Exercise 15-17 Flint Corporation\'s post-closing trial balance at December 31, 2

Question

Exercise 15-17 Flint Corporation's post-closing trial balance at December 31, 2017, is shown as follows FLINT CORPORATION POST-CLOSING TRIAL BALANCE DECEMBER 31, 2017 Dr. Cr. Accounts payable Accounts receivable Accumulated depreciation-buildings Additional paid-in capital in excess $361,400 $ 527,000 176,000 of par-common 1,385,000 147,000 29,000 316,000 From treasury stock Allowance for doubtful accounts Bonds payable Buildings Cash Common stock ($1 par) Dividends payable (preferred stock-cash) Inventory Land Preferred stock ($50 par) Prepaid expenses Retained earnings Treasury stock (common at cost) 1,573,000 205,000 198,000 3,600 555,000 427,000 550,000 37,000 319,000 161,000 Totals $3,485,000 $3,485,000 At December 31, 2017, Flint had the following number of common and preferred shares

Explanation / Answer

Flint Corporations StockHolders Equity Capital Stock Preferred Stock 550000 Common Stock 198000 Total Capital Stock 748000 Additional Paid in Capital In excess of par value 1385000 from Sale of treasury Stock 147000 1532000 Total Paid in Capital 2280000 Retained Earnings 319000 Total Paid in Capital and Retained Earnings 2599000 Less Treasury Stock 161000 Total Sharholder Equity 2438000

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