Exercise 15-17 Headland Corporation’s post-closing trial balance at December 31, 2017, is shown as follows. HEADLAND...
Exercise 15-17
Headland Corporation’s post-closing trial balance at December 31, 2017, is shown as follows.
|
HEADLAND CORPORATION |
||||
|
Dr. |
Cr. |
|||
| Accounts payable | $ 170,300 | |||
| Accounts receivable | $ 491,000 | |||
| Accumulated depreciation—buildings | 188,000 | |||
| Additional paid-in capital in excess | ||||
| of par—common | 1,383,000 | |||
| From treasury stock | 152,000 | |||
| Allowance for doubtful accounts | 31,000 | |||
| Bonds payable | 318,000 | |||
| Buildings | 1,416,000 | |||
| Cash | 205,000 | |||
| Common stock ($1 par) | 216,000 | |||
| Dividends payable (preferred stock—cash) | 3,700 | |||
| Inventory | 533,000 | |||
| Land | 407,000 | |||
| Preferred stock ($50 par) | 500,000 | |||
| Prepaid expenses | 43,000 | |||
| Retained earnings | 294,000 | |||
| Treasury stock (common at cost) | 161,000 | |||
| Totals | $3,256,000 | $3,256,000 | ||
At December 31, 2017, Headland had the following number of common
and preferred shares.
|
Common |
Preferred |
|||
| Authorized | 648,000 | 60,000 | ||
| Issued | 216,000 | 10,000 | ||
| Outstanding | 207,000 | 10,000 |
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 Headland’s balance
sheet at December 31, 2017.
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Exercise 15-17
Headland Corporation’s post-closing trial balance at December
31, 2017, is shown as follows.
HEADLAND...
Exercise 15-17 Headland Corporation’s post-closing trial balance at December 31, 2017, is shown a...
Exercise 15-17
Headland Corporation’s post-closing trial balance at December
31, 2017, is shown as follows.
HEADLAND CORPORATION
POST-CLOSING TRIAL BALANCE
DECEMBER 31, 2017
Dr.
Cr.
Accounts payable
$ 361,400
Accounts receivable
$ 527,000
Accumulated depreciation—buildings
176,000
Additional paid-in capital in excess
of par—common
1,385,000
From treasury stock
147,000
Allowance for doubtful accounts
29,000
Bonds payable
316,000
Buildings
1,573,000
Cash
205,000
Common stock ($1 par)
198,000
Dividends payable (preferred stock—cash)
3,600
Inventory
555,000
Land
427,000
Preferred stock ($50 par)
550,000
Prepaid...
Exercise 15-17 Windsor Corporation's post-closing trial balance at December 31, 2020, is shown as follows. WINDSOR...
Exercise 15-17 Windsor Corporation's post-closing trial balance at December 31, 2020, is shown as follows. WINDSOR CORPORATION POST-CLOSING TRIAL BALANCE DECEMBER 31, 2020 Dr. Cr. $ 345,900 $ 488,000 183,000 1,380,000 169,000 33,000 273,000 Accounts payable Accounts receivable Accumulated depreciation-buildings Additional paid-in capital in excess of par-common From treasury stock Allowance for doubtful accounts Bonds payable Buildings Cash Common stock ($1 par) Dividends payable (preferred stock-cash) Inventory Land Preferred stock ($50 par) Prepaid expenses Retained earnings Treasury stock (common at...
Exercise 15-17 Metlock Corporation’s post-closing trial balance at December 31, 2020, is shown as follows. METLOCK...
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...
E15.17 (LO 4) (Stockholders' Equity Section) Bruno Corporation's post-closing trial balance at December 31, 2020, is...
E15.17 (LO 4) (Stockholders' Equity Section) Bruno Corporation's post-closing trial balance at December 31, 2020, is shown as follows. Bruno Corporation Post-Closing Trial Balance December 31, 2020 Dr. Cr. $ 310,000 $ 480,000 185,000 Accounts payable Accounts receivable Accumulated depreciation-buildings Additional paid-in capital in excess of par-common From treasury stock 1,300,000 160,000 Dr. Cr. 30,000 300,000 1,450,000 190,000 200,000 4,000 Allowance for doubtful accounts Bonds payable Buildings Cash Common stock ($1 par) Dividends payable (preferred stock-cash) Inventory Land Preferred stock...
_ Cr. $ 319,400 181,000 BONITA CORPORATION POST-CLOSING TRIAL BALANCE DECEMBER 31, 2020 Dr. _ Accounts...
