The liability and stockholders equity section is required Q: Cleves Corporation Post-Closing Trial Balance December 31, 2020 Account Debit Credit Accounts Payable $ 310,000 Accounts Receivable $ 480,000 Accumulated Depreciation - Buildings 185,000 Additional Paid-in Capital in Excess of Par - Common 1,300,000 Additional Paid-in Capital from Treasury Stock 160,000 Allowance for Doubtful Accounts 30,000 Bonds Payable, 8% due 2025 300,000 Buildings 1,450,000 Cash 190,000 Common Stock ($1 par) 200,000 Discount on Bonds Payable 12,000 Dividends Payable (preferred stock - cash) 4,000 Inventory 560,000 Land 400,000 Other Comprehensive Income (Loss) 19,000 Preferred Stock ($50 par) 500,000 Prepaid Expenses 40,000 Retained Earnings 332,000 Treasury Stock (Common, at Cost) 170,000 Totals 3,321,000 3,321,000 At December 31,2020, Cleves had he following number of common and preferred shares. Common Preferred Authorized 600,000 60,000 Outstanding 190,000 10,000 The dividends on preferred stock are 8% cumulative. In addition, preferred stock has a preference in liquidation of $50 per share. Instructions: Prepare the liability and the stockholders' equity section of Cleve's balance sheet at December 31, 2020 in "good" form including disclosures.
The liability and
Q:
Cleves Corporation
Post-Closing
December 31, 2020
Account Debit Credit
Accounts Payable $ 310,000
Cash 190,000
Common Stock ($1 par) 200,000 Discount on Bonds Payable 12,000
Dividends Payable (preferred stock - cash) 4,000 Inventory 560,000
Land 400,000
Other Comprehensive Income (Loss) 19,000
Preferred Stock ($50 par) 500,000 Prepaid Expenses 40,000
Totals 3,321,000 3,321,000
At December 31,2020, Cleves had he following number of common and
Common Preferred
Authorized 600,000 60,000
Outstanding 190,000 10,000
The dividends on preferred stock are 8% cumulative. In addition, preferred stock has a preference in liquidation of $50 per share.
Instructions: Prepare the liability and the stockholders' equity section of Cleve's
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