TELLER CORPORATION POST-CLOSING TRIAL BALANCE DECEMBER 31, 2017 Cr. $ 310,000 Dr. Accounts payable Accounts receivable $ 480,000 Accumulated depreciation-building and equipment Allowance for doubtful accounts Bonds payable Building and equipment Cash 185,000 30,000 700,000 1,450,000 190,000 Dividends payable on preference shares- cash Inventories 4,000 560,000 400,000 Land Prepaid expenses Retained earnings Share capital - ordinary ($1 par value) Share capital - preference ($50 par value) Share premium-ordinary Share premium-treasury Treasury shares-ordinary at cost 40,000 201,000 200,000 500,000 1,000,000 160,000 170,000 Totals $3,290,000 $3,290,000
TELLER CORPORATION POST-CLOSING TRIAL BALANCE DECEMBER 31, 2017 Cr. $ 310,000 Dr. Accounts payable Accounts receivable $ 480,000 Accumulated depreciation-building and equipment Allowance for doubtful accounts Bonds payable Building and equipment Cash 185,000 30,000 700,000 1,450,000 190,000 Dividends payable on preference shares- cash Inventories 4,000 560,000 400,000 Land Prepaid expenses Retained earnings Share capital - ordinary ($1 par value) Share capital - preference ($50 par value) Share premium-ordinary Share premium-treasury Treasury shares-ordinary at cost 40,000 201,000 200,000 500,000 1,000,000 160,000 170,000 Totals $3,290,000 $3,290,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Teller Corporation’s post-closing
Check the below image for trial balance.
At December 31, 2017, Teller had the following number of ordinary and
| Ordinary | Preference | |
| Authorized | 600,000 | 60,000 |
| Issued | 200,000 | 10,000 |
| Outstanding | 190,000 | 10,000 |
The dividends on preference shares are $4 cumulative. In addition, the preference shares have a preference in liquidation of $50 per share.
Instructions
Prepare the equity section of Teller’s
Transcribed Image Text:TELLER CORPORATION
POST-CLOSING TRIAL BALANCE
DECEMBER 31, 2017
Cr.
$ 310,000
Dr.
Accounts payable
Accounts receivable
$ 480,000
Accumulated depreciation-building and equipment
Allowance for doubtful accounts
Bonds payable
Building and equipment
Cash
185,000
30,000
700,000
1,450,000
190,000
Dividends payable on preference shares- cash
Inventories
4,000
560,000
400,000
Land
Prepaid expenses
Retained earnings
Share capital - ordinary ($1 par value)
Share capital - preference ($50 par value)
Share premium-ordinary
Share premium-treasury
Treasury shares-ordinary at cost
40,000
201,000
200,000
500,000
1,000,000
160,000
170,000
Totals
$3,290,000
$3,290,000
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