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Category > Accounting Posted 20 Aug 2017 My Price 14.00

Morrow Enterprises Inc.

PR 11-4A Entries for selected corporate transactions                              ObJ.  2,  3,  4, 5

 

Morrow Enterprises Inc. manufactures bathroom fixtures. The stockholders’ equity ac- counts of Morrow Enterprises Inc., with balances on January 1, 2016, are as follows:

 

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

Retained Earnings  ..................................................

33,600,000

Treasury Stock (25,000 shares, at cost) ...............................

450,000

 

The following selected transactions occurred during the  year:

 

Jan. 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 $28,000.

 

Apr. 10. Issued 75,000 shares of common stock for $24 per share. June   6.   Sold all of the treasury stock for $26 per share.

 

July      5.   Declared a 4% stock dividend on common stock, to be capitalized at the mar- ket 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 credit balance of the income summary account, $1,125,000.

 

31.      Closed the two dividends accounts to Retained Earnings.

 

 

Instructions

1.     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.

 

2.     Journalize the entries to record the transactions, and post to the eight selected accounts.

 

3.     Prepare a retained earnings statement for the year ended December 31, 2016.

 

4.     Prepare the Stockholders’ Equity section of the December 31, 2016, balance sheet.

 

 

 

 

 

 

 

 

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Maurice Tutor
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Status NEW Posted 20 Aug 2017 07:08 PM My Price 14.00

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