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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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
Transcribed Image Text: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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