Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Larkspur Corporations post-closing trial balance at December 31, 2017, is shown as follows. LARKSPUR CORPORATION POST-CLOSING TRIAL BALANCE DECEMBER 31, 2017 Dr. Cr. Accounts payable

Larkspur Corporations post-closing trial balance at December 31, 2017, is shown as follows.

LARKSPUR CORPORATION POST-CLOSING TRIAL BALANCE DECEMBER 31, 2017

Dr.

Cr.

Accounts payable $ 273,600
Accounts receivable $ 496,000
Accumulated depreciationbuildings 176,000
Additional paid-in capital in excess
of parcommon 1,428,000
From treasury stock 146,000
Allowance for doubtful accounts 32,000
Bonds payable 290,000
Buildings 1,466,000
Cash 198,000
Common stock ($1 par) 182,000
Dividends payable (preferred stockcash) 4,400
Inventory 569,000
Land 381,000
Preferred stock ($50 par) 450,000
Prepaid expenses 42,000
Retained earnings 329,000
Treasury stock (common at cost) 159,000
Totals $3,311,000 $3,311,000

At December 31, 2017, Larkspur had the following number of common and preferred shares.

Common

Preferred

Authorized 546,000 54,000
Issued 182,000 9,000
Outstanding 169,000 9,000

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 Larkspurs balance sheet at December 31, 2017. (Enter account name only and do not provide descriptive information.)

LARKSPUR CORPORATION Stockholders Equity

image text in transcribed December 31, 2017For the Year Ended December 31, 2017For the Quarter Ended December 31, 2017

image text in transcribed Additional Paid-in CapitalCapital StockCurrent AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal Stockholders' Equity

image text in transcribed

$

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed 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 Total Paid-in Capital and Retained Earnings Total Property, Plant and Equipment Total Stockholders' Equity

image text in transcribed

image text in transcribed Additional Paid-in CapitalCapital StockCurrent AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal Stockholders' Equity

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed 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 Total Paid-in Capital and Retained Earnings Total Property, Plant and Equipment Total Stockholders' Equity

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed Additional Paid-in CapitalCapital StockCurrent AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal Stockholders' Equity

image text in transcribed

image text in transcribed AddLess

:

image text in transcribed

image text in transcribed

image text in transcribed Additional Paid-in CapitalCapital StockCurrent AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal Stockholders' Equity

$

image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Finance questions