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Capital Northeast Corporation's post-closing trial balance at December 31, 2017, was as follows. CAPITAL NORTHEAST CORPORATION Posr-CLOSENG THIAL BALANCE DrerMBER , 2017 Dr. Cr. S 668,000 Accounts payable Accounts recuivable Aceumulated depreciation-equipment Additional paid in capital- common In excesn of par value Prom sale of treasury stock Allowance for doubiful accounts $605,000 450,000 1,000,000 35,000 20,000 6,800,000 Eiquipment Cash Common stock ($1 par value) Dividends payable on common stock-canh Inventories S00,000 50,000 750 00 Investments Proferred stock (S100 par value) Prepaid insurance Retained earnings Treasury stock common at cost 6,500,000 65,000 982,000 125,000 Totals S11,105/0 S11,105,000 At December 31, 2017, Capital Northeast had the following number of common and preferred shares. Common Preferred Authorized Issued 2,500000 1,00,000 500,000 490,000 65,000 Outstanding The dividernds on prefervd stock arv 6% cumulative. In addition, the preferred stuck hav a preferenoe in liquidation of $102 per share, Instructions Prepare the stockholders' equity section of Capital Northeast's balance sheet at December 31, 2017.

Capital Northeast Corporation's post-closing trial balance at December 31, 2017, was as follows. CAPITAL NORTHEAST CORPORATION Posr-CLOSENG THIAL BALANCE DrerMBER , 2017 Dr. Cr. S 668,000 Accounts payable Accounts recuivable Aceumulated depreciation-equipment Additional paid in capital- common In excesn of par value Prom sale of treasury stock Allowance for doubiful accounts $605,000 450,000 1,000,000 35,000 20,000 6,800,000 Eiquipment Cash Common stock ($1 par value) Dividends payable on common stock-canh Inventories S00,000 50,000 750 00 Investments Proferred stock (S100 par value) Prepaid insurance Retained earnings Treasury stock common at cost 6,500,000 65,000 982,000 125,000 Totals S11,105/0 S11,105,000 At December 31, 2017, Capital Northeast had the following number of common and preferred shares. Common Preferred Authorized Issued 2,500000 1,00,000 500,000 490,000 65,000 Outstanding The dividernds on prefervd stock arv 6% cumulative. In addition, the preferred stuck hav a preferenoe in liquidation of $102 per share, Instructions Prepare the stockholders' equity section of Capital Northeast's balance sheet at December 31, 2017.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Capital Northeast Corporation's post-closing trial balance at December 31, 2017, was as follows. CAPITAL NORTHEAST CORPORATION Posr-CLOSING TAL BALANCE DnenMBEn y1, 2017 Dr. Cr. $ 668,000 Accounts payable Accounts reccivable $605,000 Accumulated depreciation-equipment Additional paid-in capital common In excess of par value From sale of treasury stock Allowance for doubiful accounts Equipment 450,000 1,00,000 35,000 20,000 6,800,000 260,000 Cash Common stock ($1 par value) Dividends payable on common stock-cash Inventories Investments Preferred stock ($100 par value) Prepaid insurance Retained eamings Treanury stock common at cost Totals 500,000 50,000 750 00 2,500,00 6,500,000 65,000 982,000 125,000 $11,105,JKO S11,105,000 At December 31, 2017, Capital Northeast had the following number of commen and preferred shares. Common Preferred Authorized 2,500,000 500,000 490,000 1,000,000 65 X00 65,000 Issued Outstanding The dividends on preferned stock are 6% cumulative. In addition, the preferred stock has a preference in liquidation of $102 per share. Instructions Prepare the stockholders' equity section of Capital Northeast's balance sheet at December 31, 2017. (AICPA adanted)
Transcribed Image Text:Capital Northeast Corporation's post-closing trial balance at December 31, 2017, was as follows. CAPITAL NORTHEAST CORPORATION Posr-CLOSING TAL BALANCE DnenMBEn y1, 2017 Dr. Cr. $ 668,000 Accounts payable Accounts reccivable $605,000 Accumulated depreciation-equipment Additional paid-in capital common In excess of par value From sale of treasury stock Allowance for doubiful accounts Equipment 450,000 1,00,000 35,000 20,000 6,800,000 260,000 Cash Common stock ($1 par value) Dividends payable on common stock-cash Inventories Investments Preferred stock ($100 par value) Prepaid insurance Retained eamings Treanury stock common at cost Totals 500,000 50,000 750 00 2,500,00 6,500,000 65,000 982,000 125,000 $11,105,JKO S11,105,000 At December 31, 2017, Capital Northeast had the following number of commen and preferred shares. Common Preferred Authorized 2,500,000 500,000 490,000 1,000,000 65 X00 65,000 Issued Outstanding The dividends on preferned stock are 6% cumulative. In addition, the preferred stock has a preference in liquidation of $102 per share. Instructions Prepare the stockholders' equity section of Capital Northeast's balance sheet at December 31, 2017. (AICPA adanted)
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