7. EX. 13.16 Net loss 8. EX. 13.20.BLANKSHEET Paid-in capital, common stock Retained earnings 9. PR. 13.01A Retained earnings, December 31, 20Y5 10. PR. 13.04A.BLANKSHEET . Retained earnings, January 1, 20Y5 Stock dividend Tota Total paid-in capital Total stockholders' equity Treasury stock Progress: 10/10 items Assignment Score: 0.0% All work saved. Email Instructor Save and Exit Submit Assignment for GradingBb Lessons / Assignments - 20215 X "CengageNOWv2 | Online teach X Cengage Learning x Course Hero Course Hero X + C A v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Paused Update : Chapter 13 Homework eBook Print Item O 1. EX. 13.03 Entries for selected corporate transactions ? Instructions Chart of Accounts Labels and Amount Descriptions T Accounts Journal 2. EX. 13.04 3. EX. 13.09 T Accounts X 4. EX. 13.10 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 5. EX. 13.11 Dividends Distributable; Stock Dividends; Cash Dividends. No post ref is required in the journal. 6. EX. 13.12 Common Stock 7. EX. 13.16 8. EX. 13.20.BLANKSHEET 9. PR. 13.01A 10. PR. 13.04A.BLANKSHEET . Paid-In Capital in Excess of Stated Value-Common Stock Retained Earnings Progress: 10/10 items Previous Assignment Score: 0.0% All work saved. Email Instructor Save and Exit Submit Assignment for GradingBb Lessons / Assignments - 20215 X "CengageNOWv2 | Online teach X Cengage Learning x Course Hero Course Hero X + C A v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Paused Update : Chapter 13 Homework eBook Print Item O Entries for selected corporate transactions ? 1. EX. 13.03 Instructions Chart of Accounts 2. EX. 13.04 Labels and Amount Descriptions T Accounts Journal v 3. EX. 13.09 T Accounts X Retained Earnings 4. EX. 13.10 5. EX. 13.11 6. EX. 13.12 7. EX. 13.16 Treasury Stock 8. EX. 13.20.BLANKSHEET 9. PR. 13.01A 10. PR. 13.04A.BLANKSHEET . Paid-In Capital from Sale of Treasury Stock Stock Dividends Distributable Stock Dividends Dock nissidando Progress: 10/10 items Assignment Score: 0.0% All work saved. Email Instructor Save and Exit Submit Assignment for GradingBb Lessons / Assignments - 20215 X "CengageNOWv2 | Online teach X Cengage Learning x Course Hero Course Hero X + C A v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Paused Update : Chapter 13 Homework eBook Print Item ? 1. EX. 13.03 T Accounts X 2. EX. 13.04 3. EX. 13.09 Treasury Stock 4. EX. 13.10 5. EX. 13.11 6. EX. 13.12 7. EX. 13.16 Paid-In Capital from Sale of Treasury Stock 8. EX. 13.20.BLANKSHEET 9. PR. 13.01A Stock Dividends Distributable 10. PR. 13.04A.BLANKSHEET . Stock Dividends V Cash Dividends V V Progress: 10/10 items Assignment Score: 0.0% All work saved. Email Instructor Save and Exit Submit Assignment for GradingBb Lessons / Assignments - 20215 X "CengageNOWv2 | Online teach X Cengage Learning x Course Hero Course Hero X + C A v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Paused Update : Chapter 13 Homework eBook Print Item ? 1. EX. 13.03 Journal X b. Journalize the entries to record the transactions. No post ref is required in the journal. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not 2. EX. 13.04 use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. 3. EX. 13.09 PAGE 10 4. EX. 13.10 JOURNAL ACCOUNTING EQUATION 5. EX. 13.11 DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 6. EX. 13.12 N + 7. EX. 13.16 8. EX. 13.20.BLANKSHEET U A 9. PR. 13.01A 10. PR. 13.04A.BLANKSHEET 10 11 12 Progress: 10/10 items Previous Assignment Score: 0.0% All work saved. Email Instructor Save and Exit Submit Assignment for GradingBb Lessons / Assignments - 20215 X "CengageNOWv2 | Online teach X Cengage Learning x Course Hero Course Hero X + C A v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Paused Update : Chapter 13 Homework eBook Print Item O ? 1. EX. 13.03 Entries for selected corporate transactions Instructions Labels and Amount Descriptions T Accounts E 2. EX. 13.04 Chart of Accounts Journal 3. EX. 13.09 Retained Earnings Statement X 4. EX. 13.10 c. Prepare a retained earnings statement for the year ended December 31, 20Y5. Assume that Morrow Enterprises had net income for the year ended December 31, 20Y5, of 5. EX. 13.11 $1, 125,000. 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. 6. EX. 13.12 7. EX. 13.16 Morrow Enterprises 8. EX. 13.20.BLANKSHEET Retained Earnings Statement (Label) 9. PR. 13.01A 1 10. PR. 13.04A.BLANKSHEET 2 3 Dividends: 4 5 6 7 Progress: 10/10 items Previous Assignment Score: 0.0% All work saved. Email Instructor Save and Exit Submit Assignment for GradingBb Lessons / Assignments - 20215 X "CengageNOWv2 | Online teach X Cengage Learning x Course Hero Course Hero X + C A v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Paused Update : Chapter 13 Homework eBook Print Item O ? 1. EX. 13.03 Entries for selected corporate transactions Instructions Chart of Accounts Labels and Amount Descriptions T Accounts Journal 2. EX. 13.04 v 3. EX. 13.09 Retained Earnings Statement X Stockholders' Equity X 4. EX. 13.10 5. EX. 13.11 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. 6. EX. 13.12 7. EX. 13.16 Stockholders' Equity 8. EX. 13.20.BLANKSHEET 1 Paid-in capital: 2 9. PR. 13.01A 3 10. PR. 13.04A.BLANKSHEET 4 5 Progress: 10/10 items Previous Assignment Score: 0.0% All work saved. Email Instructor Save and Exit Submit Assignment for Grading