_ Cr. $ 319,400 181,000 BONITA CORPORATION POST-CLOSING TRIAL BALANCE DECEMBER 31, 2020 Dr. _ Accounts payable Accounts receivable $ 469,000 Accumulated depreciation-buildings Additional paid-in capital in excess of par-common From treasury stock Allowance for doubtful accounts Bonds payable Buildings 1,328,000 Cash 208,000 Common stock ($1 par) Dividends payable (preferred stock-cash) Inventory 547,000 387,000 Preferred stock ($50 par) Prepaid expenses 37,000 Retained earnings Treasury stock (common at cost) 179,000 Totals $3,155,000 1,198,000 167,000 28,000 277,000 184,000 3,600 Land 500,000 297,000...
Udall Corporation's post-closing trial balance at December 31, 2019, was as follows: Debit Credit Accounts Payable...
Udall Corporation's post-closing trial balance at December 31, 2019, was as follows: Debit Credit Accounts Payable $290,000 Accounts Receivable $550,000 Accumulated Depreciation-Building and Equipment 200,000 Additional Paid-in Capital-on Common Stock 1,560,000 Additional Paid-in Capital from Treasury Stock 250,000 Allowance for Doubtful Accounts 30,000 Bonds Payable 400,000 Building and Equipment 1,100,000 Cash 220,000 Common Stock ($1 par value) 150,000 Dividends Payable on Preferred Stock 4,000 Inventories 620,000 Land 380,000 Available-for-Sale Investments 285,000 Trading Investments 215,000 Preferred Stock ($50 par value) 500,000...
The following is a December 31, 2021, post-closing trial balance for Almway Corporation.
The following is a December 31, 2021, post-closing trial balance for Almway Corporation. Account TitleDebitsCreditsCash$53,000Investment in equity securities118,000Accounts receivable64,000Inventory204,000Prepaid insurance (for the next 9 months)8,000Land98,000Buildings424,000Accumulated depreciation—buildings$104,000Equipment114,000Accumulated depreciation—equipment64,000Patent (net)14,000Accounts payable83,000Notes payable142,000Interest payable24,000Bonds Payable244,000Common stock312,000Retained earnings124,000Totals$1,097,000$1,097,000Additional information:The investment in equity securities account includes an investment in common stock of another corporation of $34,000 which management intends to hold for at least three years. The balance of these investments is intended to be sold in the coming year.The land account includes land which cost $29,000...
The December 31, 2012, post-closing trial balance for Strong Corporation is presented below: Credits Debits $...
The December 31, 2012, post-closing trial balance for Strong Corporation is presented below: Credits Debits $ 22.500 55.000 22,500 4,500 100,000 45,000 277,500 Cash Investments Accounts Receivable Prepaid Insurance Supplies Land Buildings Accumulated Depreciation Accounts Payable Notes Payable, due 2013 Interest Payable Notes Payable, due 2025 Common Stock Retained Earnings Totals 80.000 37,500 65.000 10.000 120,000 150,000 64,500 $527.000 $527.000 Prepare a classified balance sheet for Strong Corporation at December 31, 2012.
Post-Closing Trial Balance An accountant prepared the following post-closing trial balance: Security Services Co. Post-Closing Trial...
Post-Closing Trial Balance An accountant prepared the following post-closing trial balance: Security Services Co. Post-Closing Trial Balance July 31, 20Y0 Debit Balances Credit Balances Cash 10,400 Accounts Receivable 23,090 Supplies 1,460 Equipment 102,860 Accumulated Depreciation—Equipment 34,320 Accounts Payable 12,480 Salaries Payable 1,140 Unearned Rent 4,680 Common Stock 13,500 Retained Earnings 71,690 170,160 105,460 Prepare a corrected post-closing trial balance. Assume that all accounts have normal balances and that the amounts shown are correct. If an amount box does not require...
The following is a December 31, 2021, post-closing trial balance for Almway Corporation. Account Title Debits...
The following is a December 31, 2021, post-closing trial balance for Almway Corporation. Account Title Debits Credits Cash $ 45,000 Investment in equity securities 110,000 Accounts receivable 60,000 Inventory 200,000 Prepaid insurance (for the next 9 months) 9,000 Land 90,000 Buildings 420,000 Accumulated depreciation—buildings $ 100,000 Equipment 110,000 Accumulated depreciation—equipment 60,000 Patent (net) 10,000 Accounts payable 75,000 Notes payable 130,000 Interest payable 20,000 Bonds Payable 240,000 Common stock 300,000 Retained earnings 129,000 Totals $ 1,054,000 $ 1,054,000 Additional information: The...
