Question
3.Utah Corporation's post-closing trial balance at December 31 st , 2020 is a follows: Dr.Cr. Trading Securities$225,000 Accounts Payable$300,000 Preferred Stock ($50 par value)500,000 Accounts
3.Utah Corporation's 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 Receivable560,000
Prepaid Insurance30,000
Accum. Depr.-Equipment200,000
Retained Earnings231,000
Additional PIC-Common Stock1,560,000
Treasury Stock-Common (at cost)180,000
Additional PIC from Treasury Stock250,000
Accumulated OCI25,000
Allowance for Doubtful Accounts20,000
Available for Sale Investments275,000
Equipment1,100,000
Bonds Payable410,000
Land390,000
Inventories590,000
Cash248,000
Dividends Payable-Preferred2,000
Common Stock ($1 par value)150,000
Total$3,623,000 $3,623,000
Common Preferred
Authorized shares750,00060,000
Issued shares150,00010,000
Outstanding shares140,00010,000
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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Intermediate Accounting
Authors: kieso, weygandt and warfield.
IFRS Edition
978-1118443965, 1118800532, 9781118800539, 978-0470873991
