Bruno Corporation's post-closing trial balance at December 31, 2020, is shown as follows. Bruno CorporationPost-Closing Trial BalanceDecember 31, 2020 00 Dr. 0000 Cr. Accounts payable 00 $ 310,000 Accounts receivable $ 480,000 00 Accumulated depreciation—buildings 00 185,000 Additional paid-in capital in excess of par—common 00 1,300,000 00From treasury stock 00 160,000 Allowance for doubtful accounts 00 30,000 Bonds payable 00 300,000 Buildings 1,450,000 00 Cash 190,000 00 Common stock ($1 par) 00 200,000 Dividends payable (preferred stock—cash) 00 4,000 Inventory 560,000 00 Land 400,000 00 Preferred stock ($50 par) 00 500,000 Prepaid expenses 40,000 00 Retained earnings 00 301,000 Treasury stock (common at cost) 00.170,000 00000000. 00Totals $3,290,000 $3,290,000 At December 31, 2020, Bruno had the following number of common and preferred shares. 00 0000 Common 0000 Preferred Authorized 600,000 60,000 Issued 200,000 10,000 Outstanding 190,000 10,000 The dividends on preferred stock are $4 cumulative. In addition, the preferred stock has a preference in liquidation of $50 per share. Instructions Prepare the stockholders’ equity section of Bruno's balance sheet at December 31, 2020.

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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Bruno Corporation's post-closing trial balance at December 31, 2020, is shown as follows.

Bruno Corporation Post-Closing Trial Balance December 31, 2020
00	Dr.	0000	Cr.
Accounts payable	00	$ 310,000
Accounts receivable	$ 480,000	00
Accumulated depreciation—buildings	00	185,000
Additional paid-in capital in excess of par—common	00	1,300,000
00From treasury stock	00	160,000
Allowance for doubtful accounts	00	30,000
Bonds payable	00	300,000
Buildings	1,450,000	00
Cash	190,000	00
Common stock ($1 par)	00	200,000
Dividends payable (preferred stock—cash)	00	4,000
Inventory	560,000	00
Land	400,000	00
Preferred stock ($50 par)	00	500,000
Prepaid expenses	40,000	00
Retained earnings	00	301,000
Treasury stock (common at cost)	00.170,000	00000000.
00Totals	$3,290,000	$3,290,000

At December 31, 2020, Bruno had the following number of common and preferred shares.

00	0000	Common	0000	Preferred
Authorized	600,000	60,000
Issued	200,000	10,000
Outstanding	190,000	10,000

The dividends on preferred stock are $4 cumulative. In addition, the preferred stock has a preference in liquidation of $50 per share.

Instructions

Prepare the stockholders’ equity section of Bruno's balance sheet at December 31, 2020.

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