Solution-Prepare stockholders equity section of Carla

Prepare stockholders equity section of Carla balance sheet

Reference no: EM132450207

Problem - 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		$ 150,900
Accounts receivable	$ 453,000
Accumulated depreciation-buildings		195,000
Additional paid-in capital in excess
of par-common		1,319,000
From treasury stock		163,000
Allowance for doubtful accounts		27,000
Bonds payable		284,000
Buildings	1,345,000
Cash	208,000
Common stock ($1 par)		191,000
Dividends payable (preferred stock-cash)		4,100
Inventory	536,000
Land	413,000
Preferred stock ($50 par)		550,000
Prepaid expenses	39,000
Retained earnings		289,000
Treasury stock (common at cost)	179,000
Totals	$3,173,000	$3,173,000

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

	Common	Preferred
Authorized	573,000	66,000
Issued	191,000	11,000
Outstanding	175,000	11,000

The dividends on preferred stock are $4 cumulative. In addition, the preferred stock has a preference in liquidation of $50 per share.

Required - Prepare the stockholders' equity section of Carla's balance sheet at December 31, 2017.

Reference no: EM132450207

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Prepare stockholders equity section of Carla balance sheet

Reference no: EM132450207

Reference no: EM132450207

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