The following selected information was taken from the accounts of Mario Company on December 31,...
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Accounting
The following selected information was taken from the accounts of Mario Company on December 31, 2020 ( its fiscal year-end ). Mario Company is a public company.
Debit Credit
Cash $ 60,000
Accounts Receivable 190,000
Dividends Payable $ 55,000
Common Shares 325,000
Retained Earnings 220,000
Contributed Surplus - Reacquisition of Common Shares 25,000
Income Taxes Payable 30,000
Accumulated Depreciation - Building 35,000
Accumulated Other Comprehensive Income 45,000
Common Stock Dividend Distributable 40,000
Goodwill 15,000
Allowance for Doubtful Accounts 10,000
The common shares had an unlimited number authorized and 100,000 had been issued.
The common stock dividend distributable was for 20,000 shares.
Instructions:
1.Prepare the shareholders equity section of the balance sheet on December 31, 2020.
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