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Problem 13-4a | Business & Finance homework help
Problem 13-4A
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Name:
Section:
Score:
38%
Key Code:
[Key code here]
Instructions
Answers are entered in the cells with gray backgrounds.
Cells with non-gray backgrounds are protected and cannot be edited.
An asterisk (*) will appear to the right of an incorrect entry. In T accounts, only final balances will be graded.
Enter a zero for the final balance if appropriate.
1., 2.
Common Stock
Treasury Stock
Jan.
1 Bal.
Jan.
1 Bal.
June 06
0
Apr. 10
Nov 23
Aug 15
Dec. 31 Bal.
Dec. 31 Bal.
Paid-In Capital from Sale of Treasury Stock
Paid-In Capital in Excess of Stated Value
June 06
Jan.
1 Bal.
Dec. 31 Bal.
Apr. 10
July 05
Stock Dividends Distributable
Dec. 31 Bal.
Aug 15
July 05
Dec. 31 Bal.
0
Retained Earnings
Stock Dividends
Dec 31
493.800
Jan.
1 Bal.
July 05
Dec 31
Dec 31
Dec. 31 Bal.
0
Dec. 31 Bal.
Cash Dividends
Dec 28
Dec 31
0
Dec. 31 Bal.
0
2.
Jan. 22
Cash Dividends Payable
Cash
0
*
Apr. 10
Cash
Common Stock
Paid-In Capital in Excess of Stated Value
June
6
Cash
Treasury Stock
Paid-In Capital from Sale of Treasury Stock
July
5
Stock Dividends
Stock Dividends Distributable
Paid-In Capital in Excess of Stated Value
0
*
Aug. 15
Stock Dividends Distributable
Common Stock
Nov.
23
Treasury Stock
Cash
Dec. 28
Cash Dividends
Cash Dividends Payable
0
*
31
Income Summary
Retained Earnings
0
*
31
Retained Earnings
0
*
Stock Dividends
0
*
Cash Dividends
0
*
3.
MORROW ENTERPRISES INC.
Retained Earnings Statement
For the Period Ended December 31, 2014
Retained earnings (January 1, 2014)
Net income
Less: Cash dividends
Stock dividends
Increase in retained earnings
–
*
Retained earnings (December 31, 2014)
$
–
*
4.
MORROW ENTERPRISES INC.
Balance Sheet
December 31, 2014
Stockholders’ Equity
Paid-in capital:
Common stock, $20 stated value
(500,000 shares authorized, 468,000 shares issued)
Excess of issue price over stated value
–
*
From sale of treasury stock
–
*
Total paid-in capital
$
–
*
Retained earnings
–
*
Total
$
–
*
Deduct treasury stock (30,000 shares at cost)
Total stockholders’ equity
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