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make  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. Balance Sheet December 31, 20Y6 1 Stockholders' Equity     2 Paid-in capital:     3       4       5       6       7       8       9       10       Amount Descriptions: Balances, January 1 Balances, December 31 Cash dividends Common stock, $20 stated value (500,000 shares authorized, 473,800 shares issued) Excess of issue price over stated value From sale of treasury stock Issued common stock Net income Net loss Purchase of treasury stock Sale of treasury stock Stock dividends Retained Earnings Total Total paid-in capital Total stockholders' equity Treasury stock (33,000 shares at cost)

make  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. Balance Sheet December 31, 20Y6 1 Stockholders' Equity     2 Paid-in capital:     3       4       5       6       7       8       9       10       Amount Descriptions: Balances, January 1 Balances, December 31 Cash dividends Common stock, $20 stated value (500,000 shares authorized, 473,800 shares issued) Excess of issue price over stated value From sale of treasury stock Issued common stock Net income Net loss Purchase of treasury stock Sale of treasury stock Stock dividends Retained Earnings Total Total paid-in capital Total stockholders' equity Treasury stock (33,000 shares at cost)

Financial Accounting
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter13: Corporations: Organization, Stock Transactions, And Dividends
Section: Chapter Questions
Problem 4PA
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4. make  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.
Balance Sheet
December 31, 20Y6
1
Stockholders' Equity
 
 
2
Paid-in capital:
 
 
3
 
 
 
4
 
 
 
5
 
 
 
6
 
 
 
7
 
 
 
8
 
 
 
9
 
 
 
10
 
 
 

Amount Descriptions:

Balances, January 1

Balances, December 31

Cash dividends

Common stock, $20 stated value (500,000 shares authorized, 473,800 shares issued)

Excess of issue price over stated value

From sale of treasury stock

Issued common stock

Net income

Net loss

Purchase of treasury stock

Sale of treasury stock

Stock dividends

Retained Earnings

Total

Total paid-in capital

Total stockholders' equity

Treasury stock (33,000 shares at cost)

ASSETS CHART OF ACCOUNTS Morrow Enterprises Inc. 110 Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Inventory 145 Office Supplies 151 Prepaid Insurance 181 Land 193 Equipment 194 Accumulated Depreciation-Equipment LIABILITIES 210 Accounts Payable 221 Notes Payable 226 Interest Payable 231 Cash Dividends Payable 241 Salaries Payable 261 Mortgage Note Payable General Ledger EQUITY 236 Stock dividends Distributable 311 Common Stock 313 Paid-In Capital in Excess of Stated Value- Common Stock 340 Retained Earnings 351 Cash Dividends 352 Stock dividends 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 REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 515 Credit Card Expense 520 Salaries Expense 531 Advertising Expense 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
Transcribed Image Text:ASSETS CHART OF ACCOUNTS Morrow Enterprises Inc. 110 Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Inventory 145 Office Supplies 151 Prepaid Insurance 181 Land 193 Equipment 194 Accumulated Depreciation-Equipment LIABILITIES 210 Accounts Payable 221 Notes Payable 226 Interest Payable 231 Cash Dividends Payable 241 Salaries Payable 261 Mortgage Note Payable General Ledger EQUITY 236 Stock dividends Distributable 311 Common Stock 313 Paid-In Capital in Excess of Stated Value- Common Stock 340 Retained Earnings 351 Cash Dividends 352 Stock dividends 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 REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 515 Credit Card Expense 520 Salaries Expense 531 Advertising Expense 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
Instructions 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, 383,000 shares issued) Paid-In Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (25,700 shares, at cost) The following selected transactions occurred during the year: Jan. Apr. Jun. Jul. Aug. Nov. Dec. 22 10 6 $7,660,000 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. 5 Declared a 3% Stock dividend on common stock, to be capitalized at the market price of the stock, which is $26 per share. Issued the certificates for the dividend declared on July 5. 23 Purchased 33,000 shares of treasury stock for $20 per share. 28 Declared a $0.08-per-share dividend on common stock. 31 Closed the two dividends accounts to Retained Earnings. 15 957,500 35,012,000 462,600
Transcribed Image Text:Instructions 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, 383,000 shares issued) Paid-In Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (25,700 shares, at cost) The following selected transactions occurred during the year: Jan. Apr. Jun. Jul. Aug. Nov. Dec. 22 10 6 $7,660,000 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. 5 Declared a 3% Stock dividend on common stock, to be capitalized at the market price of the stock, which is $26 per share. Issued the certificates for the dividend declared on July 5. 23 Purchased 33,000 shares of treasury stock for $20 per share. 28 Declared a $0.08-per-share dividend on common stock. 31 Closed the two dividends accounts to Retained Earnings. 15 957,500 35,012,000 462,600
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