Question

Mitchell Farms, Inc., has authorized capital of 10,000 shares of preferred 5 percent stock, $ 50 par value, and 50,000 shares of common stock, par value $ 5. The following account balances are taken from the Balance Sheet columns of the work sheet for the fiscal year ended December 31 of this year. The accounts are listed in alphabetical order.
Accounts Payable ....................... $ 82,786
Accounts Receivable ..................... 212,554
Accumulated Depreciation, Building .............. 62,024
Accumulated Depreciation, Equipment ............. 94,966
Allowance for Doubtful Accounts ............... 11,117
Building .......................... 261,120
Cash ............................ 163,304
Common Stock ....................... 144,800
Common Stock Subscribed ................... 20,800
Equipment ......................... 107,680
Land ............................ $ 81,200
Merchandise Inventory .................... 98,554
Mortgage Payable (long-term) .................. 85,680
Notes Payable (current) .................... 33,456
Paid- in Capital in Excess of Par Value, Common Stock ....... 51,400
Paid- in Capital in Excess of Par Value, Preferred Stock ....... 3,672
Patents ............................ 13,097
Preferred 5 Percent Stock .................... 183,200
Preferred 5 Percent Stock Subscribed ............... 20,400
Retained Earnings (credit balance) ................ 171,360
Subscriptions Receivable, Common Stock ............. 17,748
Subscriptions Receivable, Preferred 5 Percent Stock ......... 10,404

Required
1. Determine the number of shares of preferred 5 percent stock subscribed and issued.
2. Determine the number of shares of common stock subscribed and issued.
3. Prepare a classified balance sheet.



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  • CreatedOctober 21, 2014
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