Balance Sheet Calculations Cornerstone Development Company’s balance sheet information at the end of 2019 and 2020 is provided in random order, as follows:

 

Additional information: At the end of 2019, (a) the amount of long-term liabilities is twice the amount of current liabilities and (b) there are 2,900 shares of common stock outstanding. During 2020, the company (a) issued 100 shares of common stock for $25 per share, (b) earned net income of $20,600, and (c) paid dividends of $1 per share on the common stock outstanding at year-end.

Required:

Next Level Fill in the blanks lettered (a) through (p). All of the necessary information is provided. (Hint: It is not necessary to calculate your answers in alphabetical order.)

Transcribed Image Text:

Long-term liabilities Accumulated other comprehensive income Working capital Intangible assets Common stock, $10 par Total shareholders' equity Accumulated depreciation Total liabilities Current assets Retained earnings Total contributed capital Total assets Additional paid-in capital Long-term investments Current liabilities Property, plant, and equipment 2019 $ (a) 8,000 17,900 19,100 (b) (c) (37,500) 51,900 (d) 83,300 66,700 (e) (f) 40,100 ECO 2020 $ 33,100 8,900 19,800 18,600 (i) 179,000 (48,600) 39,800 (m) (n) (p) 180,000 Long-term liabilities Accumulated other comprehensive income Working capital Intangible assets Common stock, $10 par Total shareholders' equity Accumulated depreciation Total liabilities Current assets Retained earnings Total contributed capital Total assets Additional paid-in capital Long-term investments Current liabilities Property, plant, and equipment 2019 $ (a) 8,000 17,900 19,100 (b) (c) (37,500) 51,900 (d) 83,300 66,700 (e) (f) 40,100 ECO 2020 $ 33,100 8,900 19,800 18,600 (i) 179,000 (48,600) 39,800 (m) (n) (p) 180,000

Answer rating: 100% (QA)

CORNERSTONE DEVELOPMENT COMPANY Balance Sheet Dec31 2016 2017 C... View the full answer