Conley Corp$$s post$-$closing trial balance in alphabetical order as of December $31,2023$ was as follows:

Debit Credit

Accounts Payable $ $320,000$

Accounts Receivable $$470,000$

Accumulated Depreciation $180,000$

Additional Paid in Capital $$ common

In excess of par value $1,560,000$

From sale of treasury stock $250,000$

Allowance for Doubtful Accounts $10,000$

Bonds Payable $$ Due in $5$ years $500,000$

Building and Equipment $1,100,000$

Cash $400,000$

Common stock $($$$1$ par value$)150,000$

Dividends payable on preferred stock$-$cash $14,000$

Inventories $620,000$

Land $380,000$

Long$-$term equity securities $($at fair value$)285,000$

Marketable equity securities $(90$ days, at fair value$)215,000$

Preferred stock $($$$50$ par$)500,000$

Prepaid expenses $40,000$

Retained earnings $231,000$

Treasury stock $$ common $($at cost$)180,000$

Unrealized decrease in value of available$-$for$-$sale securities $25,000$

Totals $ $3,715,000$ $$3,715,000$

At December $31,2023,$ Conley Corporation had the following number of common and preferred shares:

Common Preferred

Authorized $500,00050,000$

Issued $150,00010,000$

Outstanding $140,00010,000$

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

Prepare the classified balance sheet for Conley Corporation as of December $31,2023.$

Answer rating: 100% (QA)

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