Accounts payableAccounts receivableAccumulated depreciation-buildingsAdditional paid-in capital in excessof par-commonFrom treasury stockAllowance for doubtful accountsBonds payableBuildingsCashCommon stock ($1 par)Dividends payable (preferred stock-cash)InventoryLandSHEFFIELD CORPORATIONPost-Closing Trial BalanceDecember 31, 2025Preferred stock ($50 par)Prepaid expensesRetained earningsTreasury stock (common at cost)TotalsAuthorizedIssuedOutstandingCommon585,000195,000Dr.164,000$513,0001,489,000203,000579,000392,00042,000181,000$3,399,000Preferred66,00011,000Cr.$405,100At December 31, 2025, Sheffield had the following number of common and preferred shares.11,000195,0001,310,000150,00027,000292,000195,0003,900550,000271,000$3,399,000The dividends on preferred stock are $4 cumulative. In addition, the preferred stock has a preference inliquidation of $50 per share.Prepare the stockholders' equity section of Sheffield's balance sheet at December 31, 2025. (Enter accountname only and do not provide descriptive information.)SURRORT

Shareholders' equity, also known as shareholders' equity or stockholders' equity, refers to the…

Answered: Prepare the stockholders' equity…

Business

Accounting

Prepare the stockholders' equity section of Sheffield's balance sheet at December 31, 2025.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Accounts payable
Accounts receivable
Accumulated depreciation-buildings
Additional paid-in capital in excess
of par-common
From treasury stock
Allowance for doubtful accounts
Bonds payable
Buildings
Cash
Common stock ($1 par)
Dividends payable (preferred stock-cash)
Inventory
Land
SHEFFIELD CORPORATION
Post-Closing Trial Balance
December 31, 2025
Preferred stock ($50 par)
Prepaid expenses
Retained earnings
Treasury stock (common at cost)
Totals
Authorized
Issued
Outstanding
Common
585,000
195,000
Dr.
164,000
$513,000
1,489,000
203,000
579,000
392,000
42,000
181,000
$3,399,000
Preferred
66,000
11,000
Cr.
$405,100
At December 31, 2025, Sheffield had the following number of common and preferred shares.
11,000
195,000
1,310,000
150,000
27,000
292,000
195,000
3,900
550,000
271,000
$3,399,000
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 Sheffield's balance sheet at December 31, 2025. (Enter account
name only and do not provide descriptive information.)
SURRORT

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