During 2016, Copernicus Corporation held a portfolio of available for sale securities having a cost of $193,000 There were no purchases or sales of investments The balance sheet caption used to report long term investments in stocks not intended as a source of cash in the normal operations of the business during the year The market values at the beginning and end of the year were $234,200 and $163,500, respectively The net income for 2016 was $164,400, and no dividends were paid during the year The Stockholders Equity section of the balance sheet was as follows on December 31, 2015 Question not attempted Copernicus Corporation Balance Sheet (selected Stockholders Equity items) December 31, 2015 1 Common stock $53,000 00 2 Paid in capital in excess of par 252,900 00 3 Retained earnings 320,200 00 4 Unrealized gain (loss) on available for sale investments 41,200 00 5 Total $667,300 00 Prepare the Stockholders Equity section of the balance sheet for December 31, 2016 Refer to the Chart of Accounts for exact wording of account titles For those boxes in which you must enter subtracted or negative numbers use a minus sign CHART OF ACCOUNTS Copernicus Corporation General Ledger ASSETS 110 Cash 111 Petty Cash 120 Accounts Receivable 121 Allowance for Doubtful Accounts 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 161 Available for Sale Investments 165 Valuation Allowance for Available for Sale Investments 181 Land 191 Store Equipment 192 Accumulated Depreciation Store Equipment 193 Office Equipment 194 Accumulated Depreciation Office Equipment LIABILITIES 210 Accounts Payable 221 Notes Payable 231 Interest Payable 241 Salaries Payable 251 Sales Tax Payable EQUITY 311 Common Stock 312 Paid In Capital in Excess of Par 331 Treasury Stock 332 Paid In Capital from Sale of Treasury Stock 340 Retained Earnings 350 Unrealized Gain (Loss) on Available for Sale Investments 351 Cash Dividends 352 Stock Dividends 390 Income Summary Prepare the Stockholders Equity section of the balance sheet for December 31, 2016 Refer to the Chart of Accounts for exact wording of account titles For those boxes in which you must enter subtracted or negative numbers use a minus sign Question not attempted Copernicus Corporation Balance Sheet (selected Stockholders Equity items) December 31, 2016 1 2 3 4 5 Total Solution Copernicus Corporation Balance Sheet (selected Stockholders Equity items) December 31, 2016 1 2 3 4 5 Total REVENUE 410 Sales 611 Interest Revenue 612 Dividend Revenue 631 Gain on Sale of Investments EXPENSES 511 Cost of Merchandise Sold 512 Bad Debt Expense 515 Credit Card Expense 516 Cash Short and Over 520 Salaries Expense 531 Advertising Expense 532 Delivery Expense 533 Repairs Expense 534 Selling Expenses 535 Rent Expense 536 Insurance Expense 537 Office Supplies Expense 538 Store Supplies Expense 561 Depreciation Expense Store Equipment 562 Depreciation Expense Office Equipment 590 Miscellaneous Expense 710 Interest Expense 731 Loss on Sale of Investments

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During 2016, Copernicus Corporation held a portfolio of available-for-sale securities having a cost of $193,000. There were no purchases or sales of investments The balance

During 2016, Copernicus Corporation held a portfolio of available-for-sale securities having a cost of $193,000. There were no purchases or sales of investments

The balance sheet caption used to report long-term investments in stocks not intended as a source of cash in the normal operations of the business.

during the year. The market values at the beginning and end of the year were $234,200 and $163,500, respectively. The net income for 2016 was $164,400, and no dividends were paid during the year. The Stockholders Equity section of the balance sheet was as follows on December 31, 2015:

Question not attempted.

Copernicus Corporation

Balance Sheet (selected Stockholders Equity items)

December 31, 2015

1	Common stock	$53,000.00
2	Paid-in capital in excess of par	252,900.00
3	Retained earnings	320,200.00
4	Unrealized gain (loss) on available-for-sale investments	41,200.00
5	Total	$667,300.00

Prepare the Stockholders Equity section of the balance sheet for December 31, 2016. Refer to the Chart of Accounts for exact wording of account titles. For those boxes in which you must enter subtracted or negative numbers use a minus sign.

CHART OF ACCOUNTS

Copernicus Corporation

General Ledger

	ASSETS
110	Cash
111	Petty Cash
120	Accounts Receivable
121	Allowance for Doubtful Accounts
131	Notes Receivable
132	Interest Receivable
141	Merchandise Inventory
145	Office Supplies
146	Store Supplies
151	Prepaid Insurance
161	Available-for-Sale Investments
165	Valuation Allowance for Available-for-Sale Investments
181	Land
191	Store Equipment
192	Accumulated Depreciation-Store Equipment
193	Office Equipment
194	Accumulated Depreciation-Office Equipment

	LIABILITIES
210	Accounts Payable
221	Notes Payable
231	Interest Payable
241	Salaries Payable
251	Sales Tax Payable

EQUITY

311

Common Stock

312

Paid-In Capital in Excess of Par

331

Treasury Stock

332

Paid-In Capital from Sale of Treasury Stock

340

Retained Earnings

350

Unrealized Gain (Loss) on Available-for-Sale Investments

351

Cash Dividends

352

Stock Dividends

390

Income Summary

Question not attempted.

Copernicus Corporation

Balance Sheet (selected Stockholders Equity items)

December 31, 2016

1
2
3
4
5	Total

Solution

Copernicus Corporation

Balance Sheet (selected Stockholders Equity items)

December 31, 2016

1
2
3
4
5	Total

	REVENUE
410	Sales
611	Interest Revenue
612	Dividend Revenue
631	Gain on Sale of Investments

	EXPENSES
511	Cost of Merchandise Sold
512	Bad Debt Expense
515	Credit Card Expense
516	Cash Short and Over
520	Salaries Expense
531	Advertising Expense
532	Delivery Expense
533	Repairs Expense
534	Selling Expenses
535	Rent Expense
536	Insurance Expense
537	Office Supplies Expense
538	Store Supplies Expense
561	Depreciation Expense-Store Equipment
562	Depreciation Expense-Office Equipment
590	Miscellaneous Expense
710	Interest Expense
731	Loss on Sale of Investments