Sheridan Corporation\'s post-closing trial balance at December 31, 2017, is show

Question

Sheridan Corporation's post-closing trial balance at December 31, 2017, is shown as follows DECEMBER 31, 2017 Accounts payable $ 232,700 451,000 183,000 Additional paid-in capital in excess From treasury stock Allowance for doubtful accounts Bonds payable 1,309,000 152,000 29,000 317,000 1,411,000 195,000 Common stock ($1 par) 200,000 519,000 375,000 Preferred stock ($50 par Prepaid expenses Retained earnings Treasury stock (common at cost) 450,000 40,000 271,000 3,148,000 3,148,000 At December 31, 2017, Sheridan had the following number of common and preferred shares 600,000 200,000 195,000 54,000 9,000 9,000 The dividends on preferred stock are $4 cumulative. In addition, the preferred stock has a preference in liquidation of ss0 per share. Prepare the stockholders' equity section of Sheridan's balance sheet at December 31, 2017. (Enter account mame only and do not provide descriptive information.) SHER IDAN CORPORATION Equity

Explanation / Answer

Stockholders equity for the period ended december 31 2017 Issued capital Preferred stock 450000 common stock 200000 Total issued capital 650000 Additional paid in capital Additional paid in capital in excess of par -common stock 1309000 Additional paid in capital in excess of cost-treasury stock 152000 1461000 Total paid in capital 2111000 Retained earnings 271000 Total 2382000 less:Treasury stock -157000 stockholders equity 2225000

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