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

Question

Exercise 15-17 Culver Corporation's post-closing trial balance at December 31, 2017, is shown as follows CULVER CORPORATION POST-CLOSING TRIAL BALANCE DECEMBER 31, 2017 Dr Cr Accounts payable Accounts receivable Accumulated depreciation-buildings Additional paid-in capital in excess S 264,600 S 483,000 199,000 1,394,000 174,000 30,000 282,000 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 Preferred stock ($50 par) Prepaid expenses Retained earnings Treasury stock (common at cost) 1,464,000 187,000 212,000 4,400 552,000 428,000 500,000 36,000 272,000 182,000 $3,332,000 $3,332,000 Totals At December 31, 2017, Culver had the following number of common and preferred shares Common Preferred Authorized Issued Outstanding 636,000 212,000 204,000 60,000 10,000 10,000 The dividends on preferred stock are $4 cumulative. In addition, the preferred stock has a preference in liquidation of $50 per share

Explanation / Answer

CULVER CORPORATION Stockholders' Equity December 31, 2018 $ $ Capital Stock Preferred stock 500000 Common stock 212000 Total capital stock 712000 Additional paid-in capital Paid-in capital in excess of par-Common stock 1394000 Paid-in capital in excess of par-Treasury stock 174000 1568000 Total paid-in capital 2280000 Retained earnings 272000 Total paid-in capital & Retained earnings 2552000 Less: Treasury stock -182000 Total stockholders' equity 2370000 Note : Since given trial balance is post closing it is assumed that the Dividends adjustment to retained earnings has been already made.

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