BE13.13 (LO 6) AP True Green Nurseries Ltd. is a private company that follows ASPE. It is authorized to issue an unlimited number of both common and $6.50 cumulative preferred shares. On December 31, 2021, there were 15,000 common and 1,000 preferred shares issued with the following balances: Common Shares, $150,000; and Preferred Shares, $100,000. The statement of retained earnings showed retained earnings of $285,000 at December 31, 2021. The dividend on the preferred shares was two years in arrears. Prepare the shareholders' equity section of the balance sheet on December 31, 2021.
PLEASE SHOW ALL CALCULATIONS, TX
Homework Answers
| Stockholders' Equity Section | |
| December 31, 2021 | |
| Paid in capital: | |
| Commons stock | 150,000 |
| Preferred stock | 100,000 |
| Total paid in capital | 250,000 |
| Retained earnings | 285,000 |
| Total stockholders equity | $535,000 |
Arrears of preferred stock dividends is not a part of stockholders equity section.
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BE13.13 (LO 6) AP True Green
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