please answer the whole question and dont cut off answers Morrow Enterprises Inc. manufactures bathroom fixtures. The stockholders’ equity accounts of Morrow Enterprises Inc., with balances on January 1, 20Y5, are as follows: Common stock, $20 stated value (500,000 shares authorized, 399,000 shares issued)$7,980,000Paid-In Capital in Excess of Stated Value—Common Stock877,800Retained Earnings34,554,000Treasury Stock (22,500 shares, at a cost of $17 per share)382,500The following selected transactions occurred during the year: Jan.22Paid cash dividends of $0.07 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $26,355.Apr.10Issued 73,000 shares of common stock for $23 per share.Jun.6Sold all of the treasury stock for $26 per share.Jul.5Declared a 2% stock dividend on common stock, to be capitalized at the market price of the stock, which is $24 per share.Aug.15Issued the certificates for the dividend declared on July 5.Nov.23Purchased 30,000 shares of treasury stock for $20 per share.Dec.28Declared a $0.09-per-share dividend on common stock. 31Closed the two dividends accounts to Retained Earnings.Required:a.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.b.Journalize the entries to record the transactions and post to the eight selected accounts. No post ref is required in the journal. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Round your final answer to the nearest dollar.c.Prepare a retained earnings statement for the year ended December 31, 20Y5. Assume that Morrow Enterprises had net income for the year ended December 31, 20Y5, of $1,162,500. Be sure to complete the statement heading. Refer to the chart of accounts and the lists of Labels and Amount Descriptions for the exact wording of text entries. A decrease to retained earnings should be entered as a negative amount.d.Prepare the Stockholders’ Equity section of the December 31, 20Y5, balance sheet. Refer to the chart of accounts and the lists of Labels and Amount Descriptions for the exact wording of text entries. For those boxes in which you must enter subtractive or negative numbers, use a minus sign.CHART OF ACCOUNTS Morrow Enterprises Inc. General Ledger ASSETS110Cash120Accounts Receivable131Notes Receivable132Interest Receivable141Merchandise Inventory145Office Supplies151Prepaid Insurance181Land193Equipment194Accumulated Depreciation-Equipment LIABILITIES210Accounts Payable221Notes Payable226Interest Payable231Cash Dividends Payable236Stock Dividends Distributable241Salaries Payable261Mortgage Note Payable EQUITY311Common Stock313Paid-In Capital in Excess of Stated Value-Common Stock315Treasury Stock321Preferred Stock322Paid-In Capital in Excess of Par-Preferred Stock331Paid-In Capital from Sale of Treasury Stock340Retained Earnings351Cash Dividends352Stock Dividends REVENUE410Sales610Interest Revenue EXPENSES510Cost of Merchandise Sold515Credit Card Expense520Salaries Expense531Advertising Expense532Delivery Expense533Selling Expenses534Rent Expense535Insurance Expense536Office Supplies Expense537Organizational Expenses562Depreciation Expense-Equipment590Miscellaneous Expense710Interest ExpenseLabels For the Year Ended December 31, 20Y5 December 31, 20Y5 Amount Descriptions Cash balance, July 31, 20Y5 Cash dividends Common stock, $20 stated value (500,000 shares authorized, 399,000 shares issued) Common stock, $20 stated value (500,000 shares authorized, 451,440 shares issued) Common stock, $20 stated value (500,000 shares authorized, 481,440 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, 20Y5 Retained earnings, January 1, 20Y5 Stock dividends Total Total paid-in capital Total stockholders’ equity Treasury stock T Accountsa. Enter the January 1 balances in Taccounts for the stockholders'equity accounts listed. Also prepare T accounts for the following: Paid-In Capital fromSale of Treasury Stock; Stock Dividends Distributable; Stock Dividends; Cash Dividends. No post ref is required in the journal.Common StockPaid-In Capital In Excess of Stated Value-Common StockRetained EarningsTreasury StockPaid-In Capital from Sale of Treasury StockStock Dividends DistributableStock DividendsCash Dividendsb. Journalize the entries to record the transactions. No post ref is required in the journal. Refer to the chart of accounts for the exact wording of theaccount titles. CNOW joumals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals willautomatically indent a credit entry when a credit amount is entered. Round your final answer to the nearest dollar.PAGE 10JOURNALACCOUNTING EQUATIONDATEDESCRIPTIONDEBITCREDITASSETS LIABILITIESQUITY345.91011121314151617181920 a c. Prepare a retained earnings statement for the year ended December 31, 20Y5. Assume that Morrow Enterprises had net income for the year endedal December 31, 20Y5, of $1,162,500. Be sure to complete the statement heading. Refer to the chart of accounts and the lists of Labels and AmountDescriptions for the exact wording of text entries. A decrease to retained earnings should be entered as a negative amount.Morrow EnterprisesRetained Eamings Statement(Label)123 Dividends:4.Ed. Prepare the Stockholders' Equity section of the December 31, 20Y5, balance sheet. Refer to the chart of accounts and the lists of Labels and AmountE Descriptions for the exact wording of text entries. For those boxes in which you must enter subtractive or negative numbers, use a minus sign.Stockholders' Equity1 Paid-in capital:7.123 4S 679

