(Stockholders’ Equity Section) Bruno Corporation’s post-closing trial balance at December 31, 2017, is shown as follows.
BRUNO CORPORATION POST-CLOSING TRIAL BALANCE DECEMBER 31, 2017 |
| Dr. | Cr. |
Accounts payable | | \( 310,000 |
Accounts receivable | \) 480,000 | |
Accumulated depreciation—buildings | | 185,000 |
Additional paid-in capital in excess | | |
of par—common | | 1,300,000 |
From treasury stock | | 160,000 |
Allowance for doubtful accounts | | 30,000 |
Bonds payable | | 300,000 |
Buildings | 1,450,000 | |
Cash | 190,000 | |
Common stock (\(1 par) | | 200,000 |
Dividends payable (preferred stock—cash) | | 4,000 |
Inventory | 560,000 | |
Land | 400,000 | |
Preferred stock (\)50 par) | | 500,000 |
Prepaid expenses | 40,000 | |
Retained earnings | | 301,000 |
Treasury stock (common at cost) | 170,000 | |
Totals | \(3,290,000 | \)3,290,000 |
At December 31, 2017, Bruno had the following number of common and preferred shares. |
| Common | Preferred |
Authorized | 600,000 | 60,000 |
Issued | 200,000 | 10,000 |
Outstanding | 190,000 | 10,000 |
The dividends on preferred stock are \(4 cumulative. In addition, the preferred stock has a preference in liquidation of \)50 per share.
Instructions
Prepare the stockholders’ equity section of Bruno’s balance sheet at December 31, 2017.
