3. Prepare a statement of stockholders' equity for the year ended December 31, 20Y6. Assume that net income was $1,125,000 for the year ended December 31, 20Y6.12345678Morrow Enterprises Inc.Statement of Stockholders' Equity(Label)Common StockPaid-In Capitalin Excess ofStated ValuePaid-In Capitalfrom Sale ofTreasury StockRetainedEarningsTreasury StockTotal 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, 375,000 shares issued)Paid-In Capital in Excess of Stated Value-Common StockRetained EarningsTreasury Stock (25,000 shares, at cost)The following selected transactions occurred during the year:Jan.Apr.Jun.Jul.Aug.Nov.Dec.622 Paid cash dividends of $0.08 per share on the common stock. The dividend had been properlyrecorded when declared on December 1 of the preceding fiscal year for $28,000.10 Issued 75,000 shares of common stock for $24 per share.Sold all of the treasury stock for $26 per share.Declared a 4% Stock dividend on common stock, to be capitalized at the market price of the stock,which is $25 per share.Issued shares of stock for the Stock dividend declared on July 5.Purchased 30,000 shares of treasury stock for $19 per share.Declared a $0.10-per-share dividend on common stock.Closed the two dividends accounts to Retained Earnings.51523$ 7,500,000825,000283133,600,000450,000

The statement of shareholders' equity is a financial document a company issues as part of its…

