Solution-Prepare stockholders equity section of carla

Prepare stockholders equity section of carla balance sheet

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Reference no: EM131706314

Question - Carla Corporation's post-closing trial balance at December 31, 2017, is shown as follows.

CARLA CORPORATION POST-CLOSING TRIAL BALANCE DECEMBER 31, 2017
	Dr.	Cr.
Accounts payable		$ 416,000
Accounts receivable	$ 497,000
Accumulated depreciation-buildings		178,000
Additional paid-in capital in excess
of par-common		1,267,000
From treasury stock		173,000
Allowance for doubtful accounts		30,000
Bonds payable		274,000
Buildings	1,404,000
Cash	181,000
Common stock ($1 par)		188,000
Dividends payable (preferred stock-cash)		4,000
Inventory	612,000
Land	429,000
Preferred stock ($50 par)		500,000
Prepaid expenses	40,000
Retained earnings		315,000
Treasury stock (common at cost)	182,000
Totals	$3,345,000	$3,345,000

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

	Common	Preferred
Authorized	564,000	60,000
Issued	188,000	10,000
Outstanding	179,000	10,000

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 Carla's balance sheet at December 31, 2017.

Reference no: EM131706314

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Prepare stockholders equity section of carla balance sheet

Reference no: EM131706314

Reference no: EM131706314

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