Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Blossom Corporation's post-closing trial balance at December 31, 2020, is shown as follows BLOSSOM CORPORATION POST-CLOSING TRIAL BALANCE DECEMBER 31, 2020 Accounts payable Accounts

image text in transcribedimage text in transcribed

Blossom Corporation's post-closing trial balance at December 31, 2020, is shown as follows BLOSSOM CORPORATION POST-CLOSING TRIAL BALANCE DECEMBER 31, 2020 Accounts payable Accounts receivable Accumulated depreciation-buildings Additional paid-in capital in excess Dr. Cr. $330,700 $487,000 185,000 of par-common 1,239,000 From treasury stock 165,000 Allowance for doubtful accounts 30,000 Bonds payable 288,000 Buildings 1,469,000 Cash 200,000 Common stock ($1 par) 213,000 Dividends payable (preferred stock-cash) 4,300 Inventory 568,000 Land 385,000 Preferred stock ($50 par) 550,000 Prepaid expenses 40,000 Retained earnings 318,000 Treasury stock (common at cost) 174,000 Totals $3.323,000 $3,323,000 At December 31, 2020. Blossom had the following number of common and preferred shares Common Preferred Authorized 639,000 66,000 Issued 213,000 11.000. Outstanding 204,000 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 Blossom's balance sheet at December 31, 2020 (Enter account name only and do not provide descriptive information) Additional Paid-in Capital Capital Stock Current Assets Current Liabilities Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Stockholders' Equity Total Assets Total Capital Stock Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Paid-in Capital BLOSSOM CORPORATION Stockholders' Equity

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting Volume 2

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy

12th Canadian Edition

1119497043, 978-1119497042

More Books

Students also viewed these Accounting questions