Question
3. Utah Corporations post-closing trial balance at December 31 st , 2020 is a follows: Dr. Cr. Trading Securities $225,000 Accounts Payable $300,000 Preferred Stock
3. Utah Corporations post-closing trial balance at December 31st, 2020 is a follows:
Dr. Cr.
Trading Securities $225,000
Accounts Payable $300,000
Preferred Stock ($50 par value) 500,000
Accounts Receivable 560,000
Prepaid Insurance 30,000
Accum. Depr.-Equipment 200,000
Retained Earnings 231,000
Additional PIC-Common Stock 1,560,000
Treasury Stock-Common (at cost) 180,000
Additional PIC from Treasury Stock 250,000
Accumulated OCI 25,000
Allowance for Doubtful Accounts 20,000
Available for Sale Investments 275,000
Equipment 1,100,000
Bonds Payable 410,000
Land 390,000
Inventories 590,000
Cash 248,000
Dividends Payable-Preferred 2,000
Common Stock ($1 par value) 150,000
Total $3,623,000 $3,623,000
Common Preferred
Authorized shares 750,000 60,000
Issued shares 150,000 10,000
Outstanding shares 140,000 10,000
The dividend rate on Preferred Stock is 8%.
REQUIREMENT: PREPARE THE STOCKHOLDERS EQUITY SECTION OF THE BALANCE SHEET OF UTAH COMPANY IN PROPER FORM WITH ALL DETAILS AND SUBTOTALS AS OF DECEMBER 31ST, 2020.
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Auditing Theory And Its Application
Authors: Hanson Arthur Warren, Arthur W. Hanson
1st Edition
1406753351, 978-1406753356
