can you please show me how to do the statement of stockholders' equity please Required:1. Enter the January 1 balances in T accounts for the stockholders' equity accounts listed. If required, round your answers to the nearest dollar.2. Journalize the entries to record the transactions, and post to the eight selected accounts. Assume that the closing entry for revenues andexpenses has been made and post net income of $1,223,000 to the retained earnings account. Refer to the Chart of Accounts for exactwording of account titles. When required, round your answers to the nearest dollar.3. Prepare a statement of stockholders' equity for the year ended December 31, 20Y6. Assume that net income was $1,223,000 for the yearended December 31, 20Y6. For those boxes in which you must enter subtracted or negative numbers use a minus sign. If there is an amount iszero, enter "O", *4. Prepare the "Stockholders' Equity" section of the December 31, 20Y6, balance sheet. For those boxes in which you must enter subtracted ornegative 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. 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, 352,000 shares issued)$7,040,000Paid-In Capital in Excess of Stated Value-Common Stock774,400Retained Earnings32,153,000Treasury Stock (25,200 shares, at cost)478,800The following selected transactions occurred during the year:Jan.22Paid cash dividends of $0.05 per share on the common stock. The dividend had been properlyrecorded when declared on December 1 of the preceding fiscal year for $16,340.Apг.10Issued 73,000 shares of common stock for $25 per share.Jun.Sold all of the treasury stock for $27 per share.Jul.Declared a 5% Stock dividend on common stock, to be capitalized at the market price of the stock,which is $25 per share.Aug.15Issued the certificates for the dividend declared on July 5.Nov.23Purchased 25,000 shares of treasury stock for $18 per share.Dec.28Declared a $0.08-per-share dividend on common stock.31Closed the two dividends accounts to Retained Earnings.

Stockholders’ equity: It is the amount remained in the business after deducting all the liabilities…

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, 352,000 shares issued) $7,040,000 Paid-In Capital in Excess of Stated Value-Common Stock 774,400 Retained Earnings 32,153,000 Treasury Stock (25,200 shares, at cost) 478,800 The following selected transactions occurred during the year: Jan. 22 Paid cash dividends of $0.05 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $16,340. Aprг. 10 Issued 73,000 shares of common stock for $25 per share. Jun. 6 Sold all of the treasury stock for $27 per share. Jul. 5 Declared a 5% 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 25,000 shares of treasury stock for $18 per share. Dec. 28 Declared a $0.08-per-share dividend on common stock. 31 Closed the two dividends accounts to Retained Earnings.

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, 352,000 shares issued) $7,040,000 Paid-In Capital in Excess of Stated Value-Common Stock 774,400 Retained Earnings 32,153,000 Treasury Stock (25,200 shares, at cost) 478,800 The following selected transactions occurred during the year: Jan. 22 Paid cash dividends of $0.05 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $16,340. Aprг. 10 Issued 73,000 shares of common stock for $25 per share. Jun. 6 Sold all of the treasury stock for $27 per share. Jul. 5 Declared a 5% 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 25,000 shares of treasury stock for $18 per share. Dec. 28 Declared a $0.08-per-share dividend on common stock. 31 Closed the two dividends accounts to Retained Earnings.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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