Question
Rizzo Corporation had the following balances at December 31, 2020: Property, plant, and equipment $1,255,000 Goodwill $212,000 Interest payable 6,000 Common stock 5,000 Line of
Rizzo Corporation had the following balances at December 31, 2020:
Property, plant, and equipment
$1,255,000
Goodwill
$212,000
Interest payable
6,000
Common stock
5,000
Line of credit, due on demand
120,000
Prepaid insurance
24,000
Customer list
35,000
Accounts payable
50,000
Additional paid-in capital
545,000
Retained earnings December 31, 2019
410,000
Salaries payable
12,000
Accumulated depreciation
145,000
Cash and cash equivalents
85,000
Accounts receivable, net
120,000
Pension liability
65,000
Accumulated other comprehensive loss
5,000
Inventory
436,000
Note payable, due in annual installments of $25,000 plus interest on December 31
675,000
Land held for future expansion
136,000
Net income for 2020 totaled $325,000.The company declared dividends of $50,000 on December 15, 2019.
How much did Rizzo Corporation report as Stockholders' equity in the 2020 Balance sheet?
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Financial Accounting
Authors: Craig Deegan
9th Edition
1743767382, 9781743767382