Exercise 15-17
Headland Corporation’s post-closing trial balance at December
31, 2017, is shown as follows.
HEADLAND CORPORATION
POST-CLOSING TRIAL BALANCE
DECEMBER 31, 2017
Dr.
Cr.
Accounts payable
$ 361,400
Accounts receivable
$ 527,000
Accumulated depreciation—buildings
176,000
Additional paid-in capital in excess
of par—common
1,385,000
From treasury stock
147,000
Allowance for doubtful accounts
29,000
Bonds payable
316,000
Buildings
1,573,000
Cash
205,000
Common stock ($1 par)
198,000
Dividends payable (preferred stock—cash)
3,600
Inventory
555,000
Land
427,000
Preferred stock ($50 par)
550,000
Prepaid...
Exercise 15-17 Windsor Corporation's post-closing trial balance at December 31, 2020, is shown as follows. WINDSOR CORPORATION POST-CLOSING TRIAL BALANCE DECEMBER 31, 2020 Dr. Cr. $ 345,900 $ 488,000 183,000 1,380,000 169,000 33,000 273,000 Accounts payable Accounts receivable Accumulated depreciation-buildings Additional paid-in capital in excess of par-common From treasury stock Allowance for doubtful accounts Bonds payable Buildings Cash Common stock ($1 par) Dividends payable (preferred stock-cash) Inventory Land Preferred stock ($50 par) Prepaid expenses Retained earnings Treasury stock (common at...
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...
E15.17 (LO 4) (Stockholders' Equity Section) Bruno Corporation's post-closing trial balance at December 31, 2020, is shown as follows. Bruno Corporation Post-Closing Trial Balance December 31, 2020 Dr. Cr. $ 310,000 $ 480,000 185,000 Accounts payable Accounts receivable Accumulated depreciation-buildings Additional paid-in capital in excess of par-common From treasury stock 1,300,000 160,000 Dr. Cr. 30,000 300,000 1,450,000 190,000 200,000 4,000 Allowance for doubtful accounts Bonds payable Buildings Cash Common stock ($1 par) Dividends payable (preferred stock-cash) Inventory Land Preferred stock...
_ Cr. $ 319,400 181,000 BONITA CORPORATION POST-CLOSING TRIAL BALANCE DECEMBER 31, 2020 Dr. _ Accounts payable Accounts receivable $ 469,000 Accumulated depreciation-buildings Additional paid-in capital in excess of par-common From treasury stock Allowance for doubtful accounts Bonds payable Buildings 1,328,000 Cash 208,000 Common stock ($1 par) Dividends payable (preferred stock-cash) Inventory 547,000 387,000 Preferred stock ($50 par) Prepaid expenses 37,000 Retained earnings Treasury stock (common at cost) 179,000 Totals $3,155,000 1,198,000 167,000 28,000 277,000 184,000 3,600 Land 500,000 297,000...
Udall Corporation's post-closing trial balance at December 31, 2019, was as follows: Debit Credit Accounts Payable $290,000 Accounts Receivable $550,000 Accumulated Depreciation-Building and Equipment 200,000 Additional Paid-in Capital-on Common Stock 1,560,000 Additional Paid-in Capital from Treasury Stock 250,000 Allowance for Doubtful Accounts 30,000 Bonds Payable 400,000 Building and Equipment 1,100,000 Cash 220,000 Common Stock ($1 par value) 150,000 Dividends Payable on Preferred Stock 4,000 Inventories 620,000 Land 380,000 Available-for-Sale Investments 285,000 Trading Investments 215,000 Preferred Stock ($50 par value) 500,000...
The December 31, 2012, post-closing trial balance for Strong Corporation is presented below: Credits Debits $ 22.500 55.000 22,500 4,500 100,000 45,000 277,500 Cash Investments Accounts Receivable Prepaid Insurance Supplies Land Buildings Accumulated Depreciation Accounts Payable Notes Payable, due 2013 Interest Payable Notes Payable, due 2025 Common Stock Retained Earnings Totals 80.000 37,500 65.000 10.000 120,000 150,000 64,500 $527.000 $527.000 Prepare a classified balance sheet for Strong Corporation at December 31, 2012.
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