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Arte-miy333 [17]
3 years ago
6

Morrow Enterprises Inc. manufactures bathroom fixtures. The stockholders’ equity accounts of Morrow Enterprises Inc., with balan

ces on January 1, 2016, are as follows:
Business
1 answer:
Pani-rosa [81]3 years ago
5 0
The answer is: <span>Jan. 7. Paid cash dividends of $0.18 per share on the common stock. The dividend had been properly recorded when declared on Nov 30 of the preceding fiscal year for $66,600. </span>
<span>Dr Common Dividends Payable 66,000 </span>
<span>Cr Cash 66,000 </span>

<span>Feb. 9. Issued 50,000 shares of common stock for $600,000 </span>
<span>Dr Cash 600,000 </span>
<span>Cr Common Stock 400,000 (50,000 x $8 par value) </span>
<span>Cr Additional Paid-In Capital 200,000 </span>

<span>May 21. Sold all of the treasury stock for $300,000 </span>
<span>Dr Cash 300,000 </span>
<span>Cr Common (Treasury) Stock 240,000 </span>
<span>Cr Additional Paid-In Capital 60,000 </span>

<span>July 1. Declared a 4% stock dividend on common stock, to be capitalized at the market price of the stock, which is $13 per share. </span>
<span>400,000 - 30,000 + 50,000 + 30,000 = 450,000 shares outstanding </span>
<span>Dr Stock Dividends 234,000 (450,000 x 4% x $13 market price) </span>
<span>Cr Stock Dividends Distributable 144,000 (450,000 x 4% x 8 par value) </span>
<span>Cr Additional Paid-In Capital 90,000 (450,000 x 4% x 5 excess of par value) </span>

<span>Aug. 15. Issued the certificates for the dividend declared on July 1 </span>
<span>Dr Stock Dividends Distributable 144,000 </span>
<span>Cr Common Stock 144,000 </span>

<span>Sept. 30. Purchased 10,000 shares of treasury stock for $100,000. </span>
<span>Dr Common (Treasury) Stock 100,000 </span>
<span>Cr Cash 100,000 </span>

<span>Dec 27. Declared a $0.20-per-share dividend on common stock </span>
<span>400,000 - 30,000 + 50,000 + 30,000 +18,000 - 10,000 = 458,000 shares now outstanding </span>
<span>Dr Cash Dividends 91,600 (458,000 x $0.20) </span>
<span>Cr Common Dividends Payable 91,600 </span>

<span>31. Closed the credit balance of the income summary account, $485,000. </span>
<span>Dr Income Summary 485,000 </span>
<span>Cr Retained Earnings 485,000 </span>

<span>31. Closed the two dividends accounts to Retained Earnings. </span>
<span>Dr Retained Earnings 234,000 </span>
<span>Cr Stock Dividends 234,000 </span>

<span>Dr Retained Earnings 91,000 </span>
<span>Cr Cash Dividends 91,000 </span>

<span>3) </span>
<span>7,100,000 Beginning balance </span>
<span>+ 485,000 </span>
<span>- 234.000 </span>
<span>- 91,000 </span>
<span>= 7,260,000 Ending balance </span>

<span>4) </span>
<span>3,824,000 Common Stock (468,000 x 8) </span>
<span>+ 950,000 Additional Paid-In Capital (600,000 + 200,000 + 60,000 + 90,000) </span>
<span>+ 7,260,000 Retained Earnings </span>
<span>- 100,000 Treasury Stock </span>
<span>= 11,934,000 Total Stockholders' Equity</span>
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