Problem 13-4A
Name:
Section:
Score:
Key Code:
Kalila Anafah
042111233133
98%
[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
Jan. 1 Bal.
Apr. 10
Aug. 15
Dec. 31 Bal.
7,500,000
1,500,000
360,000
9,360,000
Paid-In Capital in Excess of Stated Value
Jan. 1 Bal.
825,000
300,000
90,000
Dec. 31 Bal.
1,215,000
Retained Earnings
Jan. 1 Bal.
Dec. 31 Bal.
33,600,000
1,125,000
34,231,200
Jan. 1 Bal.
Nov. 23
Dec. 31 Bal.
Treasury Stock
450,000
June 6
570,000
570,000
450,000
Paid-In Capital from Sale of Treasury Stock
June 6
200,000
Dec. 31 Bal.
200,000
Aug. 15
July 5
Dec. 31 Bal.
Stock Dividends Distributable
360,000
July 5
Dec. 31 Bal.
Stock Dividends
450,000
Dec 31
0
360,000
0
450,000
Cash Dividends
Dec 28
Dec. 31 Bal.
43,800
0
Dec 31
43,800
2.
Jan. 22
Apr. 10
June 6
July 5
Aug. 15
Nov. 23
Dec. 28
31
31
3.
Cash Dividends Payable
Cash
28,000
28,000 *
Cash
Common Stock
Paid-In Capital in Excess of Stated Value
1,800,000
1,500,000
300,000
Cash
Treasury Stock
Paid-In Capital from Sale of Treasury Stock
650,000
Stock Dividends
Stock Dividends Distributable
Paid-In Capital in Excess of Stated Value
450,000
Stock Dividends Distributable
Common Stock
360,000
Treasury Stock
Cash
570,000
450,000
200,000
360,000
90,000
360,000
570,000
Cash Dividends
Cash Dividends Payable
43,800
43,800
Income Summary
Retained Earnings
1,125,000
1,125,000
Retained Earnings
Stock Dividends
Cash Dividends
493,800
450,000
43,800
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
$ 33,600,000
$ 1,125,000
(43,800)
(450,000)
Increase in retained earnings
Retained earnings (December 31, 2014)
4.
631,200
$ 34,231,200
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
$ 9,360,000
1,215,000
200,000
$ 10,775,000
34,231,200
$ 45,006,200
570,000
$ 44,436,200