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please answer the whole question and dont cut off answers Morrow Enterprises Inc. manufactures bathroom fixtures. The stockholders’ equity accounts of Morrow Enterprises Inc., with balances on January 1, 20Y5, are as follows: Common stock, $20 stated value (500,000 shares authorized, 399,000 shares issued) $7,980,000 Paid-In Capital in Excess of Stated Value—Common Stock 877,800 Retained Earnings 34,554,000 Treasury Stock (22,500 shares, at a cost of $17 per share) 382,500 The following selected transactions occurred during the year: Jan. 22 Paid cash dividends of $0.07 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $26,355. Apr. 10 Issued 73,000 shares of common stock for $23 per share. Jun. 6 Sold all of the treasury stock for $26 per share. Jul. 5 Declared a 2% stock dividend on common stock, to be capitalized at the market price of the stock, which is $24 per share. Aug. 15 Issued the certificates for the dividend declared on July 5. Nov. 23 Purchased 30,000 shares of treasury stock for $20 per share. Dec. 28 Declared a $0.09-per-share dividend on common stock. 31 Closed the two dividends accounts to Retained Earnings. Required: a. 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. b. Journalize the entries to record the transactions and post to the eight selected accounts. No post ref is required in the journal. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Round your final answer to the nearest dollar. c. Prepare a retained earnings statement for the year ended December 31, 20Y5. Assume that Morrow Enterprises had net income for the year ended December 31, 20Y5, of $1,162,500. Be sure to complete the statement heading. Refer to the chart of accounts and the lists of Labels and Amount Descriptions for the exact wording of text entries. A decrease to retained earnings should be entered as a negative amount.

please answer the whole question and dont cut off answers Morrow Enterprises Inc. manufactures bathroom fixtures. The stockholders’ equity accounts of Morrow Enterprises Inc., with balances on January 1, 20Y5, are as follows: Common stock, $20 stated value (500,000 shares authorized, 399,000 shares issued) $7,980,000 Paid-In Capital in Excess of Stated Value—Common Stock 877,800 Retained Earnings 34,554,000 Treasury Stock (22,500 shares, at a cost of $17 per share) 382,500 The following selected transactions occurred during the year: Jan. 22 Paid cash dividends of $0.07 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $26,355. Apr. 10 Issued 73,000 shares of common stock for $23 per share. Jun. 6 Sold all of the treasury stock for $26 per share. Jul. 5 Declared a 2% stock dividend on common stock, to be capitalized at the market price of the stock, which is $24 per share. Aug. 15 Issued the certificates for the dividend declared on July 5. Nov. 23 Purchased 30,000 shares of treasury stock for $20 per share. Dec. 28 Declared a $0.09-per-share dividend on common stock. 31 Closed the two dividends accounts to Retained Earnings. Required: a. 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. b. Journalize the entries to record the transactions and post to the eight selected accounts. No post ref is required in the journal. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Round your final answer to the nearest dollar. c. Prepare a retained earnings statement for the year ended December 31, 20Y5. Assume that Morrow Enterprises had net income for the year ended December 31, 20Y5, of $1,162,500. Be sure to complete the statement heading. Refer to the chart of accounts and the lists of Labels and Amount Descriptions for the exact wording of text entries. A decrease to retained earnings should be entered as a negative amount.

