Exercise 15-17
Headland Corporation’s post-closing trial balance at December 31, 2017, is shown as follows.
HEADLAND CORPORATION |
||||
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 expenses | 37,000 | |||
Retained earnings | 319,000 | |||
Treasury stock (common at cost) | 161,000 | |||
Totals | $3,485,000 | $3,485,000 |
At December 31, 2017, Headland had the following number of common
and preferred shares.
Common |
Preferred |
|||
Authorized | 594,000 | 66,000 | ||
Issued | 198,000 | 11,000 | ||
Outstanding | 184,000 | 11,000 |
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. (Enter account name only
and do not provide descriptive information.)
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 $ 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...
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...
_ 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...
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...
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...
2. The post-closing trial balance of Harmon Corporation as of December 31, 2020, contains the following stockholders' equity accounts. $ Preferred Stock (15,000 shares issued) Common Stock (250,000 shares issued) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Par-Common Stock Common Stock Dividends Distributable Retained Earnings 750,000 2,500,000 250,000 400,000 250,000 ??? The following items were revealed during a review of the accounting records. a. No errors were made during the recording of 2020 transactions of...
The post-closing trial balance of Harmon Corporation as of December 31, 2020, contains the following stockholders’ equity accounts. Preferred Stock (15,000 shares issued) - $750,000 Common Stock (250,000 shares issued) - 2,500,000 Paid-in Capital in Excess of Par-Preferred Stock - 250,000 Paid-in Capital in Excess of Par-Common Stock - 400,000 Common Stock Dividends Distributable - 250,000 Retained Earnings - ??? The following items were revealed during a review of the accounting records. a. No errors were made during the recording...
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...
Question 6 Presented below is the trial balance of Carla Corporation at December 31, 2017. Debit Credit Cash 199,850 Sales Debt Investments (trading) (cost, $145,000) Cost of Goods Sold Debt Investments (long-term) Equity investments (long-term) Notes Payable (short-term) Accounts Payable Selling Expenses Investment Revenue Land Buildings Dividends Payable Accrued Liabilities Accounts Receivable Accumulated Depreciation-Buildings Allowance for Doubtful Accounts Administrative Expenses Interest Expense Inventory Gain (extraordinary) Notes Payable (long-term) Equipment Bonds Payable Accumulated Depreciation-Equipment Franchises Common Stock ($5 par) Treasury Stock...