Answered: repare a statement of stockholders'…

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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During the year the following selected transactions affecting stockholders' equity occurred for Orlando Corporation: a. April 1: Repurchased 240 shares of the company's common stock at $30 cash per share. b. June 14: Sold 60 of the shares purchased on April 1 for $35 cash per share. c. September 1: Sold 50 of the shares purchased on April 1 for $25 cash per share. Required: 1. Prepare journal entries for each of the above transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 2 3 Repurchased 240 shares of the company's common stock at $30 cash per share. Note: Enter debits before credits. Date April 01 General Journal Debit Credit Record entry Clear entry View general journal
During the year the following selected transactions affecting stockholders' equity occurred for Orlando Corporation: a. April 1: Repurchased 390 shares of the company's common stock at $38 cash per share. b. June 14: Sold 70 of the shares purchased on April 1 for $43 cash per share. c. September 1: Sold 60 of the shares purchased on April 1 for $33 cash per share. Required: 1. Prepare journal entries for each of the above transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Answer is not complete. No 1 Date April 01 General Journal Debit Credit Treasury stock 14,820 Cash 14,820 2 June 14 Cash Treasury stock Additional paid-in capital 3,010 2,660 350 3 September 01 Cash 1,980 Additional paid-in capital Treasury stock 300X 1,680 x
At the end of the prior annual reporting period, Barnard Corporation's balance sheet showed the following: BARNARD CORPORATION Balance Sheet At December 31, Prior Year Stockholders' equity Contributed capital Common stock (par $15; 5,500 shares) Paid-in capital Total contributed capital Retained earnings Total stockholders' equity $ 82,500 15,000 During the current year, the following selected transactions (summarized) were completed: a. Sold and issued 1,200 shares of common stock at $25 cash per share (at year-end). b. Determined net income, $49,000. c. Declared and paid a cash dividend of $4 per share on the beginning shares outstanding. 97,500 45,000 $ 142,500 Required: Prepare a statement of stockholders' equity for the year ended December 31, current year. Balances as of December 31, prior year Add: Net income Less: Dividends declared Stock issued Balances as of December 31, current year Required: Prepare a statement of stockholders' equity for the year ended December 31, current…
During the year, the following selected transactions affecting stockholders' equity occurred for Navajo Corporation: a. February 1: Repurchased 240 shares of the company's common stock at $22 cash per share. b. July 15: Sold 130 of the shares purchased on February 1 for $23 cash per share. c. September 1: Sold 100 of the shares purchased on February 1 for $21 cash per share. Required: 1. Prepare the journal entry required for each of the above transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 2 Repurchased 240 shares of the company's common stock at $22 cash per share. Date February 01 3 Note: Enter debits before credits. Record entry General Journal Clear entry Prev Debit 1 of 8 Credit View general journal ‒‒‒ ‒‒‒ ‒‒‒ Next > *********
During the year, the following selected transactions affecting stockholders' equity occurred for Navajo Corporation: a. Feb. 1 Repurchased 100 shares of the company's own common stock at $20 cash per share. b. Jul. 15 Sold 60 of the shares purchased on February 1 for $21 cash per share. c. Sept. 1 Sold 30 of the shares purchased on February 1 for $19 cash per share. Prepare the journal entry required for each of the above transactions.
Clothing Frontiers began operations on January 1 and engages in the following transactions during the year related to stockholders' equity. January 1 Issues 700 shares of common stock for $34 per share. April 1 Issues 110 additional shares of common stock for $38 per share. 2. Record the transactions, assuming Clothing Frontiers has either $1 par value or $1 stated value common stock. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 Record the issuance of 700 shares of common stock for $34 per share. Note: Enter debits before credits. Date General Journal Debit Credit January 01
During its first year of operations, Bridgeport Corporation had the following transactions pertaining to its common stock. Jan. 10 Issued 66,000 shares for cash at $6 per share. Issued 44,500 shares for cash at $10 per share. July (a) 1 Journalize the transactions, assuming that the common stock has a par value of $6 per share. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation 2A 3 m tv N Debit alı Credit 4. A 1
Incentive Corporation was authorized to issue 12,000 shares of common stock, each with a $1 parvalue. During its first year, the following selected transactions were completed:a. Issued 6,000 shares of common stock for cash at $20 per share.b. Issued 2,000 shares of common stock for cash at $23 per share.Required:1. Show the effects of each transaction on the accounting equation.2. Give the journal entry required for each of these transactions.3. Prepare the stockholders’ equity section as it should be reported on the year-end balancesheet. At year-end, the accounts reflected a profit of $100.4. Incentive Corporation has $30,000 in the company’s bank account. What is the maximumamount of cash dividends the company can declare and distribute?
A company began the current year with the following balances in its stockholders’ equity accounts. Common stock—$10 par, 500 shares authorized, 200 shares issued and outstanding . $2,000 Paid-in capital in excess of par, common stock . 1,000 Retained earnings 5,000 Total $8,000 All outstanding common stock was issued for $15 per share when the company was created. Prepare journal entries to account for the following transactions during the current year. Jan. 10 The board declared a $0.10 cash dividend per share to shareholders of record on January 28. Feb. 15 Paid the cash dividend declared on January 10. Mar. 31 Declared a 20% stock dividend when the market value of the stock was $18 per share. May 1 Distributed the stock dividend declared on March 31. Dec. 1 Declared a 40% stock dividend when the market value of the stock was $25 per share. Dec. 31 Distributed the stock dividend declared on December 1.
The following selected transactions occurred for Corner Corporation: Feb. 1 Purchased 420 shares of the company’s own common stock at $22 cash per share; the stock is now held in treasury. July 15 Issued 110 of the shares purchased on February 1 for $32 cash per share. Sept. 1 Issued 70 more of the shares purchased on February 1 for $17 cash per share. Required: Indicate the account, amount, and direction of the effect for the above transactions. (Enter any decreases to account balances with a minus sign.) Prepare journal entries for each of the transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) What impact does the purchase of treasury stock have on dividends paid?
Nelson Corporation issued 9,000 shares of $3 stated value common stock for $11 per share on July 7. Record the stock issuance. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Jul. 7
Instructions Journalize the selected transactions. Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, Year 1, were as follows: a. Issued 15,000 shares of $20 par common stock at $30, receiving cash. b. Issued 4,000 shares of $80 par preferred 5% stock at $100, receiving cash. c. Issued $500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. d. Declared a quarterly dividend of $0.50 per share on common stock and $1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held and 20,000 shares of preferred stock were outstanding. e. Paid the cash dividends declared in (d). f. Purchased 7,500 shares of Solstice Corp. at $40 per share plus a $150 brokerage commission. The investment is classified as an available-forsale investment. g. Purchased 8,000 shares of treasury common stock at $33 per share. h. Purchased 40,000 shares of Pinkberry Co. stock…

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