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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please answer the whole question and dont cut off answers

Morrow Enterprises Inc. manufactures bathroom fixtures. The stockholders’ equity accounts of Morrow Enterprises Inc., with balances on January 1, 20Y5, are as follows:

Common stock, $20 stated value (500,000 shares authorized, 399,000 shares issued)	$7,980,000
Paid-In Capital in Excess of Stated Value—Common Stock	877,800
Retained Earnings	34,554,000
Treasury Stock (22,500 shares, at a cost of $17 per share)	382,500

The following selected transactions occurred during the year:

Jan.	22	Paid cash dividends of $0.07 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $26,355.
Apr.	10	Issued 73,000 shares of common stock for $23 per share.
Jun.	6	Sold all of the treasury stock for $26 per share.
Jul.	5	Declared a 2% stock dividend on common stock, to be capitalized at the market price of the stock, which is $24 per share.
Aug.	15	Issued the certificates for the dividend declared on July 5.
Nov.	23	Purchased 30,000 shares of treasury stock for $20 per share.
Dec.	28	Declared a $0.09-per-share dividend on common stock.
	31	Closed the two dividends accounts to Retained Earnings.

Required:

a.	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.
b.	Journalize the entries to record the transactions and post to the eight selected accounts. No post ref is required in the journal. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. *Round your final answer to the nearest dollar.*
c.	Prepare a retained earnings statement for the year ended December 31, 20Y5. Assume that Morrow Enterprises had net income for the year ended December 31, 20Y5, of $1,162,500. Be sure to complete the statement heading. Refer to the chart of accounts and the lists of Labels and Amount Descriptions for the exact wording of text entries. A decrease to retained earnings should be entered as a negative amount.
d.	Prepare the Stockholders’ Equity section of the December 31, 20Y5, balance sheet. Refer to the chart of accounts and the lists of Labels and Amount Descriptions for the exact wording of text entries. For those boxes in which you must enter subtractive or negative numbers, use a minus sign.

CHART OF ACCOUNTS
Morrow Enterprises Inc.
General Ledger

	ASSETS
110	Cash
120	Accounts Receivable
131	Notes Receivable
132	Interest Receivable
141	Merchandise 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
236	Stock Dividends Distributable
241	Salaries Payable
261	Mortgage Note Payable

	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	Paid-In Capital from Sale of Treasury Stock
340	Retained Earnings
351	Cash Dividends
352	Stock Dividends

	REVENUE
410	Sales
610	Interest Revenue

	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
536	Office Supplies Expense
537	Organizational Expenses
562	Depreciation Expense-Equipment
590	Miscellaneous Expense
710	Interest Expense

Labels
For the Year Ended December 31, 20Y5
December 31, 20Y5
Amount Descriptions
Cash balance, July 31, 20Y5
Cash dividends
Common stock, $20 stated value (500,000 shares authorized, 399,000 shares issued)
Common stock, $20 stated value (500,000 shares authorized, 451,440 shares issued)
Common stock, $20 stated value (500,000 shares authorized, 481,440 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, 20Y5
Retained earnings, January 1, 20Y5
Stock dividends
Total
Total paid-in capital
Total stockholders’ equity
Treasury stock

T Accounts
a. Enter the January 1 balances in Taccounts 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. No post ref is required in the journal.
Common Stock
Paid-In Capital In Excess of Stated Value-Common Stock
Retained Earnings
Treasury Stock
Paid-In Capital from Sale of Treasury Stock
Stock Dividends Distributable
Stock Dividends
Cash Dividends
b. Journalize the entries to record the transactions. No post ref is required in the journal. Refer to the chart of accounts for the exact wording of the
account titles. CNOW joumals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will
automatically indent a credit entry when a credit amount is entered. Round your final answer to the nearest dollar.
PAGE 10
JOURNAL
ACCOUNTING EQUATION
DATE
DESCRIPTION
DEBIT
CREDIT
ASSETS LIABILITIESQUITY
3
4
5.
9
10
11
12
13
14
15
16
17
18
19
20

a c. Prepare a retained earnings statement for the year ended December 31, 20Y5. Assume that Morrow Enterprises had net income for the year ended
al December 31, 20Y5, of $1,162,500. Be sure to complete the statement heading. Refer to the chart of accounts and the lists of Labels and Amount
Descriptions for the exact wording of text entries. A decrease to retained earnings should be entered as a negative amount.
Morrow Enterprises
Retained Eamings Statement
(Label)
1
2
3 Dividends:
4.
Ed. Prepare the Stockholders' Equity section of the December 31, 20Y5, balance sheet. Refer to the chart of accounts and the lists of Labels and Amount
E Descriptions 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
1 Paid-in capital:
7.
123 4S 679

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