Question

Waterway Corporation’s post-closing trial balance at December 31, 2020, is shown as follows. WATERWAY CORPORATION POST-CLOSING...

Waterway Corporation’s post-closing trial balance at December 31, 2020, is shown as follows.

WATERWAY CORPORATION
POST-CLOSING TRIAL BALANCE
DECEMBER 31, 2020

Dr.

Cr.

Accounts payable $ 273,600
Accounts receivable $ 496,000
Accumulated depreciation—buildings 176,000
Additional paid-in capital in excess
  of par—common 1,428,000
  From treasury stock 146,000
Allowance for doubtful accounts 32,000
Bonds payable 290,000
Buildings 1,466,000
Cash 198,000
Common stock ($1 par) 182,000
Dividends payable (preferred stock—cash) 4,400
Inventory 569,000
Land 381,000
Preferred stock ($50 par) 450,000
Prepaid expenses 42,000
Retained earnings 329,000
Treasury stock (common at cost) 159,000
   Totals $3,311,000 $3,311,000

At December 31, 2020, Waterway had the following number of common and preferred shares.

Common

Preferred

Authorized 546,000 54,000
Issued 182,000 9,000
Outstanding 169,000 9,000

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 Waterway’s balance sheet at December 31, 2020. (Enter account name only and do not provide descriptive information.)



Prepare the stockholders’ equity section of Waterway’s balance sheet at December 31, 2020. (Enter account name only and do not provide descriptive information.)

Homework Answers

Answer #1

Stockholders Equity
December 31, 2020

Particulars Amount
($)
Amount ($)
Capital stock
Preferred stock, $4 cumulative, par value $50 per share; authorized 54000 shares, issues and outstanding 9000 shares 450000
Common stock, per share $1; authorized 546000 shares, issued 182000 shares, outstanding 169000 shares 182000
Total capital stock 632000
Additional paid in capital-
In excess of par- common 1428000
From sale of treasury stock 146000
Total additional paid in capital 1574000
Total paid in capital 2206000
Retained earnings 329000
Total paid in capital and retained earnings 2535000
Less: Treasury stock, 13000 shares at cost 159000
Total Stockholders Equity $2376000

(If there are any issues or questions, kindly let me know in comments. if the solution is to your satisfaction, a thumbs up would be appreciated. Thank You)

