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. Prepare the stockholders’ equity section of Bruno’s balance sheet at December 31, 2017

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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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.

Prepare the stockholders’ equity section of Bruno’s balance sheet at December 31, 2017

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