Question: please help me in last section ( Stockholder's Equity) part. there is one mistake i couldn't solve it thanks Morrow Enterprises Inc. manufactures bathroom futures.









Morrow Enterprises Inc. manufactures bathroom futures. The stock.uy accounts of Morrow Enterprises Inc. wm balance on January 1, 2015, was follows: Common Stock $20 stated value (500,000 shares authorized 375,000 shares issued) Paid In Capital in Excess of Stated Value-Common Stock Retained Earings Treasury Stock (25,000 shares, at a cost of 518 per share) 57.500.000 325,000 33,600,000 450,000 The following selected transactions occurred during the year Jan 22 Apt 10 Jun 6 Jul 5 Paid cash dividends of So 08 per share on the common stock. The dividend had been property recorded when declared on December 1 of the preceding fiscal year for $28.000 Issued 75,000 shares of common stock for $24 per share Sold at of the treasury stock for $25 per share Declared a 4 stock dividend on common stock to be capitalized at the market price of the stock which is $25 per share issued the certificates for the dividend declared on July 5 Purchased 30.000 shares of treasury stock for $19 por share Declared a 50.10-per-share dividend on common stock Closed the two dividends accounts to Retained Earnings 15 Aug NOV 23 28 Dec 31 Required: a. Enter the January 1 balances in accounts for the stockholders equity accounts listed. Also prepare Taccounts for the following Padin Capital from Sale of Treasury Stock Stock Dividends Distributable Stock Dividends Cash Dividends b. Joumalize the entries to record the transactions and post to the eight selected accounts. No post relis required in the journal Refer to the chart of accounts for the exact wording of the account hitles CNOW journals do not use lines for journal explanations Every line on a journal page a used for debitor credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered c. Prepare a retained earnings statement for the year ended December 31, 2018 Assume that Morrow Enterprises had net income for the year ended December 31, 2045, of $1,125,000. Be sure to complete the statement heading Refer to the chart of accounts and the huts et Ladet and Amount Descriptions for the exact wording of text entries A decrease to retained earrings should be entered as a negative amount d. Prepare the Stockholders Equity section of the December 31 2075 balance sheet Refer to the chart of accounts and the sts of Labes and Amount Descriptions for the exact wording of text entries. For those boxes in which you must enter Bubtractive or negative numbers use a minus Sign counts MentSessionLocator &inprogres. A to Morrow Enterprises Inc. 9 General Ledger ASSETS REVENUE 110 Cash 120 Accounts Receivable 410 Sales 610 Interest Revenue 131 Notes Receivable 132 Interest Receivable 141 Merchandise inventory 145 Office Supplies 151 Prepaid Insurance 181 Land 193 Equipment 194 Accumulated Depreciation Equipment 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 535 Insurance Expense 538 Office Supplies Expense 537 Organizational Expenses 562 Depreciation Exponse-Equipment 590 Miscellaneous Expense LIABILITIES 210 Accounts Payable 221 Notes Payable 226 Interest Payable 231 Cash Dividends Payable 194 Accumulated Depreciation Equipment LIABILITIES 210 Accounts Payable 221 Notes Payable 226 Interest Payable 231 Cash Dividends Payable 235 Stock Dividends Distributable 241 Salaries Payable 261 Mortgage Note Payable BionLocator Binprogres. A UT 533 Seling Expenses 534 Rent Experte 535 Insurance Expense 536 Office Supplies Expense 537 Organizational Expenses 562 Depreciation Expense-Equipment 590 Miscellaneous Expense 710 Interest Expense 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 Pald-in Capital from Sale of Treasury Stock 340 Retained Earnings 351 Cash Dividends 10 Labels For the Year Ended December 31, 2045 December 31, 2045 Amount Descriptions Cash balance, July 31, 2045 Cash dividends Common stock 520 stated value. 500.000 shares authorized, 375,000 shares issued 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 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, 2015 Retained earnings January 1, 2015 RSSignment Main dolinvoker=&takeAssignmentSessionlocator-&inprogres... A From sale of treasury stock Increase in retained earnings Not income Net loss Pan capital, common stock Retained earnings Retained earningn, December 31, 2045 Retained earnings, January 1, 2045 Stock dividends Total Total pald-in capital Total stockholders' equity Treasury stock Shaded chave feedback Journal mentMain doinvoker=&takeAssignmentSession Locator Binprogres Jan 22 Cash Dividends Payable o Cash 28.000.00 1 Apr 10 Cash 28.000.00 1 Common Stock 1.800.000,00 1 1.500.000.00 Paid-in Capital in Excess of Stated Vale-Common Stock Jun 6 Cash 300.000.00 650,000.00 Treasury Stock 450.000.00 200,000.00 450.000.00 10 360,000.00 Paid In Capital from Sale of Treasury Stock JUL. 5 Stock Dividends Stock Dividends Distributable Paid-in Capitat in Excess of Stated Value-Common Stock Aug, 15 Stock Dividends Distributable Common Stock Nov. 25 Treasury Stock Cash 90,000.00 11 360,000.00 11 THE 360.000.00 1+ 570,000.00 70.000.00 - 45.800.00 Dec 28 Cash Dividends Cash Dividends Payable Dec 31 Retained Earnings 43.800.00 495.800.00 Locatorinprogres. A 15 16 570.000.00 Casti Dec 28 Cash Dividends Cash Dividends Payable Dec 31 Retained Earnings 43.800.00 17 45.800.00 495,000.00 19 Stock Dividends 450.000.00 43.800.00 Cash Dividends 1 Pants Feedback Shaded cols have feedback Roteiner Famnings Statement take AssignmentMain.do?invoker=&takeAssignmentSessionLocator &inprogres... A to And Corporatex c. Prepare a retained earnings statement for the year ended December 31, 2015. Assume that Morrow Enterprises had not income for the year ended December 31, 2015, of $1,125,000. Be sure to complete the statement heading Refer to the chart of accounts and the list of Label and Amount Descriptions for the end wording of text entries. A decrease to retained earings should be entered as a negative amount Morrow Enterprises Retained Earnings Statement Score: 57/57 For the Year Ended December 31, 2015 1 Retained earnings, January 1, 2045 $33.600,000.00 2 Net income $1.125.000.00 Dividende - Cash dividends 143,800.00 3 (450,000.00 Stock dividends 651.200.00 Increase in retained earnings Retained earnings. December 31, 2045 $34.231.200.00 Point 0 Stockholders' Equity d. Prepare the Stockholders' Equity section of the December 31, 2045, balance sheet Refer to the chant of accounts and the Nats or sets and Amount Descriptore for the exact wording of text entries. For those boxes in which you must enter subtractive or negative numbers, use a minus sign Stockholders' Equity Score: 75/79 Paid in capital Common stock, 520 stated value: 500,000 shares authorized. 468.000 shares issued 59.360,000.00 1 Excess over stated value 1.215.000.00
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