Question

Exercise 15-17 Metlock Corporation’s post-closing trial balance at December 31, 2020, is shown as follows. METLOCK CORPORATION POST-CLOSING TRIAL BALANCE DECEMBER 31, 2020 Dr. Cr. Accounts payable $ 307,700 Accounts receivable $ 492,000 Accumulated depreciation—buildings 189,000 Additional paid-in capital in excess   of par—common 1,386,000   From treasury stock 161,000 Allowance for doubtful accounts 29,000 Bonds payable 319,000 Buildings 1,496,000 Cash 188,000 Common stock ($1 par) 202,000 Dividends payable (preferred stock—cash) 4,300 Inventory 609,000 Land 380,000 Preferred stock ($50 par) 450,000 Prepaid expenses 36,000 Retained earnings 319,000 Treasury stock (common at cost) 166,000    Totals $3,367,000 $3,367,000 At December 31, 2020, Metlock had the following number of common and preferred shares. Common Preferred Authorized 606,000 54,000 Issued 202,000 9,000 Outstanding 197,000 9,000 The dividends on preferred stock are $4 cumulative. In addition, the preferred stock has a preference in liquidation of $50 per share. Prepare the stockholders’ equity section of Metlock’s balance sheet at December 31, 2020. (Enter account name only and do not provide descriptive information.) METLOCK CORPORATION Stockholders’ Equity December 31, 2020For the Year Ended December 31, 2020For the Quarter Ended December 31, 2020 Additional Paid-in CapitalCapital StockCurrent AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal Stockholders' Equity $     Additional Paid-in Capital    Capital Stock    Current Assets    Current Liabilities    Intangible Assets    Long-term Investments    Long-term Liabilities    Property, Plant and Equipment    Stockholders' Equity    Total Assets    Total Capital Stock    Total Current Assets    Total Current Liabilities    Total Intangible Assets    Total Liabilities    Total Liabilities and Stockholders' Equity    Total Long-term Investments    Total Long-term Liabilities    Total Paid-in Capital    Total Paid-in Capital and Retained Earnings    Total Property, Plant and Equipment    Total Stockholders' Equity     Additional Paid-in CapitalCapital StockCurrent AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal Stockholders' Equity     Additional Paid-in Capital    Capital Stock    Current Assets    Current Liabilities    Intangible Assets    Long-term Investments    Long-term Liabilities    Property, Plant and Equipment    Stockholders' Equity    Total Assets    Total Capital Stock    Total Current Assets    Total Current Liabilities    Total Intangible Assets    Total Liabilities    Total Liabilities and Stockholders' Equity    Total Long-term Investments    Total Long-term Liabilities    Total Paid-in Capital    Total Paid-in Capital and Retained Earnings    Total Property, Plant and Equipment    Total Stockholders' Equity     Additional Paid-in CapitalCapital StockCurrent AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal Stockholders' Equity AddLess : Additional Paid-in CapitalCapital StockCurrent AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal Stockholders' Equity $ SHOW LIST OF ACCOUNTS LINK TO TEXT Question Attempts: 0 of 3 used SAVE FOR LATER SUBMIT ANSWER

Answer 1

METLOCK CORPORATION
Stockholders’ Equity
December 31, 2020
Capital Stock
Preferred stock, $4 cumulative, par value $50 per share; authorized 54,000 shares, issued and outstanding 9,000 shares		450,000.00
Common stock, par value $1 per share;authorized 606,000 shares, issued 202,000 shares, and outstanding 197,000 shares		Bitmap Bitmap                      202,000.00
Total capital stock		652,000.00
Additional paid-in capital—
In excess of par—common	1,386,000.00
From sale of treasury stock	161,000.00
Total paid-in capital		1,547,000.00
Retained earnings		319,000.00
Total paid-in capital and retained earnings		2,518,000.00
Less: Treasury stock, 5,000 shares at cost		-                    166,000.00
Total stockholders’ equity		2,352,000.00