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    Stockholder's equity balance sheet

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    Prepare the stockholders' equity section of Commerce's balance sheet at December 31, 2010.

    Commerce Corporation's post-closing trial balance at
    December 31, 2010, was as follows.

    Commerce Corporation
    Post-Closing Trial Balance
    December 31, 2010

    Dr. Cr.
    Accounts payable $ 668,000
    Accounts receivable $ 605,000
    Accumulated depreciation?equipment 450,000
    Additional paid-in capital?common
    In excess of par value 1,900,000
    From sale of treasury stock 35,000
    Allowance for doubtful accounts 20,000
    Equipment 6,800,000
    Cash 260,000
    Common stock ($1 par value) 500,000
    Dividends payable
    on common stock?cash 50,000
    Inventories 750,000
    Investments 2,500,000
    Preferred stock ($100 par value) 6,500,000
    Prepaid insurance 65,000
    Retained earnings 982,000
    Treasury stock
    ?common at cost 125,000
    Totals $11,105,000 $11,105,000

    At December 31, 2010, Commerce had the following number of common and preferred shares.
    Common Preferred
    Authorized 2,500,000 1,000,000
    Issued 500,000 65,000
    Outstanding 490,000 65,000
    The dividends on preferred stock are 6% cumulative. In addition, the preferred stock has a preference in liquidation of $102 per share.

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    https://brainmass.com/business/financial-statements/stockholders-equity-balance-sheet-298045

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    Stockholder's equity balance sheets are examined.

    $2.19

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