Question - Carla Corporation's post-closing trial balance at December 31, 2017, is shown as follows.
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CARLA CORPORATION POST-CLOSING TRIAL BALANCE DECEMBER 31, 2017
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Dr.
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Cr.
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Accounts payable
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$ 150,900
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Accounts receivable
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$ 453,000
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Accumulated depreciation-buildings
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195,000
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Additional paid-in capital in excess
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of par-common
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1,319,000
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From treasury stock
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163,000
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Allowance for doubtful accounts
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27,000
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Bonds payable
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284,000
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Buildings
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1,345,000
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Cash
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208,000
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Common stock ($1 par)
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191,000
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Dividends payable (preferred stock-cash)
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4,100
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Inventory
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536,000
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Land
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413,000
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Preferred stock ($50 par)
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550,000
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Prepaid expenses
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39,000
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Retained earnings
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289,000
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Treasury stock (common at cost)
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179,000
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Totals
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$3,173,000
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$3,173,000
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At December 31, 2017, Carla had the following number of common and preferred shares.
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Common
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Preferred
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Authorized
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573,000
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66,000
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Issued
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191,000
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11,000
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Outstanding
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175,000
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11,000
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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.