Question

Part IV: Balance Sheet (10 points) 1. Amir Corporation's adjusted trial balance contained the following accounts at December 31, 2020: Retained Earnings $320,000, Common Stock $940,000, Bonds Payable $230,000, Goodwill $55,000, Accumulated Depreciation-Equipment $55,000, Accumulated Other Comprehensive $105,000, Discount on Bonds Payable $10,500, and Treasury Stock $54,000. Find total stockholders' equity for Amir Corporation on December 31, 2020. (4 points) 2. ABC Corporation is preparing its December 31, 2020, balance sheet. The following items may be reported as either a current or long-term liability On November 1, 2020 the company purchased equipment for $130,000 from XYZ Company, paying $50,000 in cash and signing a one-year, 9% note for the balance (both note and interest are due in one year). ii. On December 1, 2020, ABC declared a cash dividend of $1.65 per share to stockholders of record on December 20, 2020. The dividend is payable on January 20, 2021. ABC has issued 800,000 shares of common stock, of which 105,000 shares are held in treasury. Instructions For each item above, indicate the dollar amounts to be reported as a current liability and as a long-term liability, if any. (6 points)

Answer 1

Please find the attached image for detailed answer.

Summary-

Stockholders equity section of balance sheet have been given in traditional format.Liabilities are categourised based on their attributes.

Thanks,