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Riverbed Corporation’s post-closing trial balance at December 31, 2017, is shown as follows. RIVERBED CORPORATION POST-CLOSING...
Riverbed Corporation’s post-closing trial balance at December 31, 2017, is shown as follows. RIVERBED CORPORATION POST-CLOSING TRIAL BALANCE DECEMBER 31, 2017 Dr. Cr. Accounts payable $ 160,900 Accounts receivable $ 491,000 Accumulated depreciation—buildings 202,000 Additional paid-in capital in excess of par—common 1,346,000 From treasury stock 165,000 Allowance for doubtful accounts 28,000 Bonds payable 281,000 Buildings 1,344,000 Cash 171,000 Common stock ($1 par) 206,000 Dividends payable (preferred stock—cash) 4,100 Inventory 505,000 Land 416,000 Preferred stock ($50 par) 450,000 Prepaid expenses 41,000...
Exercise 15-17 Novak Corporation’s post-closing trial balance at December 31, 2020, is shown as follows. NOVAK...
Exercise 15-17 Novak Corporation’s post-closing trial balance at December 31, 2020, is shown as follows. NOVAK CORPORATION POST-CLOSING TRIAL BALANCE DECEMBER 31, 2020 Dr. Cr. Accounts payable $ 166,200 Accounts receivable $ 503,000 Accumulated depreciation—buildings 181,000 Additional paid-in capital in excess   of par—common 1,318,000   From treasury stock 175,000 Allowance for doubtful accounts 30,000 Bonds payable 322,000 Buildings 1,344,000 Cash 194,000 Common stock ($1 par) 180,000 Dividends payable (preferred stock—cash) 3,800 Inventory 535,000 Land 361,000 Preferred stock ($50 par) 500,000 Prepaid...
Exercise 15-17 Splish Corporation’s post-closing trial balance at December 31, 2017, is shown as follows. SPLISH...
Exercise 15-17 Splish Corporation’s post-closing trial balance at December 31, 2017, is shown as follows. SPLISH CORPORATION POST-CLOSING TRIAL BALANCE DECEMBER 31, 2017 Dr. Cr. Accounts payable $ 467,300 Accounts receivable $ 457,000 Accumulated depreciation—buildings 197,000 Additional paid-in capital in excess   of par—common 1,229,000   From treasury stock 176,000 Allowance for doubtful accounts 30,000 Bonds payable 324,000 Buildings 1,503,000 Cash 191,000 Common stock ($1 par) 202,000 Dividends payable (preferred stock—cash) 3,700 Inventory 597,000 Land 435,000 Preferred stock ($50 par) 450,000 Prepaid...
Exercise 15-17 Riverbed Corporation’s post-closing trial balance at December 31, 2017, is shown as follows. RIVERBED...
Exercise 15-17 Riverbed Corporation’s post-closing trial balance at December 31, 2017, is shown as follows. RIVERBED CORPORATION POST-CLOSING TRIAL BALANCE DECEMBER 31, 2017 Dr. Cr. Accounts payable $ 345,900 Accounts receivable $ 488,000 Accumulated depreciation—buildings 183,000 Additional paid-in capital in excess of par—common 1,380,000 From treasury stock 169,000 Allowance for doubtful accounts 33,000 Bonds payable 273,000 Buildings 1,530,000 Cash 172,000 Common stock ($1 par) 180,000 Dividends payable (preferred stock—cash) 4,100 Inventory 578,000 Land 417,000 Preferred stock ($50 par) 550,000 Prepaid...
The post-closing trial balance of Blossom Corporation at December 31, 2020, contains the following stockholders’ equity...
The post-closing trial balance of Blossom Corporation at December 31, 2020, contains the following stockholders’ equity accounts. Preferred Stock (14,000 shares issued) $700,000 Common Stock (240,000 shares issued) 2,400,000 Paid-in Capital in Excess of Par—Preferred Stock 240,000 Paid-in Capital in Excess of Par—Common Stock 380,000 Common Stock Dividends Distributable 240,000 Retained Earnings 966,500 A review of the accounting records reveals the following. 1. No errors have been made in recording 2020 transactions or in preparing the closing entry for net...
Problem 14-3A The post-closing trial balance of Storey Corporation at December 31, 2017, contains the following...
Problem 14-3A The post-closing trial balance of Storey Corporation at December 31, 2017, contains the following stockholders’ equity accounts. Preferred Stock (15,600 shares issued) $780,000 Common Stock (242,000 shares issued) 3,630,000 Paid-in Capital in Excess of Par—Preferred Stock 242,000 Paid-in Capital in Excess of Par—Common Stock 388,000 Common Stock Dividends Distributable 363,000 Retained Earnings 901,220 A review of the accounting records reveals the following. 1. No errors have been made in recording 2017 transactions or in preparing the closing entry...
Post Closing Entries ABC Corporation Adjusted Trial Balance December 31, 2016 Debit Credit Cash $          834,544...
Post Closing Entries ABC Corporation Adjusted Trial Balance December 31, 2016 Debit Credit Cash $          834,544 Accounts Receivable              442,120 Allowance for doubtful accounts               75,000 Inventory                70,000 Allowance to Reduce Inventory to NRV               16,000 Prepaid Insurance                  4,500 Land                88,000 Building                37,500 Accumulated depreciation: building                 1,265 Equipment                21,600 Accumulated depreciation: equipment                 9,900 Patent                45,000 Accounts Payable               88,851 Interest Payable               35,000 Income taxes payable               37,221 Wages payable                 4,000...
The following is a December 31, 2018, post-closing trial balance for the Jackson Corporation. Account Title...
The following is a December 31, 2018, post-closing trial balance for the Jackson Corporation. Account Title Debits Credits Cash $ 45,000 Accounts receivable 39,000 Inventories 80,000 Prepaid rent for the next 8 months 21,000 Marketable securities (short term) 15,000 Machinery 170,000 Accumulated depreciation—machinery $ 16,000 Patent (net of amortization) 84,000 Accounts payable 10,500 Wages payable 6,500 Taxes payable 37,000 Bonds payable (due in 10 years) 190,000 Common stock 150,000 Retained earnings 44,000 Totals $ 454,000 $ 454,000 Required: Prepare a...
The following is a December 31, 2018, post-closing trial balance for the Jackson Corporation. Account Title...
The following is a December 31, 2018, post-closing trial balance for the Jackson Corporation. Account Title Debits Credits Cash $ 52,000 Accounts receivable 46,000 Inventories 87,000 Prepaid rent for the next 8 months 28,000 Marketable securities (short term) 22,000 Machinery 205,000 Accumulated depreciation—machinery $ 23,000 Patent (net of amortization) 91,000 Accounts payable 14,000 Wages payable 10,000 Taxes payable 44,000 Bonds payable (due in 10 years) 260,000 Common stock 150,000 Retained earnings 30,000 Totals $ 531,000 $ 531,000 Required: Prepare a...
The following is a December 31, 2018, post-closing trial balance for the Jackson Corporation. Account Title...
The following is a December 31, 2018, post-closing trial balance for the Jackson Corporation. Account Title Debits Credits Cash 47,000 Accounts receivable 41,000 Inventories 82,000 Prepaid rent for the next 8 months 23,000 Marketable securities (short term) 17,000 Machinery 180,000 Accumulated depreciation—machinery 18,000 Patent (net of amortization) 86,000 Accounts payable 11,500 Wages payable 7,500 Taxes payable 39,000 Bonds payable (due in 10 years) 210,000 Common stock 100,000 Retained earnings 90,000 Totals 476,000 476,000 Required: Prepare a classified balance sheet for...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT