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Prepare the shareholders' equity section of Pronghorn's SFP at December 31, 2020. The company follows IFF PRONGHORN CORPORATION Shareholders' Equity A v

Prepare the shareholders' equity section of Pronghorn's SFP at December 31, 2020. The company follows IFF PRONGHORN CORPORATION Shareholders' Equity A v

FINANCIAL ACCOUNTING
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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Prepare the shareholders' equity section of Pronghorn's SFP at December 31, 2020. The company follows IFRS. PRONGHORN CORPORATION Shareholders' Equity 8 V V
Transcribed Image Text:Prepare the shareholders' equity section of Pronghorn's SFP at December 31, 2020. The company follows IFRS. PRONGHORN CORPORATION Shareholders' Equity 8 V V
Pronghorn Corporation's post-closing trial balance at December 31, 2020, was as follows: PRONGHORN CORPORATION Post-Closing Trial Balance December 31, 2020 Accounts payable Accounts receivable Accumulated depreciation-buildings Accumulated other comprehensive income Allowance for doubtful accounts Bonds payable Buildings Cash Common shares Contributed surplus-common Dividends payable on preferred shares Inventory FV-NI investments Land Preferred shares Prepaid expenses Retained earnings Treasury shares (14,000 common shares) Totals Authorized Issued Outstanding Common Preferred 610,000 240,000 226,000 Debit 61,000 11,900 11,900 S 480,000 1.420,000 185,000 360,000 240,000 480,000 48,000 S Credit 260,000 180,000 100,000 26,000 At December 31, 2020, Pronghorn had the following numbers for its common and preferred shares: 260,000 240,000 1,430,000 3,650 547,400 417,950 252,000 $ 3,465,000 $ 3,465,000 The dividends on preferred shares are $6 cumulative. In addition, the preferred shares have a preference in liquidation of $46 per share.
Transcribed Image Text:Pronghorn Corporation's post-closing trial balance at December 31, 2020, was as follows: PRONGHORN CORPORATION Post-Closing Trial Balance December 31, 2020 Accounts payable Accounts receivable Accumulated depreciation-buildings Accumulated other comprehensive income Allowance for doubtful accounts Bonds payable Buildings Cash Common shares Contributed surplus-common Dividends payable on preferred shares Inventory FV-NI investments Land Preferred shares Prepaid expenses Retained earnings Treasury shares (14,000 common shares) Totals Authorized Issued Outstanding Common Preferred 610,000 240,000 226,000 Debit 61,000 11,900 11,900 S 480,000 1.420,000 185,000 360,000 240,000 480,000 48,000 S Credit 260,000 180,000 100,000 26,000 At December 31, 2020, Pronghorn had the following numbers for its common and preferred shares: 260,000 240,000 1,430,000 3,650 547,400 417,950 252,000 $ 3,465,000 $ 3,465,000 The dividends on preferred shares are $6 cumulative. In addition, the preferred shares have a preference in liquidation of $46 per share.
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