Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Splish Corporations post-closing trial balance at December 31, 2020, is shown as follows. SPLISH CORPORATION POST-CLOSING TRIAL BALANCE DECEMBER 31, 2020 Dr. Cr. Accounts payable

Splish Corporations post-closing trial balance at December 31, 2020, is shown as follows.

SPLISH CORPORATION POST-CLOSING TRIAL BALANCE DECEMBER 31, 2020

Dr.

Cr.

Accounts payable $ 613,200
Accounts receivable $ 514,000
Accumulated depreciationbuildings 181,000
Additional paid-in capital in excess
of parcommon 1,190,000
From treasury stock 147,000
Allowance for doubtful accounts 30,000
Bonds payable 324,000
Buildings 1,533,000
Cash 195,000
Common stock ($1 par) 206,000
Dividends payable (preferred stockcash) 3,800
Inventory 609,000
Land 362,000
Preferred stock ($50 par) 450,000
Prepaid expenses 41,000
Retained earnings 286,000
Treasury stock (common at cost) 177,000
Totals $3,431,000 $3,431,000

At December 31, 2020, Splish had the following number of common and preferred shares.

Common

Preferred

Authorized 618,000 54,000
Issued 206,000 9,000
Outstanding 176,000 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 Splishs balance sheet at December 31, 2020. (Enter account name only and do not provide descriptive information.)

SPLISH CORPORATION Stockholders Equity December 31, 2020For the Year Ended December 31, 2020For the Quarter Ended December 31, 2020

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

$

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

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

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

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

AddLess:

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

$

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

Sound Investing, Chapter 1 - The Financial Pressure

Authors: Kate Mooney

2nd Edition

0071719237, 9780071719230

More Books

Students also viewed these Accounting questions